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8 April 2021

Vator Securities advises Sprint Bioscience on 21 MSEK Directed Share Issue

The Board of Directors of Sprint Bioscience AB (publ) (”Sprint Bioscience” or the ”Company”) has today, pursuant to authorization granted by the annual general meeting on 13 May 2020, resolved on a Directed Share Issue of 4,061,510 shares at a subscription price of SEK 5,10 per share (the ”Directed Share Issue”). Several existing and new qualified investors participated, including RoosGruppen AB. Through the Directed Share Issue Sprint Bioscience receives proceeds of approximately SEK 20.7m before transaction costs. The proceeds are intended to be used to finance the development of the Company’s drug projects.

”The share issue proceeds enables us to accelerate our activities to build additional value in our innovative drug projects. We can now focus on business development activities which increases shareholder value, highlights the potential in our project portfolio and creates opportunities to develop and offer patients entirely new ways of treating cancer”, comments Erik Kinnman, CEO.

Through the Directed Share Issue the company receives proceeds of approximately SEK 20.7m before transaction costs. The net proceeds will be used to finance the continued development of the Company’s drug projects. Investors participating in the Directed Share Issue consist of existing and new qualified investors, among others RoosGruppen AB.

The subscription price is SEK 5.10 per share, equivalent to a discount of approximately 12 percent in relation to the closing price on Nasdaq First North Premier Growth Market on 7 April 2021. The subscription price has been negotiated at arm’s length between investors and the Company. The Board of Directors is therefore of the opinion that the subscription price is in accordance with market conditions. Payment for the newly issued shares will be settled in cash.

In order to facilitate delivery of the new shares to investors, the Directed Share Issue was technically done as a quota value issue, where Vator Securities AB subscribed for the shares at a price corresponding to the shares’ quota value, later transferring the shares to the actual investors through an appointed issuing agent, at the price of SEK 5.10 per share that conclusively is reported to the Company. The reason for the deviation from shareholders preferential rights is to increase the Company’s working capital. The Directed Share Issue enables securing working capital in a time- and cost-efficient manner compared to a rights issue. Based on the aforementioned the Board of Directors considers the Directed Share Issue to be beneficial for the Company and its shareholders.

In connection with the Directed Share Issue, all board members and senior executives holding shares in Sprint Bioscience has, subject to customary exceptions, agreed not to sell any shares in the Company for a period of 180 calendar days commencing after the first day of trading in the new shares that are issued in the Directed Share Issue. Furthermore, the company has on 7 April 2021 resolved, with existing cash and equivalents, to repay outstanding loans of SEK 10m including accrued interest.

Shares, share capital and dilution

Following registration, the number of shares in the Company will increase with 4,061,510, from 21,252,750 to 25,314,260. The share capital will increase with SEK 406,151, from SEK 2,125,275 to SEK 2,531,426.

The Directed Share Issue will entail a dilution for existing shareholders not participating in the Directed Share Issue of a maximum of approximately 16 percent of the number of shares and votes in Sprint Bioscience.

Advisers

Vator Securities AB is financial adviser and Eversheds Sutherland Advokatbyrå AB is legal adviser to Sprint Bioscience in connection to the Directed Share Issue.