Biotechnology company Nykode Theurapeutics has raised NOK 505 million in new capital, at a subscription price of NOK 17.1. This corresponds to a discount of 14.93 percent from Tuesday’s closing price of NOK 20.1.
29.54 million new shares will be issued in the issue. In advance, a selected group of unnamed existing shareholders have indicated their interest in subscribing to shares worth up to NOK 330 million.
However, these ended up being suspended over the issuance “in order to offer it to new international investors,” the company’s stock exchange announcement said on Wednesday evening.
Adds up to the problem of repair
The company writes that proceeds from the issue will be used to continue clinical studies, continued expansion through internal and partner-based programs and “accelerate research activities to improve Nykode’s technology platform,” the letter states. The funds must also be used for general corporate purposes.
The background to bringing in new international investors is said to be linked to a plan to list the company on the US stock market in the future.
No information was provided about the identity of the new shareholders.
Plans are also being made for a repair issue of up to NOK 85 million, equivalent to five million new shares, targeting existing shareholders who did not participate in the directed issue.
The price in the repair problem will be the same as in the directed problem, which is NOK 17.1.
List of celebrity heavy contributors
Nykode’s shareholder list is dominated by several of Norway’s most well-known investor profiles. At the top is Jan Hodmann-Andersen with 13.77 percent of the shares, while Rasmusingruppen and Andenasgruppen are the second and fourth largest holders respectively.
At the bottom are names like Runard Vatne (5th largest owner), Edvin Ostbo (12th owner) and Tore Axel Voldberg (13th owner).
Brokerage firms JP Morgan, Jefferies, Lanchot Kempen and ABG Sundahl Collier were the facilitators and advisors for the capital raising.
Nicode’s stake has fallen by 28 percent in Oslo Børs so far this year.
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