Audientes: Details on rights issue announced
This Friday, Audientes released its terms for the capital raise which has been communicated, most recently in the Q3 financial report from Thursday.
The right issue will be carried out with pre-emptive rights for current shareholders and will include a warrant (TO 1) part for exercise in spring 2023. Besides the rights issue, a current loan of DKK 7.5 million with a due date of 20 November is prolonged on the same terms as the original loans.
The rights issue can initially provide Audientes with approx. DKK 14 million (if fully subscribed) before transaction-related costs of approx. DKK 2 million. The company will only receive DKK 10 million if fully subscribed as amounts above DKK 10 million will be set off against their interest claims and outstanding loans. This can be followed by a maximum amount of approx. DKK 10.3 million before deduction of transaction-related costs referring to the exercise of attached warrants of series TO 1.
Shareholders, who at market close on the 24th of November hold the share, will have the right to subscribe for one unit. Trading after that day is without pre-emptive rights. The unit gives you the right to buy shares of Audientes for DKK 1.5 and a warrant (TO 1) for free.
The warrants give you the right to subscribe for one share in Audientes with a discount of 70% on the price set with an average of ten trading days before the 27th of March 2023. The exercise price may not exceed DKK 1.10 per new share and shall not be less than the share’s quota value of DKK 0.10 per new share.
The initial right issue will dilute Audientes' existing shareholders who choose not to participate in the rights issue with approx. 67% of the total number of shares and votes in the company. Trading with the rights to buy a unit to potentially compensate for the dilution is possible until the 13th of December 2022.
Approx. 45.2% of the initial part of the rights issue, corresponding to approx. DKK 6.3 million, is agreed upon in writing by pre-subscription and guarantee commitments. Approx. DKK 1.1 million refers to pre-subscription commitments from Audientes' CEO, other existing shareholders, and investors. Moreover, approx. DKK 5.2 million refers to guarantee commitments from the company’s lenders and external professional investors.
The company assesses that the net proceeds from the rights issue, including full utilization of warrants of series TO 1 to the highest strike price, will be sufficient to conduct current operations at the desired rate during at least the next 12 months.
Audientes also outlines a lot of new business objectives until 2025 but no financial targets. The main targets include a 2,400 BTB salespoint in 2025 and already announced the release of a new product into the electronic consumer category in Q1 2023 and the launch of an (OTC) in 2024 in the United States.
Read the full announcement here: https://mb.cision.com/Public/21235/3669542/a46a701e485ba905.pdf
More information about this will be released together with the prospectus on 23 November 2022.
HC Andersen Capital receives payment from Audientes for a Digital IR/Corporate Visibility subscription agreement. /Michael Friis, 20 November 2022, 15:31.
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Audientes A/S is a Danish hearing health company specializing in smart, self-fitting and affordable hearing aids and advanced hearables. Audientes’ unique hearing aid solution, Ven™ by Audientes, is available for purchase in the Indian and Nepalese markets and will be introduced in other markets in the coming years. Companion by Audientes is an advanced hearable, a consumer electronics product, that is commercially available in Europe and later in 2024 in Japan, China, and other markets. Audientes’ mission is to make high-quality hearing aids and hearables for hearing improvement or hearing enhancement accessible to everyone who needs them globally. Audientes is listed on Spotlight Stock Market Denmark (AUDNTS) and headquartered in Copenhagen, Denmark with a subsidiary in Hyderabad, India. For additional information please refer to the company’s websites, www.audientes.com, www.audientes.eu, or www.audientes.in.
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