AAC Clyde Space AB (publ) has mandated Erik Penser Bank to investigate the prerequisites to carry out a directed new issue of a maximum of 19 241 551 shares through an accelerated bookbuilding procedure.
Through the Bookbuilding Procedure, that begins immediately after the publication of this press release, the subscription price for the new shares in the Directed Issue will be determined. The Bookbuilding Procedure will be completed before the trading begins on Nasdaq First North Growth Market on October 16, 2020. The completion of the Directed Issue is subject to that the Board of Directors of AAC resolves to issue the new shares that is part of the Bookbuilding Procedure pursuant to the authorization granted at the Annual General Meeting on June 2, 2020.
The Board may at any time choose to suspend, extend, or shorten the Bookbuilding Procedure and refrain from resolving to carry out the Directed Issue. By determining the subscription price in the Directed Issue through the Bookbuilding Procedure, it is the Board's assessment that the subscription price is determined corresponding to prevailing market terms.
AAC operates in an industry in strong structural growth and the Board's assessment is that AAC has a promising opportunity to become a global leading supplier of advanced subsystems and complete satellites as well as in the field of operating launched satellites and delivery of data from wholly owned constellations, so-called "Space-as-a-Service" missions (SaaS).
With the acquisitions of Hyperion Technologies BV, communicated on October 7, 2020, and of SpaceQuest Ltd, communicated on October 15, 2020, two profitable companies, AAC has strengthened its offering in advanced subsystems and secured a significant capability within SaaS and expanding the geographical reach of the ACC Group. In combination with the Company's existing operations in Uppsala and Glasgow, which are currently being expanded with satellite manufacturing in Uppsala and a series manufacturing line in Glasgow AAC now has a unique position for continued growth and archiving profitability on a Group level.
In order to fully capitalize and optimize on market opportunities, the Board makes the assessment that AAC will benefit from raising additional capital. AAC intends to use the potential proceeds from the Directed Issue to expand the Company's business development capacity, development of a new highly integrated and software defined platform and the expansion of the highly profitable SaaS business line. The reasons for deviating from the shareholders' preferential right refers to the preference to execute capitalization in a time and cost-effective manner.