Bioservo Technologies AB (publ): Bioservo announces final outcome of the Rights Issue

Bioservo Technologies AB ("Bioservo" or "the Company") has today announced the final outcome of the rights issue of units consisting of shares and warrants of series TO3, where the subscription period ended on June 9, 2023 ("the Rights Issue"). The final subscription outcome shows that 11,493,735 units, corresponding to approximately 60.63 percent of the Rights Issue, were subscribed for with and without support from the unit rights, for a total subscription price of approximately MSEK 22.4. Accordingly, underwriting commitments for 7,464,249 units were utilized, corresponding to approximately 39.37 percent of the Rights Issue, for a total subscription price of approximately MSEK 14.6. Bioservo will receive approximately MSEK 37 through the Rights Issue before deduction of issue costs.

"The capital now infused into Bioservo enables a significant strengthening of sales activities and immediate commercialization of Carbonhand in the US. The commercial initiative in the US market, where the company has already identified a large sales potential, will start immediately thanks to the fact that the company earlier than planned established market access through the registration of Carbonhand as 510(k)-Exempt in the FDA's database for medical devices", says Petter Bäckgren, CEO of Bioservo.

The subscription period for the Rights Issue expired on June 9, 2023, and the subscription outcome shows that 11,422,425 units, corresponding to approximately 60.25 percent, were subscribed for with support from the unit rights. In addition, additionally 71,310 units were subscribed for without support from the unit rights, corresponding to approximately 0.38 percent. In total, the Rights Issue, with and without support from unit rights, was subscribed for at approximately 60.63 percent. Accordingly, underwriting commitments for 7,464,249 units were utilized, corresponding to approximately 39.37 percent of the Rights Issue, for a total subscription price of approximately MSEK 14.6. Bioservo will receive approximately MSEK 37 through the Rights Issue before deduction of issue costs of approximately MSEK 5.2.

Notification of allocation of units subscribed for without support from unit rights will shortly be sent to those who have been allocated units through a settlement note. Custodian-registered shareholders will receive notification of allocation in accordance with the respective custodians' routines. Allocation of units subscribed for without unit rights have been carried out in accordance with the principles set out in the prospectus published on May 24, 2023.

Shares and share capital
Through the Rights Issue, the share capital in the Company increases by SEK 11,374,790.40, from SEK 5,687,395.40 to SEK 17,062,185.80, through the issue of 56,873,952 shares. The number of shares thus increases from 28,436,977 to 85,310,929 shares. The dilution amounts to 66.7 percent. 

Trading in BTU 
Trading in paid subscribed units ("BTU") will take place on Nasdaq First North Growth Market until the Rights Issue is registered with the Swedish Companies Registration Office. Registration of the Rights Issue is expected to take place during week 25-26, 2023.

Warrants 
Participants in the Rights Issue have the right to subscribe for newly issued shares through the warrants during the period December 6 - December 20, 2023. One (1) warrant of series TO3 entitles the holder to subscribe for one (1) new share in Bioservo, at a subscription price corresponding to 70 percent of the volume-weighted average price of the Company's share during the period November 22 - December 5, 2023, however not less than the share's quota value (currently SEK 0.20) and not more than SEK 2. Upon full exercise of all issued warrants of series TO3, the share capital will increase by an additional SEK 3,791,596.80 and the number of shares by 18,957,984. The Company can thus receive an additional maximum of MSEK 38 before issue costs of approximately MSEK 2.

Advisors 
Redeye AB acts as financial advisor and Advokatfirman Lindahl KB acts as legal advisor to Bioservo in connection with the Rights Issue. 

For more information, please contact:

Petter Bäckgren, CEO, Bioservo Technologies AB
Phone: +468 21 17 10
petter.backgren@bioservo.com

Mikael Wester, Marketing Director, Bioservo Technologies AB
Phone: +468 21 17 10
mikael.wester@bioservo.com

About Bioservo
Bioservo Technologies AB is a world-leading company in wearable muscle strengthening systems for people in need of extra strength and endurance. All our innovative products and systems are designed to keep people strong, healthy, and efficient. The company has a unique global position within soft exoskeleton technology for the hand, both for industrial applications to improve the health of workers and to improve the quality of life for people with reduced muscle strength. Bioservo Technologies was founded in 2006 in collaboration between researchers at the Royal Institute of Technology and a doctor at Karolinska University Hospital. Bioservo Technologies is a Swedish public limited company with headquarters in Stockholm.

FNCA Sweden AB is the company's Certified Adviser on Nasdaq First North.
For more information, please visit www.bioservo.com

Important information
This press release and the information herein is not for publication, release, dissemination or distribution, in whole or in part, directly or indirectly, in or into the United Kingdom, the United States, Australia, Canada, Hong Kong, Japan, Singapore, or South Africa or any other state, territory or jurisdiction in which publication, release, dissemination or distribution would be unlawful or where such action would require additional prospectuses, filings or other measures in addition to those required under Swedish law.

The press release is for informational purposes only and does not constitute an offer to sell or issue, or the solicitation of an offer to buy or acquire, or subscribe for, any of the securities mentioned herein (collectively, the "Securities") or any other financial instruments in Bioservo Technologies AB. Any offer in respect of any of the Securities will only be made through the prospectus that Bioservo Technologies AB has published.  Offers will not be made to, and application forms will not be approved from, subscribers (including shareholders), or persons acting on behalf of subscribers, in any jurisdiction where applications for such subscription would contravene applicable laws or regulations, or would require additional prospectuses, filings, or other measures in addition to those required under Swedish law. Measures in violation of the restrictions may constitute a breach of relevant securities laws.

The Securities mentioned in this press release have not been registered and will not be registered under any applicable securities law in the United Kingdom, the United States, Australia, Canada, Hong Kong, Japan, Singapore, or South Africa and may, with certain exceptions, not be offered or sold within, or on behalf of a person or for the account or benefit of a person who is registered in, these countries. The company has not made an offer to the public to subscribe for or acquire the Securities mentioned in this press release other than in Sweden.

None of the Securities have been or will be registered under the United States Securities Act of 1933, as amended (the "Securities Act"), or the securities laws of any state or other jurisdiction in the United States (including its territories, possessions and the District of Columbia), and unless so registered, may not be offered, pledged, sold, delivered or otherwise transferred, directly or indirectly, except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and in compliance with other applicable securities laws. There will not be any public offering of any of the Securities in the United States.

In the EEA Member States, with the exception of Sweden, (each such EEA Member State, a "Relevant State"), this press release and the information contained herein are intended only for and directed to qualified investors as defined in the Prospectus Regulation. The Securities mentioned in this press release are not intended to be offered to the public in any Relevant State and are only available to qualified investors except in accordance with exceptions in the Prospectus Regulation. Persons in any Relevant State who are not qualified investors should not take any actions based on this press release, nor rely on it.

In the United Kingdom, this press release is directed only at, and communicated only to, persons who are qualified investors within the meaning of article 2(e) of the Prospectus Regulation (2017/1129) who are (i) persons who fall within the definition of "investment professional" in article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005, as amended (the "Order"), or (ii) persons who fall within article 49(2)(a) to (d) of the Order, or (iii) persons who are existing members or creditors of Bioservo Technologies AB or other persons falling within Article 43 of the Order, or (iv) persons to whom it may otherwise be lawfully communicated (all such persons referred to in (i), (ii), (iii) and (iv) above together being referred to as "Relevant Persons"). This press release must not be acted on or relied on by persons in the UK who are not Relevant Persons.

This press release does not constitute an investment recommendation. The price and value of securities and any income from them can go down as well as up and you could lose your entire investment. Past performance is not a guide to future performance. Information in this announcement cannot be relied upon as a guide to future performance.

This press release contains forward-looking statements that reflect Bioservo Technologies AB's current view of future events as well as financial and operational development. Words such as "intend", "assess", "expect", "may", "plan", "estimate" and other expressions involving indications or predictions regarding future development or trends, not based on historical facts, identify forward-looking statements and reflect Bioservo Technologies AB's beliefs and expectations and involve a number of risks, uncertainties and assumptions which could cause actual events and performance to differ materially from any expected future events or performance expressed or implied by the forward-looking statement. The information contained in this press release is subject to change without notice and, except as required by applicable law, Bioservo Technologies AB does not assume any responsibility or obligation to update publicly or review any of the forward-looking statements contained in it and nor does it intend to. You should not place undue reliance on forward-looking statements, which speak only as of the date of this press release. As a result of these risks, uncertainties and assumptions, you should not place undue reliance on these forward-looking statements as a prediction of actual future events or otherwise.