Immunovia SEK 400m Directed Issue | Q2 2020

The Board of Directors of Immunovia AB (publ) (“Immunovia” or the “Company”) has, in accordance with the announcement made in a press release on 3 June 2020, successfully completed a directed issue of 2,948,228 shares corresponding to approximately MSEK 400 (the “Directed Issue”). The subscription price in the Directed Issue has been determined to SEK 135 through an accelerated book building procedure performed by Kempen & Co, Danske Bank and Vator Securities. A large number of Swedish and international institutional investors participated in the Directed Share Issue.

Summary of the Directed Issue

The Board of Directors of Immunovia has, based on the issue authorization granted by the annual general meeting on 7 May 2020, and as indicated in the Company’s press release on 3 June 2020, resolved on a directed share issue.

• The Directed Issue encompasses a total of 2,948,228 shares.
• The subscription price in the Directed Issue was set at SEK 135 per share, and was determined through an accelerated book building procedure led by Kempen & Co, Danske Bank and Vator Securities.
• Through the Directed Issue the Company will receive proceeds of approximately MSEK 400 before transaction related costs.
• The subscription price in the Directed Issue is equivalent to a discount of approximately 10 percent in relation to the volume weighted average share price during the last 30 trading days on Nasdaq Stockholm.
• The Directed Issue entails a dilution of approximately 13 percent of the number of shares and votes in the Company. Through the Directed Issue, the number of shares and vote outstanding will increase by 2,948,228 from 19,654,853 to 22,603,081. The share capital increase by SEK 147,411.04 from SEK 982,742.65 to SEK 1,130,154.05.
• The Directed Share Issue represents the largest capital increase since the Company’s IPO in 2015.
• In addition to strong support from existing and new local investors, the Company also attracted sizeable amounts from international investors who participated thus further broadening its shareholder base.

The Board of Directors’ assessment, based on the accelerated book building process executed by Kempen & Co, Danske Bank and Vator Securities AB, is that the Directed Issue was carried out on customary terms in accordance with market conditions. The reason for the deviation from the shareholder’s preferential rights was to allow the Company to raise capital in a time and cost-effective manner and with favorable conditions raise capital for the Company’s continued expansion. The proceeds from the Directed Issue are intended to finance the Company’s investments in an accelerated commercialization start for IMMray™ PanCan-d and for general corporate purposes in accordance with Immunovia’s communicated strategy.

In connection with the Directed Issue, the Company has undertaken, with customary exceptions, not to issue additional shares for a period of 180 calendar days after closing of the Directed Issue. Board members and persons of the management holding shares and/or warrants have undertaken not to sell any shares in the Company for a period of 180 calendar days after registration of the shares with the Swedish Companies Registration Office, with customary exceptions.

Advisors

Kempen & Co and Danske Bank are Joint Global Coordinators and Joint Bookrunners and Vator Securities is Joint Bookrunner. Baker McKenzie is legal advisor to the Company and White & Case is legal advisor to Kempen & Co, Danske Bank and Vator Securities in connection with the Directed Issue.