ADVENTURE; DIRECTED SHARE ISSUE SECURES CONTINUED GROWTHAdventure Box has completed a directed new share issue with a capital injection to the company of SEK 9.2 million. The new share issue has been decided by the Board with the support of an authorization from the Annual Shareholder's General Meeting. "Adventure Box are currently experiencing a clear momentum, which is reflected, among other things, in the fact that we have seen a significant increase in both the number of new and returning visitors to our website during March. The new share issue aims to further accelerate our growth. With these funds, we can now utilize the low customer acquisition cost further to take an even larger and stronger market position. We also get the financial muscles to allow us to consider a smaller acquisition which would strengthen our rate of development", says Christopher Kingdon, CEO of Adventure Box.
The new share comprises 1,412,231 shares at a price of SEK 6.50 per share. Based on a weighted average of the listed share price during the last 20 trading days (SEK 7.61), the share issue price implies a discount of about 15 percent. The issue price has been determined after negotiation with the investors and is considered by the Board as market-based, especially in the current financial climate.
The share issue will increase Adventure Box's equity with SEK 9.2 million. Capital injection costs amount to five percent of the issued amount and are paid in 70,611 shares at the same issue price as the share issue. The total 1,482,842 shares issued will constitute approximately 14 percent of the share capital of the company. The new share issue has been subscribed to by both existing shareholders and new investors. The total number of shares in Adventure Box after registration of the new share issue will be 10,625,242.
"We feel privileged to have the opportunity to raise capital in the prevailing climate. The Board has evaluated various capital injection options and our assessment is that the model chosen is by far the most cost-effective for our shareholders. A precedence, non-directed, rights issue, at such a comparatively small amount, would have been very expensive, resulting in higher dilution for owners and less money for the company", adds Christopher Kingdon. FOR MORE INFORMATION CONTACT:
Christopher Kingdon, CEO Adventure Box, +46 (0)73 051 1414, [email protected], corp.adventurebox.com
Certified Advisor FNCA Sweden AB, +46(0)8-528 00 399, [email protected]
The following documents can be retrieved from beQuoted
20200406-Adventure-Box-Nyemission-EN.pdf ABOUT ADVENTURE BOX TECHNOLOGY AB
Adventure Box makes it easy, and fun to make, share and play 3D games online. The company's world-leading streaming technology is patent protected. Founded in Stockholm 2014, the company also has staff in Paris, Seville, Malta and Kerala (India). Adventure Box is traded at Nasdaq First North Growth Market under the short name ADVBOX and ISIN code SE0012955276.
This information is such that Adventure Box Technology AB (publ) is required to disclose in accordance with the EU Market Abuse Regulation. Information was provided through the above contact persons' publication for publication on 6 April 2020 at 8:34 CET.
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