PEPTONIC Medical AB: Peptonic converts loan of SEK 7.5 million from the Vidarstiftelsen foundation to shares
Stockholm, February 5, 2021 - Peptonic Medical AB (publ) ("Peptonic" or "the Company") announces today that it has decided to exercise the right to convert the loan of SEK 7.5 million that the Company raised in November 2020 from the Vidarstiftelsen foundation. This is in accordance with the loan agreement as signed in May 2020.
The conversion takes place through a directed set-off issue to Vidarstiftelsen, where payment for the shares is made by issuing new Peptonic shares. The subscription price in the offset issue shall correspond to 85 percent of the volume-weighted average price of Peptonic's share on the Spotlight Stock Market during the ten trading days immediately preceding the request for conversion, ie a discount of 15 percent.
The loan agreement was signed in connection with Peptonic's acquisition of the majority of the shares in Lune Group Oy Ltd in May 2020. In connection with this transaction, a directed share issue of SEK 7.5 million was made to Vidarstiftelsen at a share price corresponding to 115% of the volume-weighted average price of Peptonic's share of Spotlight Stock Market during the ten trading days immediately before the issue.
The Board believes that a conversion is now beneficial for the company as additional interest costs can be avoided and the money can be used for investments to further develop the company.
The conversion of the loan means that the number of shares in Peptonic increases by 5,454,942 to 191,639,642 (including newly issued, but not yet registered shares from the rights issue in December 2020) and that Vidarstiftelsen's share of the shares in Peptonic increases by 2.85% to 13.86%.