Background and motive
Since its inception in 2016, Quickbit has provided secure and user-friendly payment solutions that, among other things, make it easier for consumers and businesses to use cryptocurrency in e-commerce. During this time, Quickbit has handled transactions exceeding tens of billions of Swedish kronor.
The market for the Company’s services is growing continuously, but at the same time it is undergoing several changes. A large part of Quickbit’s turnover has historically derived from collaborations with one or a few partners, who have mediated payment orders from e-commerce businesses to the Company. For some time, Quickbit’s transaction volumes have decreased, which has prompted the board to initiate an adjustment of Quickbit’s position in the value chain in order to better capitalize on current market trends.
In short, the board’s change work aims to establish several direct relationships with end customers, where Quickbit also offers a wider range of services, such as handling operational and support issues. It is the board’s assessment that the increased proximity to customer companies means opportunities for multiplying both transaction volumes and margins, compared to the Company’s previous positioning.
Around half of the proceeds from the present share issue will thus be used for market efforts and sales work towards a larger number of e-commerce companies and other customer segments.
Technically, the Company is well equipped for this expansion, and only limited resources will need to be set aside for development work around the Company’s technical platform.
The funds from the share issue, combined with the effects of the savings program initiated by the management that took office at the beginning of 2023, will satisfy the Company’s needs for working capital for the foreseeable future as well as funds for the planned and initiated expansion measures.
The company mainly intends to use the issue proceeds for the following purposes:
Strengthening of working capital 50%
Expansion tech team 20%
Sell/market 30%
Conditions for the Rights Issue
The terms of the rights issue mean that shareholders in the Company receive nine (9) subscription rights for every one (1) share held. Ten (10) subscription rights are required to subscribe for one (1) share. The record date at Euroclear Sweden AB for determining who will receive subscription rights in the issue is September 27, 2023.
The issue comprises a maximum of 79,614,662 shares. The shares are subscribed for at a price of SEK 0.41 per share. In case of full subscription, the share capital is increased by a maximum of SEK 796,147, from SEK 884,607 to SEK 1,680,754. Shareholders who choose not to participate in the rights Issue will have their ownership diluted by approximately 47.4 percent of the votes and capital.
In the event that not all offered shares have been subscribed with the support of pre-emptive rights, the board must decide whether and to what extent allocation of shares subscribed without pre-emptive rights shall take place: In the first place, allocation shall be made to share subscribers who have exercised subscription rights in the Rights Issue in relation to the number of subscription rights which each used for subscription and, to the extent that this cannot take place, by drawing lots. Secondly, allocation must take place to other persons who registered for subscription without the support of subscription rights. In the event of oversubscription, the allocation takes place pro rata in relation to the number of shares registered and, to the extent that this cannot take place, by lottery. Ultimately, the remaining shares must be allocated to persons who guaranteed the issue in accordance with their guarantee commitments.
Prospectus
Full information about the Rights Issue will be presented in a prospectus, which will be published before the subscription period begins.
Underwriting obligations and underwriting
The Rights Issue is covered by subscription obligations and issue guarantees up to a total amount of approximately SEK 21 million, corresponding to approximately 65 percent of the rights issue. The subscription obligations have been submitted by certain shareholders, board members and management.
Further information regarding the parties that have entered into subscription obligations and guarantee commitments will be found in the above-mentioned prospectus.
Schedule for the Rights Issue
| Last day for trading in the Company’s shares, including the right to receive subscription rights | September 25, 2023 |
| First day of trading in the Company’s shares excluding the right to receive subscription rights | September 26, 2023 |
| Record date for participation in the Rights Issue | September 27, 2023 |
| Estimated date of publication of prospectus | September 28, 2023 |
| Subscription period in the Rights Issue* | 29 September – 13 October 2023 |
| Trading in subscription rights (TR)* | 29 September – 10 October 2023 |
| Trade in paid subscribed shares (BTA)* | September 29 – around week 44, 2023 |
| Preliminary date for publication of the outcome of the Rights Issue | 18 October 2023 |
*or during a later announced period of equivalent duration in the event of a delayed prospectus review process.
Advisor
Financial advisers in this transaction: Eminova Fondkommission/Eminova Partners.
Issuer: Eminova Fondkommission.
For further information, please contact:
Daniel Sonesson, CEO
+ 46 73 530 30 25
ir@quickbit.com
This information is such information that Quickbit eu AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the above contact person, on Tuesday, 15 August 2023 at 08:20 a.m CET.
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Quickbit is a Swedish fintech company founded in 2016 with the goal of making the integration of cryptocurrencies into the everyday lives of people and companies smoother. Today, Quickbit offers safe and easy-to-use products for e-merchants as well as customers. With a transaction volume to date in excess of €1 billion, Quickbit has already enabled and empowered individuals around the world, through the use of cryptocurrencies. Quickbit has been listed on NGM Nordic SME since July 2019. For more information, please visit www.quickbit.com