C-RAD carries out a directed new share issue of 2,500,000 series B shares, thereby raising proceeds of approximately SEK 108 million

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Press release 2020-02-19

The board of directors of C-RAD AB (”C-RAD” or the ”Company”) has, in accordance with the Company’s press release earlier today, with support of the authorization granted by the annual general meeting 8 May 2019, resolved on and carried out a new share issue of 2,500,000 series B shares (the "Directed New Share Issue"). The subscription price of the shares in the Directed New Share Issue amounts to SEK 43.00 per share. Through the Directed New Share Issue, which was multiple times oversubscribed, C-RAD will receive proceeds amounting to approximately SEK 108 million before deduction of transaction costs. Investors in the new share issue are a number of Swedish and international institutional investors, including TIN Fonder, Joh. Berenberg, Gossler & Co. KG (Berenberg)¹, Humle Småbolagsfond and Alfred Berg Kapitalförvaltning.

The subscription price in the Directed New Share Issue amounts to SEK 43.00 and has been determined through a so called bookbuilding procedure carried out by the Company’s financial advisor Pareto Securities AB (“Pareto Securities”), why it is the board of directors’ assessment that the subscription price is in accordance with market conditions. The subscription price in the Directed New Share Issue constitutes a discount of approximately 7.9 percent compared to the closing price on Nasdaq Stockholm on 19 February 2020 and 0.7 percent compared to the 10-day volume weighted average price (VWAP). Through the Directed New Share Issue, the Company will receive approximately SEK 108 million before deduction of transaction costs.

The reasons for the deviation from the shareholders’ preferential rights are mainly to diversify the shareholder base in the Company among institutional investors and at the same time take advantage of the opportunity to raise capital in a time- and cost-efficient manner.

The net proceeds from the Directed New Share Issue will primarily be used to support the Company’s growth, which includes investments in expanding C-RAD’s product portfolio to increase efficiency and safety within radiation therapy.