CybAero conducts private placement to strategic investors

CybAero conducts private placement to strategic investors

16-Dec-2015 Source: CybAero

The Board of Directors of CybAero has resolved to conduct a private placement of 2,749,000 shares to Subversive Capital LLC. The resolution is subject to approval at an extraordinary general meeting on December 30, 2015. In addition, it is proposed that the extraordinary general meeting also resolve to elect two representatives of Subversive Capital to the board. A notice of the extraordinary general meeting will be published in a separate press release.

Subject to approval at the extraordinary general meeting, the board has resolved to conduct a private placement of 2,749,000 shares with a subscription price of SEK 8.15 per share. The subscription price is based on an average price for CybAero’s stock and has been finally determined by an agreement between the company and the subscriber.

The reason for the deviation from the shareholders preferential rights is to enable increased partnership for a strategic partner and at the same time strengthen the company’s financial position . The private placement is expected to bring in around SEK 22.4 million for CybAero less issue expenses.

It is proposed that the extraordinary general meeting shall elect representatives Adam Rothstein and Michael Auerbach from Subversive Capital to the board.

Adam Rothstein is a venture capitalist that manages several large funds.

In addition to his involvement with Subversive Capital, Michael Auerbach also serves as Senior Vice President of Albright Stonebridge Group (ASG), with which CybAero recently entered into a strategic partnership.

“Subversive Capital LLC became a shareholder of the company in August 2015 by first acquiring AeroVironment’s shares and then also by participating fully in the company’s preferred issue in September 2015. The reason for the share issue is to accelerate the company’s progress in market penetration and production and thus enhance the company’s capability to add value for all shareholders,” says Mikael Hult, CEO CybAero.

“We see the political and commercial expertise and experience of Auerbach and Rothstein as a valuable complement to the board for CybAero’s continuing international development,” Mikael Hult, CEO CybAero, continues.

The placement increases CybAero’s share capital from SEK 43,868,728.50 to SEK 47,992,228.50. After the placement, the total number of shares in CybAero will be 31,994,819. Existing shareholders will see dilution of approximately 8.6 percent after completion of the placement.

The information in this press release is of such a nature that CybAero AB (publ) has an obligation to publish it under the Financial Instruments Trading Act (1991:980) and/or the Securities Market Act (2007:528). This information was submitted for publication on December 15, 2015 at 8:30 AM.

Advisers

Stockholm Corporate Finance AB serves as the financial adviser, and Ernst & Young AB (EY Law) and Advokatfirman Delphi serve as the legal advisers in connection with the transaction.

About CybAero

CybAero develops and manufactures Remotely Piloted Aircraft Systems (RPAS) for safer and more effective aerial operations in various environments, including those hazardous in nature. The company has made a great international impact with its APID ONE helicopter, which can be adapted for both military and civilian applications such as coastal and border surveillance, search and rescue missions, and mapping. CybAero’s head office is located in the Mjärdevi Science Park in Linköping, Sweden. The company has around 55 employees and has been listed on the Nasdaq First North since 2007. FNCA Sweden AB is the company’s certified adviser.


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