Goobit Group's rights issue is fully subscribed, raising approximately SEK 25.1 million before costs. The proceeds leave Goobit debt-free apart from operating liabilities, and will fund the launch of Futureproof.
Photo: Gustav Buder is chief executive of Goobit Group.
Goobit Group AB (publ), which runs the bitcoin exchange BTCX and the savings platform Futureproof, raised capital through a rights issue of units made up of shares and warrants. The subscription period closed on 5 November, and the outcome was announced on 10 November. A rights issue of this kind gives existing and new shareholders the right to subscribe for new shares at a set price, normally below the market price, and is used to strengthen a company's capital base.
Of the 73,931,510 units offered, 42,932,179 units – around 58.1 per cent – were subscribed for with the exercise of unit rights. A further 14,703,168 units, about 19.9 per cent, were subscribed for without exercising unit rights. Together, that amounts to 78 per cent of the rights issue.
The remainder was covered by a conditional subscription undertaking of 7,391,177 units (10 per cent) and an underwriting commitment of 8,904,986 units (12 per cent), making the rights issue fully subscribed. The conditional subscription undertaking, originally provided by board member Christian Ander through Blockchain AB, has been assumed in full by Jinderman & Partners AB on the same terms, meaning Jinderman & Partners will pay the corresponding amount to Goobit.
Goobit is raising approximately SEK 25.1 million before issue costs. Of this, SEK 13.8 million is intended to be settled through the set-off of claims against the company, while SEK 11.4 million comes as a cash payment. Cash issue costs are estimated at around SEK 2.3 million, of which SEK 0.8 million relates to underwriting compensation.
"We would like to thank both existing and new shareholders for their confidence and support in the rights issue. Following the set-off, the company is debt-free except for current operating liabilities. At the same time, the capital injection strengthens our financial position and gives us a good foundation to focus on the launch and commercialisation of Futureproof," says Gustav Buder, chief executive of Goobit.
The rights issue and the directed issue to Vator Securities (as compensation for the underwriting commitment) together add around 1.66 billion new shares in Goobit, corresponding to dilution of roughly 77.8 per cent of the shares and votes in the company.
A further approximately 76 million warrants of series TO 2 are also being issued, each entitling the holder to subscribe for five new shares at SEK 0.024 apiece. If all the warrants are exercised in full, the number of shares will increase by a further 380 million or so, corresponding to additional dilution of around 18.6 per cent.
The rights issue is expected to be registered with the Swedish Companies Registration Office in week 47. Trading in paid subscribed units (BTU) on NGM Growth Market is expected to continue up to and including 20 November, before trading in the new shares begins in week 48. The series TO 2 warrants will be admitted to trading after registration, with the first trading day announced in a separate release. The warrants can be exercised to subscribe for new shares between 18 May and 1 June 2027 inclusive.
Corpura Fondkommission AB acted as Sole Coordinator and Bookrunner, and Advokatfirman Lindahl KB acted as legal adviser to Goobit on the rights issue. Vator Securities AB acted as issuing agent.
Sources: Goobit Group
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