Press Release

Urb-it carries out a directed share issue of approximately SEK 23.3 million

September 27, 2022
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2 MINS

The board of directors of Urb-it AB (publ) (“Urb-it or the “Company”) has, pursuant to the authorisation granted by the annual general meeting held on May 13, 2022, resolved and carried out a directed issue of 8,475,000 shares at a subscription price of SEK 2.75 per share (the “Share Issue”). The Company raises approximately SEK 23.3 million before transaction related costs through the Share Issue.

The subscription price of SEK 2.75 per share, corresponding to a discount of approximately 8.9 per cent compared to the volume-weighted average price for the Company’s share on Nasdaq First North Growth Market during the last ten trading days and a discount of approximately 8.9 per cent compared to the closing price for the Company’s share on September 26, 2022, has been determined based on discussions with several investors who have shown interest in participating in the Share Issue. In view hereof, it is the board of directors’ assessment that the subscription price is market-based.

The Share Issue was directed to a pre-committed circle of existing investors, including Fjärde AP-fonden, Handelsbanken Fonder and Skandia.

Kevin Kviblad, CEO of the Company, comments:

“Urb-it operates a business that benefits from several trends in the climate segment, and we note increasing volumes and improved margins. In today’s stock market climate, it is not entirely easy to finance businesses that do not yet show profit. For this reason, it is gratifying that we have been able to carry out a directed share issue, in which six of the current shareholders participate, something that we have considered to be the most cost-effective way to solve the financing.”

The rationale for carrying out the Share Issue and the reasons for the deviation from the shareholders’ preferential rights is that Urb-it has identified an opportunity to raise capital in a time- and cost-efficient manner from a pre-committed circle of investors. Due to the time limit that a rights issue entails, it is the board’s assessment that an issue with deviation from the shareholder’s preferential rights is in the Company’s and all shareholder’s interest and therefore also justifies deviation from the main rule that new issues shall be carried out with preferential rights the shareholders. The proceeds from the Share Issue are primarily intended to be used to strengthen the working capital.

Through the Share Issue, the Company’s share capital increases by approximately SEK 1,039,070.813731 from approximately SEK 28,968,326.326434 to approximately SEK 30,007,397.140165 through issue of 8,475,000 new shares, entailing that the total number of outstanding shares have increased from 236,275,105 shares to 244,750,105 shares. The Share Issue has entailed a dilution of approximately 3.5 per cent for existing shareholders based on the total number of outstanding shares and votes in the Company following the Share Issue.

Vator Securities AB has acted as financial adviser and issuing agent and Advokatfirman Lindahl KB has acted as legal adviser to the Company in connection with the Share Issue.

For further information, please contact:

Kevin Kviblad, CEO, kevin@urbit.com

This information is information that Urb-it AB is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication through the agency of the contact person set out above on September 27, 2022, 08:50 CEST.

About Urb-it AB (publ)

Urb-it AB operates in the logistics sector and provides parcel delivery services. Customers can be found in a number of sectors, with a main focus on the e-commerce market. The business is operated through several subsidiaries in France and Great Britain. Since October 2020, the company has been a certified B-Corp.

The company’s Certified Adviser is Mangold Fondkommission AB, which can be reached by phone number +46 8 503 015 50 and at the e-mail address CA@mangold.se.

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