(MENAFN- GlobeNewsWire - Nasdaq) Reference is made to Thin Film Electronics ASA's announcement on Oslo Børs on 28 April 2020 regarding the proposed private placement of shares raising NOK 25 million, which remains subject to approval by the Extraordinary General Meeting dated 20 May 2020 (the 'Private Placement'). As foreshadowed in such announcement, and in order to secure the commitment by the consortium of investors, the Board has resolved, under the current board authorization to issue shares as provided by the 23 October 2019 extraordinary general meeting, to issue 5,859,357 shares to such investors, at a subscription price per share of NOK 0.11, equaling the proposed subscription price in the Private Placement. In the Board's view, the financing arrangement now being offered by the consortium, in respect of which the share issue under the board authorization is a condition, is the best and only way forward in order for the Company to survive and continue operations. Existing shareholders' preferential rights are, therefore, deviated from in respect of this share issue; however, the Board wishes to reference the subsequent repair offering also proposed at the 20 May extraordinary general meeting. Following completion of this share issue, the Company's share capital will NOK 7,089,823.18 divided into 64,452,938 shares, each share having a par value of NOK 0.11.
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Thinfilm is Energizing InnovationTM with ultrathin, flexible, and safe energy storage solutions for wearable devices, connected sensors, and beyond. Thinfilm's innovative solid-state lithium battery (SSLB) technology is uniquely positioned to enable the production of powerful, lightweight, and cost-effective rechargeable batteries for diverse applications. The company's state-of-the-art flexible electronics manufacturing facility, located in the heart of Silicon Valley, combines patented process technology and materials innovation with the scale of roll-to-roll production methods to bring the advantages of SSLB technology to established and expanding markets.
Thin Film Electronics ASA is a publicly listed company in Norway with corporate headquarters in Oslo and global headquarters in San Jose, California.
Contacts:
Kevin Barber – Chief Executive Officer
Email:
Tel: +1 408 503 7306
Mallorie Burak – Chief Financial Officer
Email:
Tel: +1 408 503 7312
14 May 2020
This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.
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