Insplorion secures external financing of up to SEK 60 million for accelerated commercialization of the battery sensor

19 Dec 2017

Insplorion AB (publ) (“Insplorion”) has signed an agreement relating to an investment of up to SEK 60 million. The capital will be used for accelerated commercialization of the company’s battery sensor. The transaction is carried out through a private placement of convertible notes (the “Notes”) with warrants attached (the “Warrants”) in several tranches spread over 36 months (each a ”Tranche”). Insplorion will receive SEK 10 million through the first Tranche. Existing shareholders will receive free warrants to protect them against dilution. The financing is conditioned upon the shareholders’ meeting resolving on a new authorization for issuance for the board of directors and a notice convening an extraordinary shareholders’ meeting will be published within short.

“Our battery sensor project has made great progress in the last six months. The dialogue with industrial players has been intensified and we see that we have a solution that has a great value on the market. In order to ensure that the project continues to develop towards its full potential, we have now found a financing solution that provides a flexible scaling capability. We are likewise with this solution financially strong in the ongoing dialogues with major players, and we can invest more of our own resources and thereby become a stronger player in future partnerships”, comments Patrik Dahlqvist, CEO of Insplorion.

The Tranches will be subscribed by European Select Growth Opportunities Fund (the “Investor”) focusing on technology and healthcare smallcap companies presenting a strong growth potential.

The financing relates to an issuance agreement entered into by Insplorion with the Investor signed on the evening of 18 December 2017 (the “Agreement”). In accordance with the Agreement the first Tranche will amount to SEK 10 million.
In connection with the issue of the first Tranche of Notes and Warrants being carried out, Insplorion will also issue free warrants to existing shareholders, to protect them against dilution (the “Shareholders Warrants”). The Shareholders Warrants will be issued to Insplorion’s subsidiary Insplorion Sensor Systems AB and thereafter transferred to Insplorion’s shareholders. Notice regarding the record date and the pro rata allocation for Shareholders Warrants will be announced at a later stage. The Shareholders Warrants will have the same characteristics as those of the Investor.

Read more about the transaction