Artificial Solutions’ rights issue fully subscribed

NOT FOR RELEASE, DISTRIBUTION OR PUBLICATION, DIRECTLY OR INDIRECTLY, IN WHOLE OR IN PART, IN OR INTO THE UNITED STATES OF AMERICA, CANADA, JAPAN, AUSTRALIA, HONG KONG, NEW ZEALAND, SINGAPORE, SOUTH AFRICA OR ANY OTHER JURISDICTION IN WHICH THE RELEASE, DISTRIBUTION OR PUBLICATION WOULD BE UNLAWFUL.

Artificial Solutions International AB (publ) (SSME:ASAI) (“Artificial Solutions” or “the Company”) today announces the final outcome of the share issue of maximum 18,532,998 shares with preferential right for the Company’s existing shareholders, which was resolved by the board 12 December 2019 and approved by the extraordinary general meeting 8 January 2020 (the “Rights Issue”). The subscription period closed 11 February 2020. The Rights Issue was fully subscribed and the final outcome shows that 7,127,703 shares, corresponding to 76.9 percent of the Rights Issue was subscribed for by way of subscription rights. Remaining 4,277,592 shares, corresponding to 23.1 percent of the Rights Issue, have been allotted to those who have subscribed for shares without subscription rights. The over-allotment option that enabled issuance of maximum 4,615,500 shares, corresponding to approximately SEK 30 million has not been exercised. The Company will by way of the Rights Issue receive proceeds of approximately SEK 120.5 million before deduction of costs related to the transaction.

Outcome

The outcome shows that 76.9 percent of the Rights Issue, corresponding to approximately SEK 92.7 million, was subscribed for by way of subscription rights. Remaining 23.1 percent, corresponding to approximately SEK 27.8 million, was subscribed for and allotted to investors who have subscribed for shares without subscription rights.

In accordance with decided allocation principles, the board of directors has allocated all 18,532,998 shares offered in the Rights Issue. The rights issue provides the Company with approximately SEK 120.5 million before deductions for costs related to the transaction.

The overallotment option included in the prospectus published on January 20, 2020 will not be exercised.  

Through the Rights Issue, a total of 18,532,998 shares will be issued, providing the Company a total of approximately SEK 120.5 million before deduction of costs related to the transaction.

As earlier communicated, it is expected that the capital raised through the Rights Issue will be sufficient to, based on the Company’s current business plan, finance the Company until it becomes cash flow positive from operations.

”I would personally like to thank our existing shareholders for their support in the successful rights issue and take the opportunity to welcome new shareholders to our community. We look forward to securing the financial future of the business on this solid foundation and investing the money wisely to secure new customers and partnerships, further developing a solid base of successful customer implementations and continuing the drive to a higher margin revenue model.” – Comments Lawrence Flynn, CEO.

Allotment of shares when subscribing without subscription rights

Notice of allotment for subscription without subscription rights is made through a contract note which will be sent shortly to each respective subscriber. Payment must be made in accordance with the instruction on the contract note. No notice will be sent to the persons who have not received an allotment.

Number of shares, votes, share capital and dilution

Through the Rights Issue, the number of shares will increase by 18,532,998 to 43,243,663. The share capital will, through the Rights Issue, increase by SEK 33,359,396.97 to SEK 77,838,594.73.

The Rights Issue, will have a dilution effect of approximately 42.9 percent of the capital and votes for existing shareholders who have not subscribed for shares, following the completion of the transaction.

Delivery of shares

Paid subscribed shares (BTA) will be converted into new shares as soon as the increase of share capital has been registered with the Swedish Companies Registration Office, approximately around 27 February 2020. Until then, trading of BTAs occurs on Nasdaq First North Growth Market.

Prospectus

For full information on the Rights Issue, please refer to the prospectus compiled by the Company and approved and registered by the Swedish Financial Supervisory Authority. The prospectus is available on the Company’s website (www.artificial-solutions.com) and the Swedish Financial Supervisory Authority’s website (https://fi.se/sv/vara-register/prospektregistret/).

Advisors

Pareto Securities AB is financial advisor to Artificial Solutions and Cirio Advokatbyrå is legal counsel to Artificial Solutions in connection with the Rights Issue.

For more information, please contact:

Lawrence Flynn, CEO, Artificial Solutions International AB

+46 8 663 54 50

lawrence.flynn@artificial-solutions.com

Erik Penser Bank is Artificial Solutions’ Certified Advisor at Nasdaq First North Growth Market.

Tel: +46 8 463 80 00

certifiedadviser@penser.se.

The information in this press release is such that Artificial Solutions International AB shall announce publicly according to the EU Regulation No 596/2014 on market abuse (MAR). The information was submitted for publication, through the agency of the contact person set out above, at 14 February 2020 kl. 08:30 CET.

About Artificial Solutions International AB

Artificial Solutions (SSME:ASAI) is, according to the Company’s assessment, one of the leading companies within commercial conversational AI, a type of artificial intelligence that enables people to communicate with applications, websites and internet-connected devices in a human-like manner through voice, text, touch or gesture interaction.

The Company’s advanced AI platform, Teneo®, makes it possible for larger global corporations to collaborate with developers and together create sophisticated and highly intelligent conversational AI applications that runs over 35 languages, on multiple platforms and communication channels. The ability to analyze and benefit from the huge amount of conversation data is completely integrated into Teneo®, which allows for unmatched insight into the customers’ behaviors.

Artificial Solutions’ technology for conversational AI makes it easy to implement a wide spectrum of applications with natural language, such as virtual assistants, chatbots, voice-based conversational interfaces for smart devices, and more. The technology is already used by millions of people today in hundreds of implementations within both the public and private sector globally. For more information, please visit www.artificial-solutions.com.

IMPORTANT INFORMATION

The information in this press release does not contain or constitute an offer to acquire, subscribe for or otherwise trade in shares, subscription rights or other securities in Artificial Solutions. Any invitation to those entitled to subscribe for shares in Artificial Solutions has been made solely through the prospectus, which Artificial Solutions made public on 20 January 2020.

This press release may not be released, published or distributed, directly or indirectly, in or into United States, Canada, Japan, Australia, Hong Kong, New Zealand, Singapore, South Africa, Switzerland or any other jurisdiction where such action is wholly or partially subject to legal restrictions or where such action would require additional prospectuses, registrations or other actions in addition to what is required pursuant to Swedish law. Nor may the information in this press release be forwarded, reproduced or disclosed in a manner that contravenes such restrictions or would entail such requirements. Failure to comply with this instruction may result in a violation of applicable securities laws.

No subscription rights, paid subscribed shares or new issued shares have or will be registered under the United States Securities Act of 1933 (the “Securities Act”) or securities legislation in any state or other jurisdiction in the United States and may not be offered, subscribed, used, pledged, sold, resold, allotted, delivered or transferred, directly or indirectly, into or within the United States, other than pursuant to an exemption from, or in a transaction that is subject to, the registration requirements of the Securities Act. Neither is the offering aimed at individuals with residence in Canada, Japan, Australia, Hong Kong, New Zealand, Singapore, South Africa, Switzerland or in any other jurisdiction where participation would require additional prospectus, registration or other arrangements aside of the Swedish law system.

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