Senzime operates in medical monitoring where the flagship product TetraGraph is at the center. The system, which is currently used in thousands of operating rooms globally, enables accurate monitoring of neuromuscular transmission during surgery, improving patient safety and optimizing the dosage of muscle relaxant drugs.
The company is now conducting a directed new share issue of up to 24 million shares at a subscription price of SEK 4,60 per share, corresponding to the closing price on the day the issue was announced. The issue is divided into two tranches, the first (SEK 107,18 million) being carried out with the support of the authorization from the Annual General Meeting, and the second (SEK 3,22 million) requiring approval from an extraordinary general meeting scheduled for June 30.
Strategic financing for growth
The proceeds will be used to drive Senzime's commercial expansion, finance ongoing innovation projects and cover working capital needs in line with expected growth. The issue also strengthens the shareholder base with new institutional investors and existing long-term owners, which according to the company contributes to increased stability and security. Senzime previously considered securing financing through loans, but ultimately decided that an issue was more appropriate.
– We are carrying out a strong and effective capital raising with support from both existing and new long-term investors. The capital provided gives us the conditions to continue to implement our strategic plan and achieve positive cash flow, says Philip Siberg, CEO of Senzime, in a press release.
Deviation from right of priority
The issue is being carried out without preferential rights for existing shareholders, a decision that the board justifies by stating that it enables a diversified and strategically stronger shareholder base. Compared to a rights issue, which often requires a discount and entails greater dilution, the directed issue is considered to be more capital-efficient. The subscription price, which corresponds to the market price, minimizes the dilution effects for shareholders, which, upon full subscription, amount to approximately 15,27 percent.
“Senzime's sales growth is strong, and we evaluated several different financing alternatives. However, it was clear that a directed issue to a selected group of long-term investors was the most appropriate and capital-efficient solution for the company,” comments Siberg.
