STENOCARE A/S: Directed issue, refinancing of debt from a major shareholder and new dates
STENOCARE A/S
NASDAQ FIRST NORTH GROWTH MARKET, DENMARK
TICKER: STENO
This information is information that STENOCARE A/S is obliged to publish in accordance with the EU Market Abuse Regulation. The information was provided by the contact person below for publication on June 28, 2024.
The existing debt
On 12 January 2024, STENOCARE A/S ("Stenocare" or the "Company") announced that it had refinanced its total debt of approximately 8.2 mDKK. Through partial repayment, renegotiation, and extension, the debt was reduced to approximately 5.4 mDKK. As of 30 June 2024, the debt stands at approximately 6.0 mDKK, carrying an interest rate of 2% per month. The debt is due on 1 January 2025.
The loan
Stenocare has successfully negotiated a loan agreement with one of its largest shareholders, HHTM ApS. The loan, amounting to 2.8 mDKK, offers improved terms compared to the existing debt, with an interest rate of 1.97% per month and a loan term of 30 months from the date of issuance. This loan, along with proceeds from the directed issue, explained below, and partial funds from the successful TO2 warrant exercise, will be used for the full repayment of the existing debt.
The directed issue
The Board of Directors of Stenocare has also resolved on a directed issue to HHTM ApS of 316,455 shares at 3.16 DKK per new share, amounting to approximately 1 mDKK. The Board of Directors has assessed the exercise price in the TO2 warrants of 3.16 DKK per share as the market price.
Changes in shares and nominal share capital
This section describes the change in shares and nominal share capital, including both the directed issue and the previously communicated TO2 warrant exercise. In the directed issue, a total of 316,455 new shares will be issued, each with a nominal value of 0.08 DKK. Additionally, 1,511,727 new shares, each with a nominal value of 0.08 DKK, will be issued as a result of the TO2 warrant exercise communicated on 25 June 2024. In total, 1,828,182 new shares will be issued, each with a nominal value of 0.08 DKK. This total issuance will result in a dilution of approximately 9.0%. Consequently, the number of shares will increase by 1,828,182, from 18,384,315 shares to 20,212,497 shares. The share capital will increase by 146,254.56 DKK, from 1,470,745.20 DKK to 1,616,999.76 DKK.
Important dates
It has previously been announced that registration of the capital increase resulting from the TO 2 warrant exercise at the Danish Business Authority was expected to be 28 June 2024 and the first day of trading the new shares at Nasdaq First North Growth Market Denmark was expected to be 2 July 2024. Due to the directed issue the registration of the capital increase from both the TO 2 warrant exercise and the directed issue is expected to be 2 July 2024 and the first day of trading the new shares is expected to be 4 July 2024. Application will be made to Nasdaq Copenhagen A/S for the new shares resulting from the directed issue, together with those resulting from the exercise of the TO2 warrants, to be admitted to trading on Nasdaq First North Growth Market Denmark.
Advisors
Stenocare mandated Gemstone Capital as financial advisor and Danske Bank as settlement agent. Keswick Global AG is Stenocare's certified advisor.