Metacon's Board of Directors plans to vote on a rights offering worth approximately 120 million Swedish Kronor
Metacon Announces Planned Rights Issue of SEK 120 Million
Metacon, a leading company in hydrogen technology and sustainable energy solutions, has announced plans for a rights issue of approximately SEK 120 million. The purpose of this rights issue is to authorize the Board of Directors to resolve on the terms of the issue, as well as amendments to the articles of association's limits for share capital and number of shares.
The rights issue is intended to raise capital primarily to finance Metacon's ongoing and upcoming projects. The proceeds from the rights issue will be used to strengthen Metacon's financial position, primarily to support the company's growth initiatives, including further development and commercialization of their hydrogen technology and related sustainable energy solutions. This capital injection will help Metacon accelerate its expansion and enhance its ability to capture new market opportunities.
Before the subscription period commences, a prospectus and subscription form will be made available on Metacon's website and on Pareto Securities AB's website. The Board of Directors in Metacon has already received subscription commitments from members of the Board of Directors and senior management, amounting to approximately SEK 2.4 million. In addition, guarantors have provided guarantee undertakings, subject to customary conditions, amounting to approximately SEK 97.6 million. Together with the subscription commitments, the Rights Issue is covered by subscription commitments and guarantee undertakings up to approximately SEK 100 million.
The Board of Directors in Metacon plans to hold an extraordinary general meeting on or about 24 January 2024. Prior to the execution of the Rights Issue, all members of the Board of Directors and senior management of the Company who are shareholders have entered into lock-up undertakings, which expire on the day that falls 180 days after the settlement date in the Rights Issue. No fee is paid for submitted subscription commitments from members of the Board of Directors and senior management. A guarantee fee will be paid to the guarantors, based on current market conditions, of eleven (11) percent of the guaranteed amount in cash.
Complete terms of the Rights Issue are expected to be announced on or about 25 January 2024. Further information regarding the parties who have entered into subscription commitments and guarantee undertakings will be presented in the prospectus that will be made public before the commencement of the subscription period.
The rights issue is a significant step forward for Metacon, marking its commitment to sustainable growth and innovation in the hydrogen technology sector. The company is optimistic about the potential impact this capital injection will have on its future endeavors and its ability to lead the way in the development of clean, renewable energy solutions.
Metacon's rights issue, aiming to raise SEK 120 million, will primarily fund ongoing and future projects, including the development and commercialization of green hydrogen technology and sustainable energy solutions in the industry. The company's strategy for the proceeds includes enhancing its financial position, supporting growth initiatives, and boosting its ability to capture new market opportunities, particularly focusing on the ammonia market.
