Sivers raises SEK 400mn to fund MixComm acquisition

Sivers Semiconductors raises SEK 400mn to fund MixComm acquisition

STOCKHOLM, SWEDEN: Sivers Semiconductors AB carried out a new issue of 17.021 ordinary shares, corresponding to approximately SEK 400 million, which will be used to finance the acquisition of MixComm Inc., and to satisfy the Company’s working capital needs

Through the Directed Share Issue, the Company will receive proceeds of approximately SEK 400 million before transaction related costs.

The purpose of the Directed Share Issue and the reason for the deviation from the shareholders´ preferential rights is to be able to carry out a capital raise in a timely and cost-effective manner in order to finance the Acquisition of MixComm, and to satisfy the Company’s ongoing working capital needs.

The board of directors’ overall assessment is thus that the reasons for carrying out the Directed Share Issue with deviation from the shareholders’ preferential rights overweighs the principal rule that new share issues shall be carried out with preferential rights for existing shareholders and that a new share issue with deviation from the shareholders’ preferential rights is most favourable for Sivers Semiconductors and its shareholders.

“We like to welcome all new shareholders to the Sivers family and thank current shareholders for their great support in this process. This is a very important step in our continued growth journey, and we are now moving into a very interesting market position within mmWave. We look forward to joining forces with MixComm and to drive value creation for all our shareholders over many years,” says Anders Storm, CEO of Sivers Semiconductors.

Completion of the acquisition is conditional upon, inter alia, approval at an extraordinary general meeting of Sivers Semiconductors to authorize the board of directors to resolve on an issue in kind and regulatory approval from the Committee on Foreign Investment in the United States (CFIUS). The extra general meeting is expected to be held during the first half of November 2021. The Directed Share Issue is not conditional on approval from the extraordinary general meeting.

A number of existing, larger shareholders, consisting of Erik Fällström, Keith Halsey, Swedbank Robur Ny Teknik and AMF Aktiefond Småbolag, together holding approximately 41 per cent of the shares and votes in the Company, have undertaken, or indicated an intention, to vote in favour of the proposal to authorize the board of directors’ to resolve upon the issue in kind at the extraordinary general meeting.

Sivers Semiconductors AB is a leading and internationally recognized technology company that, through its two business areas Wireless and Photonics, supplies chips and integrated modules.

Wireless develops RF chips and antennas for advanced 5G systems for data and telecommunications networks. Photonics develops and manufactures semiconductor-based optical products for optical fiber networks, sensors and optical fiber communications (Li-Fi). The company is listed on Nasdaq Stockholm under SIVE. The head office is located in Kista, Sweden.

www.sivers-semiconductors.com

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