Financing from L1 Capital

Pressrelease April 23, 2019: MediRätt ends the collaboration with the European Select Growth Opportunities Fund (ESGO)

Read the full press release here (Swedish) 

Description and status on the L1 Capital financing:

MediRätt AB (publ) and European Select Growth Opportunities Fund (the "Investor"), managed by L1 Capital Pty, Ltd., have signed an agreement under which MediRätt may issue convertible bonds (the "Convertibles") in several tranches (individually a “Tranche”) for a total maximum amount of SEK 50 million over 18 months. Issuance of tranches is at MediRätt’s discretion. The capital injection will be used for the development and launch of the digital drug dispensing machine Dosell. In connection with the issuance of Convertibles, MediRätt will also issue warrants (the "Warrants") to the Investor as well as to existing shareholders as an anti-dilution measure. The Warrants will be issued free of charge. 

Current status on issuance and conversions of Notes and Warrants in regard to the L1 Capital agreement can be found here

The Notes

  • Principal amount of SEK 100,000 per Note.
  • Interest free.
  • Maturity of 12 months.
  • Conversion price 10% discount over the reference price. (Reference price is the lowest daily volume weighted average price (VWAP) during the past 15 trading days immediately preceding the conversion date).
  • MediRätt has the option to remit cash, shares in the capital or a combination of both.

The Warrants

  • Maturity of three (3) years.
  • The strike price for the first tranche is the lower of (1) the reference price of the tranche over the five (5) trading days preceding the date of the Board’s decision to issue the first tranche plus 50 % or (2) the reference price of the tranche over the five (5) trading days preceding the date of issuance of the second tranche plus 50 %.
  • The strike price for the subsequent tranches is the reference price of the tranche over the five (5) trading days preceding the date of the subscription request plus 30 %.
  • The exercise period for warrants below an aggregated amount of SEK 500,000 may take place on six occasions during the two-week period preceding the day of 6, 12, 18, 24, 30 and 36 months after the date on which the warrants are registered at the Swedish Companies Registration Office.
  • Holders of warrants for a total value of SEK 500,000 or more may always exercise the warrants for subscription of shares, i.e. from the registration date with the Swedish Companies Registration Office up to and including the day three (3) years after the date of registration.
  • Holding of one (1) warrants entitles the holder to subscribe for one (1) new share at a price that shall be equal to a value determined according to the procedure above.

Information on subscription periods for warrants below an aggregated amount of SEK 500,000

  • May 14 - 28 2019
  • November 14 - 28 2019
  • May 14 - 28 2020
  • November 14 - 28 2020
  • May 14 - 28 2021
  • November 14 - 28 2021

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