2020-10-15 AAC Clyde Space AB (publ)
The Board of Directors of AAC Clyde Space AB ("AAC" or "the Company") has, pursuant to the authorization from the Annual General Meeting on June 2, 2020, resolved on a directed issue of 19,241,551 shares at a price of SEK 2.70 per share (the "Directed Issue"). The price in the Directed Issue has been determined through an accelerated bookbuilding procedure carried out by Erik Penser Bank. In addition to the Directed Issue, Erik Penser Bank has brokered 10,557,150 shares at the corresponding price per share as in the Directed Issue (the "Block Trade").
NOT FOR RELEASE, DISTRIBUTION OR PUBLICATION, DIRECTLY OR INDIRECTLY, IN OR TO THE UNITED STATES, CANADA, JAPAN, SOUTH AFRICA, AUSTRALIA OR ANY OTHER JURISDICTION, WHERE SUCH ACTIONS ARE SUBJECT TO LEGAL RESTRICTIONS. THIS PRESS RELEASE DOES NOT MAKE AN OFFER REGARDING ANY SECURITIES IN AAC
The Directed Issue
The Board of Directors of AAC has, pursuant to the authorization from the Annual General Meeting on June 2, 2020 and in accordance with what was indicated in the Company's press release on October 15, 2020, resolved on the Directed Issue of 19,241,551 shares to around forty qualified private individuals investor and family offices. The subscription price amounts to SEK 2.70 per share and AAC thereby raises SEK 52 million before transaction costs. The price in the Directed Issue has been determined through an accelerated bookbuilding procedure and corresponds to a discount of approximately 4.4 percent against the closing price for the Company's share on Nasdaq First North Growth Market on October 15, 2020, and the board's assessment is that the subscription price is market-based and reflects current market conditions and demand.
The company intends to use the net issue proceeds from the Private Placement to expand the Company's business development capacity, development of a new highly integrated and software defined platform and the expansion of the highly profitable SaaS business. The Board has decided to deviate from the shareholders' preferential right in order to execute a capital raise in a time and cost-effective manner.
Luis Gomes, CEO AAC: "The space industry is developing and growing day by day and with it AAC. It has been an exciting and eventful week, not least with regard to the acquisitions of Hyperion Technologies and SpaceQuest, two profitable companies which complement AAC's current operations well. With our wide range of advanced subsystems, complete satellite platforms and the ability to act as a complete supplier, from design to data delivery via our Space-as-a-Service concept, together with the capital raised from this issue, we have ensured our ability to deliver increased volumes with continued strong investment in development. "
The Directed Issue has a dilution effect of approximately 16.67 percent of the number of shares and votes in AAC calculated as the dilution of the number of shares and votes after the new share issue. Through the Directed Issue, the number of outstanding shares increases by 19,241,551 shares, from 96,207,759 shares to 115,449,310 shares. The company's share capital increases by SEK 769,662.04 from SEK 3,848,310.36 to SEK 4,617,972.4.
The Block Trade
In connection with the execution of the Directed Issue, a large excess interest has been received and Erik Penser Bank has as a result brokered 10,557,150 shares at a price of SEK 2.70 per share, equal to that in the Directed Issue, for a total transaction size in the Block business amounting to 28.5 MSEK. The seller in the Block trade is Fouriertransform and Craig Clark. Fouriertransform AB has previously announced that they will divest all of their holdings in accordance with a decision in the Swedish parliament from June 2016. As the interest in the Direct Issue was significant, Fouriertransform AB sold all its shares in AAC in connection with the Direct Issue. Craig Clark has entered a 6 month lock up agreement for his remaining holding. The buy side was represented by the same parties as in the Directed Issue.
Erik Penser Bank AB is financial advisor and Setterwalls Advokatbyrå AB is legal advisor to AAC in connection with the Directed Issue.
The information in this press release is such that AAC Clyde Space AB (publ) shall announce publicly according to the EU Regulation No 596/2014 on market abuse (MAR). The information was submitted for publication, through the agency of the contact person set out above, at 22:15 CET on 15 October 2020.
ABOUT AAC CLYDE SPACE
The group AAC Clyde Space offers turnkey solutions and services from mission design to on-orbit operations, including reliable customizable satellite platforms in the range of 1 to 50 Kg and a full range of subsystems for cube and small satellites. With unrivalled flight heritage and end-to-end service, AAC Clyde Space enables customers to reach their mission goals through a single, trusted point of contact.
AAC Clyde Space's shares are traded on Nasdaq First North Premier Growth Market. Erik Penser Bank AB, e-mail [email protected], telephone +46 8 463 83 00, is the Certified Adviser.
NOT FOR RELEASE, DISTRIBUTION OR PUBLICATION, DIRECTLY OR INDIRECTLY, IN OR TO THE UNITED STATES, CANADA, JAPAN, SOUTH AFRICA, AUSTRALIA OR ANY OTHER JURISDICTION, WHERE SUCH ACTIONS ARE SUBJECT TO LEGAL RESTRICTIONS. THIS PRESS RELEASE DOES NOT MAKE AN OFFER REGARDING ANY SECURITIES IN AAC.
Publication or distribution of this press release may be subject to restrictions in certain jurisdictions and individuals in the jurisdictions in which this press release has been published or distributed should inform themselves of and comply with such legal restrictions. This press release does not constitute an offer of, or invitation to acquire or subscribe for, any securities of AAC in any jurisdiction.
This press release does not constitute and is not part of an offer or solicitation to purchase or subscribe for securities in the United States. The securities referred to herein may not be sold in the United States without being registered or exempt from registration under the US Securities Act of 1933, as in current wording ("Securities Act"), and may not be offered or sold in the United States without being registered or being exempt from registration or are included in a transaction that is not covered by registration under the Securities Act. There is no intention to register any securities referred to here in the United States or to make a public offering regarding the securities in the United States. The information in this press release may not be released, published, copied or distributed, directly or indirectly, in whole or in part, in or to the United States, Canada, Japan, South Africa or Australia or any other jurisdiction where the publication, publication or distribution of the information would not comply with laws and regulations or would require a prospectus, registration or other measures than those required by Swedish law. Measures contrary to these instructions may constitute a violation of applicable securities legislation.
This press release is not a prospectus within the meaning of Regulation (EU) 2017/1129 (the "Prospectus Regulation") and has not been approved by any regulatory authority in any jurisdiction. AAC has not accepted any offer to the public of securities in any Member State of the EEA and no prospectus has been produced or will be produced in connection with the Directed Issue. In each EEA Member State, this notice is addressed only to "qualified investors" in that Member State as defined in the Prospectus Regulation.
In the United Kingdom, this document and other material are distributed and directed in relation to the securities described herein only, and any investment or investment activity to which this document relates is only available to and will be available only to, "qualified investors" who are (i) persons with professional experience in investment matters falling within the definition of "investment professionals" in Article 19 (5) of the UK Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the "Order"); or (ii) persons with a high net worth covered by Article 49 (2) (a) - (d) of the Order (all such persons are collectively referred to as "relevant persons"). In the United Kingdom, any investment or investments to which this notice relates are only available to and will only involve relevant persons. Persons who are not relevant persons should not take action based on this press release and not or act or rely on it.
This press release may contain forward-looking statements that reflect AAC's intentions, assessments or current expectations and goals for AAC's future operations, financial situation, development, liquidity, earnings, prospects, expected growth, strategies and opportunities and the markets in which AAC operates. Forward-looking statements are statements that are not historical facts and can be identified by the fact that they contain words such as "believe", "expect", "anticipate", "refer", "can", "plan", "appreciate", "should" , "Could", "aim" or "maybe" or, in each case, negatives thereof, or similar, expressions. The forward-looking statements in this press release are based on various assumptions, many of which in turn are based on additional assumptions. Although AAC considers the expectations reflected in these forward-looking statements to be reasonable, it can provide no assurance that they will occur or prove to be accurate. As these statements are based on assumptions or estimates and are subject to risks and uncertainties, the actual results or results may differ materially from those set forth in the forward-looking statements which are the result of many factors. Such risks, uncertainties, unforeseen events and other significant factors may cause actual events to differ materially from the expectations expressed or implied herein by such forward-looking statements. AAC does not warrant that the assumptions behind the forward-looking statements in this press release are error-free and assumes no responsibility for the future fulfillment of the statements made in this press release or any obligation to update or revise the statements in this press release.
2021-03-31 AAC Clyde Space AB (publ)
AAC Clyde Space has been awarded a 60 kGBP (approx. 0.7 MSEK) contract with the Canadian Earth observation company Wyvern Inc. to secure a launch of 3 satellites into orbit in 2022. The contract precedes an intended agreement for hyperspectral data delivery expected to be finalised during Q2, 2021.
2021-03-16 AAC Clyde Space AB (publ)
AAC Clyde Space has been awarded a 68 kEUR (approx. 690 kSEK) contract with OHB Sweden. The contract aims to review the qualification status of the intended AAC Clyde Space's core avionics for ESA's Arctic Weather Satellite. Given that the first phase is successful, the second phase which is expected to follow in around mid-2021 is expected to be worth approx. 950 kEUR (approx. 9.7 MSEK).
2021-03-01 AAC Clyde Space AB (publ)
AAC Clyde Space AB is updating its management structure to increase agility and underpin continued growth. The group is implementing a distributed management structure, with group level sales and strategic leadership in Group management, and geographical operations management for each country.
2021-02-25 AAC Clyde Space AB (publ)
Craig Clark has decided to leave AAC Clyde Space where he has been CSO. Craig has held the position since 2018 when AAC merged with Clyde Space to form AAC Clyde Space.
2021-02-18 AAC Clyde Space AB (publ)
2021-01-05 AAC Clyde Space AB (publ)
AAC Clyde Space AB (publ) ("AAC") subsidiary Hyperion has been awarded a MEUR 0.15 (approx. 1.5 MSEK) order to carry out an in-orbit verification of CubeCAT, its space-based laser communication terminal. CubeCAT is designed to enable ultra high-speed downlink of data from small satellites, greatly improving and facilitating their data communication.
2020-12-30 AAC Clyde Space AB (publ)
AAC Clyde Space AB (publ) ("AAC") announced on October 15, 2020 that an agreement had been reached to acquire all shares in SpaceQuest Ltd. All conditions for completion of the acquisition have been met and the acquisition has thus been completed. Hence, AAC Group has a strong foothold in the United States, the world's largest space market.
2020-12-18 AAC Clyde Space AB (publ)
AAC Clyde Space has been commissioned by British Space Forge to design a satellite platform that is to take advantage of the space environment for production in-orbit. The satellite is intended to stay in-orbit for six months and thereafter descend on Earth for the product to be delivered to customers. This order for the first phase of a potential larger project with a value of 0.1 million GBP (approx. 1.3 MSEK) and scheduled for delivery in March 2021.
2020-11-26 AAC Clyde Space AB (publ)
The Committee on Foreign Investments in the United States (CFIUS) has determined that there are no unresolved national securities concerns with AAC Clyde Space acquiring SpaceQuest Ltd. AAC Clyde Space will now initiate the closing process which is expected to be finalised during December 2020.
2020-11-26 AAC Clyde Space AB (publ)
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