ChromoGenics announces its intention to launch an initial public offering and listing on Nasdaq First North and publishes prospectus

Regulatory information
  • 2017-02-08
  • Press release
ChromoGenics AB (publ), a leader within dynamic glass, has decided to launch an initial public offering and listing on Nasdaq First North. At the same time, a rights issue of 117 MSEK to institutional investors and general public in Sweden is being implemented.


ABOUT CHROMOGENICS AND THE OFFERING
ChromoGenics offers dynamic glass with controllable optical properties. The company’s unique electrochromic technology ConverLight™, provides dynamic solar control with increased indoor comfort and energy efficiency. The technology is derived from the world leading research center at Ångström Laboratory at Uppsala University, Sweden.
 
In 2016 the company began commercial sales and deliveries to real estate projects in Scandinavia. Sales and deliveries are estimated to continue to grow during 2017 with increasing volume sales and improving financial results in subsequent years.

The market for dynamic glass is estimated to show strong growth the coming years according to the American industry analyst firm n-tech Research; ”ChromoGenics is likely to make a major contribution to the installed base of EC windows for commercial buildings going forward, but is just ramping up production” - n-tech Research on smart windows markets: 2016-2025, Nov 2016.

“ChromoGenics is a leading provider of dynamic glass for windows, facades and roofs for commercial real estate. Our product ConverLight™ makes buildings more attractive by providing high tech solar control for increased indoor comfort and energy efficiency as well as lower maintenance costs” says Thomas Almesjö, CEO ChromoGenics.
“After extensive investments in innovation and development, our product is now in the beginning of an exciting commercialization period. The product is sustainable and cost efficient, which makes it a competitive alternative for awnings, mechanical shades and other exterior solar protection. We have over the last years developed the business, established large-scale production and our main focus is now customers, quality and delivery precision. The initial purchase offer and listing at Nasdaq First North will enable us to continue our product development, expand our operations and strengthen our offering to customers and other stake holders” concludes Thomas Almesjö.

The Offering constitutes of a maximum of 13.800.000 new shares in ChromoGenics AB (publ), which will add some SEK 117 m. in funding to the Company. The Board of Directors has granted an overallotment option to the adviser that can add an additional 1.500.000 new shares to the Offering, equivalent to about SEK 13 m. The issue is pre-subscribed and guaranteed up to 11.347.000 shares which corresponds to an amount of SEK 96 m., SEK 55 m. and SEK 41 m. respectively, by the largest shareholders, K-Svets Venture AB and New Energy Solutions II K/S, and by a consortium of professional investors.

Net proceeds will finance intensified sales- and marketing activities, continued product development and investments in production facility to increase capacity. It will also finance the working capital and strengthen the balance sheet to enable the company to accelerate its future expansion.

First day of trading is scheduled for March 23, 2017, provided that ChromoGenics is approved by Nasdaq First North for admission to trading, which implies that the distribution requirement must be met. The subscription period runs from 9 to 24 February 2017

FINANCAIL ADVISOR:
G&W Fondkommission is the financial advisor in connection with the Offer and will be the company’s Certified Advisor on Nasdaq First North.

FOR MORE INFORMATION:
Thomas Almesjö, CEO
Susanne Andersson, CFO & Head of Communications
+46 (0)18 430 04 30
info@chromogenics.com

IMPORTANT INFORMATION
This document has not been approved by any regulatory authority. The document is a press release and not a prospectus and investors should not subscribe for or purchase any securities referred to in this document except on the basis of the information contained in the prospectus which has been approved by the FSA and will be available on the company website. The distribution of this announcement in certain jurisdictions may be restricted by law, and persons who access it or any part of it, should inform themselves and observe such restrictions. This press release shall not constitute an offer to sell or a solicitation to buy shares, nor shall there be any sale of the securities referred to herein in any jurisdiction in which such offer, solicitation or sale would require preparation of additional prospectuses or other documentation, or be unlawful prior to registration or applicable exemption from registration under the securities laws of such jurisdiction.
This press release does not constitute or form part of, an offer or the solicitation of an offer to buy or subscribe for securities in the United States. The securities mentioned herein have not been and will not be registered under the US Securities Act of 1933 (the "Securities Act") and may not be offered or sold in the United States absent registration under the Securities Act, or an exemption therefrom. The securities mentioned herein are not offered to the public in the United States. Copies of this announcement are not being, and must not be distributed or sent, in whole or in part, directly or indirectly, in Australia, Hong Kong, Japan, Canada, New Zealand, Switzerland, Singapore, South Africa or the United States or any other jurisdiction where such distribution and the mailing of this press release would be unlawful.


PRESS RELEASES