FOM Technologies carries out a direct issue to a smaller group of institutional investors led by ATP
A smaller group of institutional investors, including ATP and BankInvest, have today committed to acquire shares in FOM Technologies A/S (“FOM Technologies” or the “Company”) for DKK 56.60 million. DKK. The Board of Directors of the Company has used an existing authorization to issue 1,555,782 new shares in the Company at a subscription price of DKK 28.00 per stock. FOM Technologies receives proceeds of approx. 43.60 million DKK before costs related to the transaction.
In connection with this, the Company’s two main shareholders FOMT Holding ApS (Martin Kiener) and Coridats Capital ApS (Michael Stadi) have entered into an agreement to sell a total of 464,284 existing shares to the group of investors, divided equally between the two main shareholders, at a price of DKK 28.00 per share.
Based on a request from the investors, the Company has decided to postpone the application to the Danish Financial Supervisory Authority and Nasdaq for listing on the Main Market – Small Cap.
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A small group of institutional investors, including ATP and BankInvest, have today agreed to acquire new and existing shares in FOM Technologies. The capital injection will strengthen the Company’s financial position and help the Company continue its growth journey as well as accelerate market development with the Company’s products and solutions within materials research.
The transaction price per share is close to the closing price of the share on the 11th of Dec. 2023. It is the board’s assessment that the transaction price is in line with market conditions. The deviation from the shareholders’ pre-emptive right is justified by a desire to further diversify the shareholder base and at the same time raise capital in a time-efficient manner.
A total of 1,555,782 shares are issued with a nominal value of DKK 0.10. The issue of new shares results in a dilution of the existing shareholders of approx. 16.63 percent after completion of the transaction as a result of an increase in the number of issued shares and votes from today’s 7,798,914 to 9,354,696. The share capital is increased from DKK 779,891.40 to DKK 935,469.60. After completion of the transaction, ATP will hold approx. 13.96 percent of the capital in FOM Technologies. FOMT Holding ApS (Martin Kiener) and Coridats Capital ApS (Michael Stadi) will hold respectively 21.57 percent and 11.01 percent of the capital in FOM Technologies after completion of the transaction.
Settlement and registration of the capital increase will take place as soon as possible. The timetable for the transaction is expected as follows:
Date | Event |
11. December 2023 | Closing of the transaction |
14. December 2023 | Settlement and payment |
14. December 2023 | Registration and capital increase at Erhvervsstyrelsen |
15. December 2023 | Newly issued shares to be traded at First North |
ISIN codes:
Existing ISIN: DK0061278199
Temporary ISIN: DK0062616710
Chairman of the board Andreas Nielsen in FOM Technologies, states:
”In an otherwise challenged market for capital raising on Nasdaq First North, we are very proud of the commitment a group of Danish “blue chip” investors have made to the company and welcome them on our growth journey. At the company’s IPO in 2020, we raised one of the smallest amounts ever for an IPO in Denmark, as we wanted to show our investors that we could deliver results before asking for additional funds. Today, we are of the opinion that we have shown great results, and we believe that the time has come to strengthen our capital structure. The funds from the new investors will enable the company to increase business and meet the growing demand for our products so that we can continue our growth journey.”
Company advisor:
Danske Bank Corporate Finance has acted as the Company’s financial advisor in connection with the Direct Issue. Bech-Bruun Advokatpartnerselskab acts as legal advisor.