30.1.2024 10:14:54 CET | Aqua Bio Technology ASA | Inside information

Reference is made to the stock exchange notice by Aqua Bio Technology ASA (the "
Company") on 29 January 2024 regarding a contemplated private placement (the "
Private Placement") at a fixed subscription price of NOK 5 per new share (the "
New Shares") towards certain existing shareholders and certain new investors.
The net proceeds of the Private Placement will be used for general corporate
purposes, including to fund the Company's growth and to further commercialize
the Company's products.

The Company received pre-commitments from certain of the Company's largest
shareholders, including Viddas AS, RH Industri AS and Initia AB, the two latter
being close associates of Board members Roger Hofseth and Jan Petterson,
respectively, to subscribe for New Shares equivalent to a subscription amount of
NOK 9.4 million. Additionally, Øystein Tvenge pre-committed to subscribe for New
Shares for NOK 3 million.

The application period in the Private Placement ended today on 30 January 2024
at 08:00 CET. Following the expiry of the application period, the Company has
raised approximately NOK 12.46 million through the Private Placement. The
Company's board of Directors (the "Board") has now allocated 4,982,806 New
Shares to the investors in the Private Placement. Notifications of allotment of
the New Shares will be sent to the investors on or about 30 January 2024.

The Board has formally resolved to issue the New Shares under a board
authorization registered in the Norwegian Register of Business Enterprises on 28
September 2023. The payment for the New Shares falls due on 2 February 2024. The
New Shares will be issued on a non-tradable ISIN pending the publication of an
approved listing prospectus by the Norwegian Financial Supervisory Authority.

The Private Placement implies a deviation from the pre-emptive rights of the
Company's existing shareholders. When resolving to conditionally complete the
Private Placement, the Board has considered the Private Placement in light of
the equal treatment obligations under the Norwegian Public Limited Companies
Act, the Norwegian Securities Trading Act, Oslo Børs' circular no. 2/2014 and
the rules on equal treatment under Oslo Rule Book II for companies listed on
Euronext Expand, and is of the opinion that the Private Placement is in
compliance with these requirements.

In reaching its conclusion, the Board has particularly emphasized the
alternative funding methods and considers that such funding methods, such as a
right offering, have a lower degree of expected success and will be more time
and resource consuming. Further, the Board has considered that the Subsequent
Offering (as defined below) will mitigate some of the dilutive effect on the
shareholdings who did not participate in the Private Placement.

The Board has resolved an intention to carry out a subsequent offering (the "
Subsequent Offering") of up to 1,000,000 offer shares (the "Offer Shares"), with
gross proceeds of up to NOK 5 million at a fixed subscription price of NOK 5
(same as for the New Shares). The Subsequent Offering will be directed towards
the Company's shareholders as of 30 January 2024 as registered in the VPS on 1
February 2024 (the "Record Date"), less (i) shareholders who did not subscribe
for New Shares in the Private Placement, and (ii) shareholders who are residing
in a jurisdiction where such offering would be unlawful or would require any
filing, registration or similar action. The Company reserves the right in its
sole discretion to not conduct or cancel the Subsequent Offering. More details
about the Subsequent Offering will follow.

Lastly, the Board has been informed that the Company has not issued the full
number of consideration shares to one of the sellers in Skinteam Norge AS.
Therefore, the Board has resolved to issue 74,314 consideration shares to the
respective seller.

* * *

For further information, please contact Håvard Lindstrøm, CEO, telephone + 47
94132288.

 

Aqua Bio Technology (ABT) is developing and commercializing sustainable
biotechnology for use in skin care products. ABT's cosmetics ingredients are
highly effective and they provide the cosmetics industry with natural
alternatives to traditional ingredients. ABT is also marketing and distributing
natural skin care products developed by partners towards consumers and
professional users. ABT's focus on commercialization and development of natural
ingredients and natural skin care products has been, and will continue to be, an
important part of the Company's strategy going forward. Aqua Bio Technology is
listed on the Euronext Expand market of the Oslo Stock Exchange.

 

This information was considered to be inside information pursuant to the EU
Market Abuse Regulation, and is subject to the disclosure requirements pursuant
to section 5-12 of the Norwegian Securities Trading Act. The stock exchange
announcement was published by Håvard Lindstrøm, CEO, on 29 January 2024 at the
time set out above.

 

 

 

 

DISCLOSURE REGULATION

This information is subject of the disclosure requirements pursuant to section
of 5-12 of the Norwegian Securities Trading Act.

CONTACTS

 * Håvard Lindstrøm, 004794132288, hl@aquabiotech.no 

ABOUT AQUA BIO TECHNOLOGY ASA

Aqua Bio Technology (ABT) is developing and commercializing sustainable
biotechnology for use in skin care products. ABT's cosmetics ingredients are
highly effective and they provide the cosmetics industry with natural
alternatives to traditional ingredients. ABT is also marketing and distributing
natural skin care products developed by partners towards consumers and
professional users. Aqua Bio Technology is listed on Euronext Expand.

ATTACHMENTS

Download announcement as PDF.pdf -
https://kommunikasjon.ntb.no/ir-files/17847556/2874/4004/Download%20announcement
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