CELLINK resolves directed share issue of SEK 377 million

The Board of Directors of CELLINK AB (publ) (“CELLINK” or the “Company”) has based on the authorization given by the Company’s Annual General Meeting that was held on 18 December 2019, resolved on a directed share issue of 3,890,000 new shares of series B (corresponding to approximately 10 percent of the total number of outstanding shares in the Company) at a subscription price of SEK 97 per share (the “Share Issue”), which means that the Company receives SEK 377,330,000 before transaction costs.

The subscription price in the Share Issue has been determined through an accelerated book-building procedure and corresponds to a discount of approximately 3.4 percent compared to volume-weighted average price in January 2020 and approximately 9.7 percent compared to the closing price as of 29 January 2020 on Nasdaq First North Growth Market.

In addition to strong support from existing shareholders, several new Swedish and international institutional investors subscribed to the Share Issue.

The Board of Directors of CELLINK announced on 13 December 2019 financial targets for the period 2019-2022. The Company’s growth target is to grow organically by at least 35 percent per year and to grow further through acquisitions.

The purpose of the Share Issue is to finance CELLINK’s growth agenda. The Company intends to use approximately SEK 150 million of the proceeds from the Share Issue to finance its organic growth plan, primarily through research and development in order to continue launching new products, but also through investments into the sales organization and through the fulfillment of future working capital needs.

The additional net proceeds from the Share Issue can be used to finance strategic acquisitions. The Board of Directors of CELLINK has decided to deviate from the shareholders’ pre-emption rights to ensure the most time and cost-effective financing of its growth agenda.

The Share Issue entails a dilution of approximately 9.1 percent of the share capital in relation to the number of shares in CELLINK after the Share Issue, through an increase in the number of outstanding shares by 3,890,000 from 38,984,776 to 42,874,776 and a share capital increase by SEK 97,250 from SEK 974,619.4 to SEK 1,071,869.4.

Members of the board and the management team, of which several are large shareholders in CELLINK, have entered into lock-up agreements to, subject to certain exceptions, not sell shares in CELLINK for a period of 90 calendar days after the settlement date.

Furthermore, the Company has agreed to a commitment, with customary exceptions, not to carry out any additional future share issuances for a period of 180 calendar days after the settlement date.