English-arkiv - Chordate

Chordate Medical Holding AB (publ) announces the outcome of warrants of series TO 8

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Chordate Medical Holding AB (publ) (”Chordate Medical” or the “Company”) announces today the outcome of the exercise of warrants of series TO 8, that were issued in connection with the Company’s rights issue of units in February 2024. In total, 64,126,500 warrants of series TO 8 were exercised, corresponding to approximately 50.2 percent of the total number of outstanding warrants of series TO 8, for subscription of 128,253 shares in the Company at a subscription price of SEK 23.99 per share. Chordate Medical will receive approximately SEK 3,076,789.47 before issue costs through the exercise of warrants of series TO 8.

Background
The subscription period for exercise of the warrants of series TO 8 took place from and including November 4, 2024, up to and including November 18, 2024. The subscription price per share for exercising the warrants of series TO 8 was set to SEK 23.99.

In total, 64,126,500 warrants of series TO 8 were exercised for subscription of 128,253 shares in the Company, meaning that approximately 50.2 percent of the total number of outstanding warrants of series TO 8 were exercised for subscription of new shares in Chordate Medical.

Exercised warrants will be replaced by shares after the new issue has been registered with the Swedish Companies Registration Office. The registration of shares is expected to take place within approximately two (2) weeks.

Number of shares, share capital and dilution
Through the exercise of the warrants of series TO 8, the number of shares in the Company will increase by 128,253 shares, from 980,223 shares to 1,108,476 shares, and the share capital will increase with SEK 1,282,530 from SEK 9,802,230 to SEK 11,084,760.

For existing shareholders who did not exercise any warrants of series TO 8, the dilution amounts to approximately 11.6 percent of the number of shares and votes in the Company.

Advisors
Vator Securities AB act as financial advisor and CMS Wistrand Advokatbyrå act as legal advisor to Chordate Medical in connection with the exercise of the warrants of series TO 8. Vator Securities also act as issuer agent in connection with the exercise of the warrants of series TO 8.

About Chordate
Chordate Medical Holding AB (publ) is a medical technology company that has developed, patented and CE-marked Ozilia® Migraine, a neuromodulation and drug-free treatment technology for chronic migraine and chronic rhinitis. The treatment has clinically proven efficacy according to a recent study, and is marketed in selected markets in the EU and the Middle East. Chordate Medical is listed on Nasdaq First North Growth Market Stockholm (ticker: CMH). Read more at www.chordate.com

The company's Certified Adviser on Nasdaq First North Growth Market Stockholm is Vator Securities AB.

N.B. The English text is an in-house translation of the original Swedish text. Should there be any disparities between the Swedish and the English text, the Swedish text shall prevail.

Chordate Medical Holding AB (publ) announces the outcome of warrants of series TO 8

Last day of trading with warrants of series TO 8 in Chordate Medical Holding AB (publ)

Today, November 14, 2024, is the last day of trading with warrants of series TO 8 in Chordate Medical Holding AB (publ) ("Chordate Medical" or the "Company"). The exercise period runs until November 18, 2024. In order for warrants not to expire, the warrant holder must actively subscribe for shares no later than November 18, 2024, or alternatively, sell the warrants no later than today November 14, 2024. Each warrant of series TO 8 entitles the holder, after recalculation carried out due to the reverse share split, to subscribe for 0.002 new share in the Company. Subscription cannot be made by part of a share, which means that 500 warrants of series TO 8 will be required for subscription of one (1) new share in the Company. The subscription price per share is SEK 23.99.

The company has received confirmations from five of the ten largest shareholders, who, together with management personnel, will exercise a total of 44.9 percent of the issued warrants of series TO 8.

Complete terms and conditions for the warrants are available on the Company's website, www.chordate.com.

Terms summary for the warrants of series TO 8

Exercise period: November 4, 2024 – November 18, 2024.

Subscription price: SEK 23.99 per share.

Issue volume: 127,835,679 warrants of series TO 8 entitle to subscription of a maximum of 255,671 shares. Upon exercise of all warrants of series TO 8, the Company may receive a maximum of approximately SEK 6.1 million before issue costs.

Last day of trading in warrants of series TO 8: November 14, 2024.

Dilution: Upon full exercise of all warrants of series TO 8, the number of shares in the Company will increase by a maximum of 255,671 shares, from 980,223 shares to a maximum of 1,235,894 shares and the share capital by a maximum of SEK 2,556,710 from SEK 9,802,230 to a maximum of SEK 12,358,940, corresponding to a maximum dilution effect of 20.7 percent of the number of shares. Note that the warrants that are not exercised by November 18, 2024, or sold by November 14, 2024, will expire without value. In order for warrants of series TO 8 not to expire, warrant holders must actively subscribe for shares or sell the warrants. Please note that some nominees may close the application earlier than November 18, 2024.

How the warrants are exercised

Nominee-registered warrants:
Subscription and payment, through exercise of warrants, shall be made in accordance with the instructions from each respective nominee. Please contact your nominee for further information.

Directly registered warrants:
No issue statement or payment instructions will be sent out. Subscription shall be made by simultaneous cash payment in accordance with the instructions on the application form. The warrants will be replaced by shares after the new issue has been registered with the Swedish Companies Registration Office.

The subscription form with instructions for payment will be available on the Company's website, www.chordate.com.

Last day of trading with warrants of series TO 8 in Chordate Medical Holding AB (publ)

Major Shareholders and Management Announce Intent to Exercise TO8 Warrants in Chordate Medical Holding AB (publ.)

Chordate Medical has so far received formal notifications from four of the company's ten largest shareholders: Sifonen, Hawoc, the Brandberg family, and Tommy Hedberg, who, together with the management team, have announced that they will exercise their warrants in TO8 at 100 percent. Once this is completed, approximately 42 percent of the series TO8 warrants will have been exercised.

These four of the ten largest shareholders, together with the company’s management team, control approximately 40 percent of the shares in Chordate.

It is possible to redeem TO8 for subscription of new shares from November 4, 2024, until November 18, 2024, or to sell the options before November 14, 2024. If all TO8 series warrants are exercised, the company will receive approximately 6.1 MSEK before issuance costs.

“The support from our largest shareholders – and my colleagues in the management team – is a very important vote of confidence in achieving a positive outcome from TO8. It is crucial that we secure as much capital as possible from the options, and every shareholder's contribution is equally important,” says Anders Weilandt, CEO of Chordate.

Major Shareholders and Management Announce Intent to Exercise TO8 Warrants in Chordate Medical Holding AB (publ.)

Finwire Interview: CEO Anders Weilandt on Chordate Medical’s Q3 Report 2024

Yesterday, November 5, Chordate's CEO, Anders Weilandt, presented the company’s Q3 report for 2024 on Finwire TV. He also answered viewer questions, discussing topics such as the ongoing exit process and the two current studies, PM009 and PM010.

“It’s essential that we enter this exit process with a strong cash position. I don’t think any shareholder wants us to sit down and negotiate the sale of the business with a weak cash position, as that will immediately affect the counterparty’s behavior in the negotiation. So now it’s crucial that we strengthen our finances and are well-prepared to carry out the entire exit process.”

What are the key milestones in PM009 and PM010, and how might they impact valuation in the exit process?

“Both studies have the potential to significantly impact the sales process. PM009 aims to determine if there are indications that Ozilia is effective for patients who have no other options. Those who have started CGRP treatment have exhausted several other preventative drugs without success. If we can identify patients who respond to Ozilia, it will be an interesting finding, as it would suggest that we are as effective or better for these patients than the highly advanced and expensive drugs available.”

“PM010 is long-term and important for that very reason. It provides a much longer and broader understanding of Ozilia's effect pattern and how frequently patients would want treatment. The results will guide doctors on what to expect regarding patient behavior and the necessary treatment frequency. This impacts the volume per patient and, essentially, billing potential. So, it clearly affects a sales process.”

Watch the full interview (in Swedish)

Finwire Interview: CEO Anders Weilandt on Chordate Medical's Q3 Report 2024

Chordate Medical presents interim report for Q3 2024 on Finwire TV

Chordate Medical Holding (publ) released its interim report for Q3 2024 today at 08:30. At 13:00, the company invites you to a webcast presentation of the report with CEO Anders Weilandt on Finwire TV.

The presentation can be viewed through the following link: https://www.finwire.tv/webcast/chordate-medical/q3-2024/

Following the presentation, there will be a Q&A session where viewers can submit questions.

A recording of the presentation will be made available afterwards on the company’s website www.chordate.com and on Finwire TV’s YouTube channel.

Chordate Medical presents interim report for Q3 2024 on Finwire TV

Chordate Medical Holding (publ) Interim Report January–September 2024

Summary of the period July–September 2024

Net turnover was SEK 147,993 (210,947)
Cash flow from operating activities was SEK -5,126,552 (-4,325,051)
Profit/loss after financial items was SEK -5,681,292 (-4,938,361)
Profit/loss after tax was SEK -5,681,292 (-4,938,361)
Earnings per share were SEK -5.80 (-10.62)

Summary of the period January–September 2024

Net turnover was SEK 578,611 (494,684)
Cash flow from operating activities was SEK -19,747,872 (-19,761,647)
Profit/loss after financial items was SEK -18,850,105 (-19,564,732)
Profit/loss after tax was SEK -18,850,105 (-19,564,732)
Earnings per share were SEK -21.39 (-42.48)

Final step of the strategy

The reporting period has been impacted by three key events. Because the SFDA has now announced market authorization for the migraine indication in Saudi Arabia, the Company can immediately start the introduction of Ozilia®Migraine, which further strengthens our Proof-of-Concept. Our post-market surveillance study PM010 shows promising results in monitoring collected data—so far the objectives of the study have been confirmed. Partner International Switzerland GmbH was recently appointed as an advisor to find an international buyer for the business. Overall, these three events entail that we have now taken a large step forward in the final step of the Company’s exit strategy.

Market authorization for the migraine indication and a first migraine order from Saudi Arabia
Positive results from the ongoing migraine study PM010
Swiss advisor appointed to initiate exit process
Commencement of TO8 subscription period

Market authorization for the migraine indication and a first migraine order from Saudi Arabia

We received the first order for two Ozilia systems from Saudi Arabia at the end of September. Several weeks later, the Saudi Food and Drug Authority also approved our application for market authorization for the migraine indication with the product system Ozilia®Migraine. Following the successes with Ozilia® for chronic rhinitis in Saudi Arabia, we are pleased that we can now immediately follow up with the introduction of Ozilia® in the migraine area as well. Given the approved market authorization for the migraine indication, our distributor Janin Medical can now immediately roll out on a broad front the introduction of the migraine treatment that was prepared in the spring.

Positive results from the ongoing migraine study PM010

After having recruited approximately 25 percent of the patient population to the long-term open study PM010, the decision was made to perform a monitoring session of the data collected so far. The study is still ongoing, and recruitment of patients is not affected by this data summary.

The conclusion reported by the study statistician is that the results are promising, which was also supported by the sensitivity analyses performed for each objective.

What is important in this post-market surveillance study is how the patients’ perception of their difficulties changed during the twelve-month period that they were monitored. More data needs to be accumulated before the conclusion can be reported in its final form.

Swiss advisor appointed to initiate exit process

In mid-October, the Company announced the Board of Director’s resolution to appoint Partner International Switzerland GmbH as an advisor to find an international buyer for the business. This marks the initiation of the final step in the Company's strategy. Partner International is a group with offices in Switzerland, Canada, USA and Australia that over 24 years has built a strong reputation as an advisor in numerous international deals in licensing, partnerships, and corporate sales, focusing on the life sciences sector.

We have made significant progress in establishing clear market validation in our focus markets, and this work will continue at the same rate in parallel to Partner International initiating its work to find the best buyer for the business.

Consolidation of shares completed

At the end of August, the Company’s Board of Directors set August 30, 2024, as the record date for the previously decided consolidation of shares. Through the consolidation, the total number of shares in the Company decreased from 490,111,500 to 980,223. In conjunction with this, the Company’s shares changed ISIN code to SE0022726139.

Commencement of TO8 subscription period

The subscription period for shares with the support of warrant series TO 8 commenced on November 4, 2024, and will run until November 18, 2024. The Company will primarily use the raised capital for the ongoing exit process, continued establishment of market validation, and the ongoing studies.

Focus during the rest of 2024

Market introduction of the migraine indication in Saudi Arabia and Switzerland
Exit process development
The studies PM009 and PM010

Kista, November 2024
Anders Weilandt, CEO

Chordate Medical Holding (publ) Interim Report January–September 2024

Correction: The exercise period for warrants of series TO 8 in Chordate Medical Holding AB (publ) begins today

The press release published today on November 4, 2024, at 08:30 CET, incorrectly stated that the warrants after subscription and payment will be replaced with interim shares (IA) pending registration with the Swedish Companies Registration Office. The correct information is that no interim shares (IA) will be delivered, and that shares will be delivered as soon as the new issue is registered with the Swedish Companies Registration Office.

The full press release, updated with the correct information, follows below.

Today, November 4, 2024, the exercise period begins for warrants of series TO 8 in Chordate Medical Holding AB (publ) ("Chordate Medical" or the "Company"). The exercise period runs until November 18, 2024. Each warrant of series TO 8 entitles the holder, after recalculation carried out due to the reverse share split, to subscribe for 0.002 new share in the Company. Subscription cannot be made by part of a share, which means that 500 warrants of series TO 8 will be required for subscription of one (1) new share in the Company. The subscription price per share is SEK 23.99. If all warrants of series TO 8 are exercised, the Company will receive approximately SEK 6.1 million before issue costs. In order for warrants not to expire, the warrant holder must actively subscribe for shares no later than November 18, 2024, or alternatively, sell the warrants no later than November 14, 2024.

Complete terms and conditions for the warrants are available on the Company's website, www.chordate.com.

Terms summary for the warrants of series TO 8

Exercise period: November 4, 2024 – November 18, 2024.

Subscription price: SEK 23.99 per share.

Last day of trading in warrants of series TO 8: November 14, 2024.

How the warrants are exercised

The subscription form with instructions for payment will be available on the Company's website, www.chordate.com.

Correction: The exercise period for warrants of series TO 8 in Chordate Medical Holding AB (publ) begins today

The exercise period for warrants of series TO 8 in Chordate Medical Holding AB (publ) begins today

Today, November 4, 2024, the exercise period begins for warrants of series TO 8 in Chordate Medical Holding AB (publ) ("Chordate Medical" or the "Company"). The exercise period runs until November 18, 2024. Each warrant of series TO 8 entitles the holder, after recalculation carried out due to the reverse share split, to subscribe for 0.002 new share in the Company. Subscription cannot be made by part of a share, which means that 500 warrants of series TO 8 will be required for subscription of one (1) new share in the Company. The subscription price per share is SEK 23.99. If all warrants of series TO 8 are exercised, the Company will receive approximately SEK 6.1 million before issue costs. In order for warrants not to expire, the warrant holder must actively subscribe for shares no later than November 18, 2024, or alternatively, sell the warrants no later than November 14, 2024.

Complete terms and conditions for the warrants are available on the Company's website, www.chordate.com.

Terms summary for the warrants of series TO 8

Exercise period: November 4, 2024 – November 18, 2024.

Subscription price: SEK 23.99 per share.

Last day of trading in warrants of series TO 8: November 14, 2024.

How the warrants are exercised

Directly registered warrants:
No issue statement or payment instructions will be sent out. Subscription shall be made by simultaneous cash payment in accordance with the instructions on the application form. The warrants will then be replaced by interim shares (IA) pending registration with the Swedish Companies Registration Office.

The subscription form with instructions for payment will be available on the Company's website, www.chordate.com.

The exercise period for warrants of series TO 8 in Chordate Medical Holding AB (publ) begins today

The subscription price for the exercise of warrants of series TO 8 in Chordate Medical Holding AB (publ) has been set to SEK 23.99 per share and the exercise period begins on November 4, 2024

The press release published on October 30, 2024, at 17:22 CET, incorrectly stated that the warrants after subscription and payment will be replaced with interim shares (IA) pending registration with the Swedish Companies Registration Office. The correct information is that no interim shares (IA) will be delivered, and that shares will be delivered as soon as the new issue is registered with the Swedish Companies Registration Office.

The full press release, updated with the correct information, follows below.

Chordate Medical Holding AB (publ) ("Chordate Medical" or the "Company") issued warrants of series TO 8 in connection with a rights issue of units that was completed in February 2024. Each warrant of series TO 8 gives, after recalculation carried out due to the reverse share split, the right to subscribe for 0.002 new share in the Company. Subscription cannot be made by part of a share, which means that 500 warrants of series TO 8 will be required for subscription of one (1) new share in the Company. The subscription price for the warrants of series TO 8 was set at 70 percent of the volume-weighted average price of the Company's share on Nasdaq First North Growth Market Stockholm during the period from October 16, 2024 up to and including October 29, 2024, however, not lower than the quota value of the Company's shares (SEK ten (10)) and not higher than SEK 75 per share. The volume-weighted average price of the Company's share during the period amounted to approximately SEK 34.27 and thus the subscription price is set at SEK 23.99. The exercise period for warrants of series TO 8 runs from November 4, 2024 up to and including November 18, 2024. The last day of trading in the warrants is November 14, 2024.

Complete terms and conditions for the warrants are available on the Company's website, www.chordate.com.

Terms summary for the warrants of series TO 8:

Exercise period: November 4, 2024 – November 18, 2024.

Subscription price: SEK 23.99 per share.

Last day of trading in warrants of series TO 8: November 14, 2024.

Dilution: Upon full exercise of all warrants of series TO 8, the number of shares in the Company will increase by a maximum of 255,671 shares, from 980,223 shares to a maximum of 1,235,894 shares and the share capital by a maximum of SEK 2,556,710 from SEK 9,802,230 to a maximum of SEK 12,358,940, corresponding to a maximum dilution effect of 20.7 percent of the number of shares. Note that warrants that are not exercised by November 18, 2024, or sold by November 14, 2024, will expire without value. In order for warrants of series TO 8 not to expire, warrant holders must actively subscribe for shares or sell the warrants. Please note that some nominees may close the application earlier than November 18, 2024.

How the warrants are exercised:

The subscription form with instructions for payment will be available on the Company's website, www.chordate.com.

The subscription price for the exercise of warrants of series TO 8 in Chordate Medical Holding AB (publ) has been set to SEK 23.99 per share and the exercise period begins on November 4, 2024

Complete terms and conditions for the warrants are available on the Company's website, www.chordate.com.

Terms summary for the warrants of series TO 8

Exercise period: November 4, 2024 – November 18, 2024.

Subscription price: SEK 23.99 per share.

Last day of trading in warrants of series TO 8: November 14, 2024.

Dilution: Upon full exercise of all warrants of series TO 8, the number of shares in the Company will increase by a maximum of 255,671 shares, from 980,223 shares to a maximum of 1,235,894 shares and the share capital by a maximum of SEK 2,556,710 from SEK 9,802,230 to a maximum of SEK 12,358,940, corresponding to a maximum dilution effect of 20.7 percent of the number of shares. Note that warrants that are not exercised by November 18, 2024, or sold by November 14, 2024, will expire without value. In order for warrants of series TO 8 not to expire, warrant holders must actively subscribe for shares or sell the warrants. Please note that some nominees may close the application earlier than November 18, 2024.

How the warrants are exercised

Directly registered warrants:
No issue statement or payment instructions will be sent out. Subscription shall be made by simultaneous cash payment in accordance with the instructions on the application form. The warrants will then be replaced by interim shares (IA) pending registration with the Swedish Companies Registration Office.

The subscription form with instructions for payment will be available on the Company's website, www.chordate.com.

The subscription price for the exercise of warrants of series TO 8 in Chordate Medical Holding AB (publ) has been set to SEK 23.99 per share and the exercise period begins on November 4, 2024

Chordate Medical Holding AB (publ) announces the outcome of warrants of series TO 8

Last day of trading with warrants of series TO 8 in Chordate Medical Holding AB (publ)

Major Shareholders and Management Announce Intent to Exercise TO8 Warrants in Chordate Medical Holding AB (publ.)

Finwire Interview: CEO Anders Weilandt on Chordate Medical’s Q3 Report 2024

Chordate Medical presents interim report for Q3 2024 on Finwire TV

Chordate Medical Holding (publ) Interim Report January–September 2024

Correction: The exercise period for warrants of series TO 8 in Chordate Medical Holding AB (publ) begins today

The exercise period for warrants of series TO 8 in Chordate Medical Holding AB (publ) begins today

The subscription price for the exercise of warrants of series TO 8 in Chordate Medical Holding AB (publ) has been set to SEK 23.99 per share and the exercise period begins on November 4, 2024

The subscription price for the exercise of warrants of series TO 8 in Chordate Medical Holding AB (publ) has been set to SEK 23.99 per share and the exercise period begins on November 4, 2024

Pressmeddelanden

Chordate Medical Holding AB (publ) offentliggör utfall av teckningsoptioner av serie TO 8

Sista dag för handel med teckningsoptioner av serie TO 8 i Chordate Medical Holding AB (publ)

Storägare och ledning meddelar inlösen av TO8 i Chordate Medical Holding AB (publ.)

Chordate Medical AB