”– The convertible bond financing secured the acquisition of Airdev AB (”LEAQS”), which has given Enersize immediate market presence in Europe and broadened the customer offer in order to accelerate the coming expansion of the Company. However, the financing solution – based on the issuing of convertible bonds that can be converted to shares at a discounted rate – has not benefited the shareholders and put a considerable selling pressure on the Enersize share. With several achieved goals, we have now chosen to end the convertible bond financing, because we deem that we have the right conditions to take Enersize to the next phase in its development and to plan the most favourable way forward for our business and shareholders. We are very determined, and we are investing heavily in preparing for an expansion of the Company because we get feedback from different directions that our new product portfolio and business model will work. I feel humble before everyone in the Company who has worked strategically for a long time to place us in this very advantageous position,” says the CEO of Enersize, Anders Sjögren.
Formue Fokus has as a result of this no more tranches to convert to shares in the Company. The termination of the convertible bond financing means that neither Formue Fokus nor Enersize has right to request new tranches of convertibles.
Enersize has secured bridge financing for repayment of the remaining convertibles as well as to cover the Company’s need for working capital including certain investments while the Company evaluates a long-term financing solution.
The Bridge loan amounts to 12 MSEK, issued by Formue Nord Markedsneutral A/S, and will come the Company to hand on August 12, 2019, and extends until paid back but not longer than December 12, 2019. The financing cost amounts to a monthly interest of 2,5 percent.