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Elliptic Laboratories AS ("Elliptic Labs" or the "Company") contemplates a private placement (the "Private Placement") comprising of an offer of (i) new shares to raise gross proceeds of approximately NOK 150 million and (ii) existing shares offered by the Company's CEO, Laila Danielsen, and EVP of Engineering, Espen Klovning (the "Selling Shareholders") to raise gross proceeds of up to NOK 16 million (the new and the existing shares together, the "Offer Shares"). The total number of Offer Shares to be placed will depend on the final offer price to be determined following an accelerated bookbuilding process. The issue of the new shares will take precedence over the sale of existing shares in the Private Placement.
Carnegie AS and SpareBank 1 Markets AS are acting as joint lead managers and joint bookrunners in connection with the Private Placement (jointly the "Managers").
The existing shareholders Passesta AS (a company owned by chairman of the Company's board of directors Tore Engebretsen and his immediate family) and MP Pensjon PK have pre-committed to apply for Offer Shares in the Private Placement with NOK 7.5 million and NOK 10 million, respectively. In addition, Lars Holmøy, CFO of Elliptic Labs, has pre-committed to apply for Offer Shares with NOK 0.5 million through his company J12 Invest AS.
The net proceeds to the Company from the Private Placement will be used to accelerate growth through the following initiatives: (i) Pursue and fund near-term growth opportunities like the recently announced enterprise software license agreement, including further R&D and technical development
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