Reference is made to the stock exchange notices published by Thin Film Electronics ASA (the “Company”) on 1 and 16 September 2020 regarding the Subsequent Offering.
The subscription period under the Subsequent Offering expired on 15 September 2020 at 16:30 CET, and the Subsequent Offering was more than nine times oversubscribed, including subscriptions from eligible shareholders, oversubscriptions, and subscriptions without subscription rights.
Further to the resolution by the Extraordinary General Meeting on 19 August 2020, the board of directors has resolved to allocate and issue the maximum of 66,666,666 Offer Shares at a subscription price of NOK 0.15 per Offer Share, thereby raising approximately NOK 10 million in the Subsequent Offering.
The subscribers who are allocated Offer Shares will receive a letter confirming the number of Offer Shares allocated and the corresponding amount to be paid by each subscriber. The letters are expected to be distributed on 17 September 2020. Payment for the allocated Offer Shares falls due on 22 September 2020.
Following payments of the subscription amounts and the registration of the Subsequent Offering with the Norwegian Register of Business Enterprises, the share capital of the Company will be NOK 83,571,427.50 divided into 759,740,250 shares, each with a par value of NOK 0.11. The Offer Shares will be delivered to the subscribers as soon as reasonably practicable following such registration. The shares issued in the Subsequent Offering may not be transferred or traded until they are fully paid and registered on the VPS account of the subscriber.
For every share subscribed for and allocated in the Subsequent Offering, one warrant will be attached and issued to such subscriber. As a consequence of the Subsequent Offering being fully subscribed, a total of 66,666,666 warrants will be issued as part of the Subsequent Offering. The warrants will be issued free of charge. Each warrant will entitle the holder to demand the issuance of one (1) share in the Company. The warrants (“Warrant C”) will be exercisable at any time between 31 March and 30 June 2021 at an exercise price per share of NOK 0.25. The warrants are transferable but will not be listed and tradable on a regulated market.
Kevin Barber – Chief Executive Officer