The Extraordinary General Meeting in Wyld Networks AB ("Wyld Networks" or the "Company") was held today, 2 October 2024, whereby the shareholders passed the following resolutions.
Approval of the board of directors' resolution regarding issuance of units with preferential rights for the shareholders and amendments to the articles of association
The Extraordinary General Meeting resolved to approve the board of directors' resolution from 2 September 2024 to carry out a new issue of shares and warrants, so called units, with preferential rights for the Company's shareholders. The record date for participation in the new issue of units with preferential rights is 7 October 2024. Through the new issue of units a maximum of 824,847,320 shares may be issued, entailing an increase in the share capital of no more than SEK 68,825,510.97164, and a maximum of 412,423,660 warrants of series TO6 may be issued, entailing an increase in the share capital of no more than SEK 34,412,755.48582 if all warrants are exercised. Each unit consists of 40 shares and 20 warrants of series TO6. The subscription price per unit amounts to SEK 3.60 which corresponds to a subscription price of SEK 0.09 per share. The warrants are issued without consideration.
Furthermore, the Extraordinary General Meeting resolved, in accordance with the board of directors' proposal, to amend the limits for the share capital and number of shares in the articles of association to enable the registration of the new issue of units.
In connection with the new issue of units, Buntel AB has entered into a guarantee undertaking with the Company. The notice to the Extraordinary General Meeting stated that Buntel AB intendeds to apply for an exemption from the mandatory bid obligation from the Swedish Securities Council (Sw. Aktiemarknadsnämnden) with regards to subscription of units made in accordance with guarantee undertaking. Buntel AB has announced that it no longer intends to apply for an exemption from the mandatory bid obligation.
Reduction of share capital and amendments to the articles of association
The Extraordinary General Meeting resolved, in accordance with the board of directors' proposal, on a reduction of the Company's share capital by SEK 39,000,000 without cancellation of shares. The reduction amount shall be allocated as non-restricted equity and is made in order to reduce the quota value of the shares.
To resolve upon the reduction of the share capital the Extraordinary General Meeting resolved to amend the limits for the share capital in the articles of association. The Extraordinary General Meeting resolved upon three different alternatives for the share capital limits in the articles of association and authorised the board of directors to resolve upon which of the alternatives to execute through registration with the Swedish Companies Registration Office. The board of directors will thus resolve to register the articles of association which are the most appropriate in relation to the Extraordinary General Meeting's resolution regarding the reduction of the share capital and the new issue of units and the subscription rate in such new issue.
Issue authorisation
The Extraordinary General Meeting resolved, in accordance with the board of directors' proposal, to authorise the board of directors to, on one or several occasions until the next Annual General Meeting, with or without deviation from the shareholders' pre-emptive rights, against payment in cash, non-cash consideration or through set-off, resolve on new issues of shares, convertibles and/or warrants.
The reason to authorise the board of directors to have the possibility to resolve on new issues without preferential rights for the shareholders as described above is primarily for the purpose of being able to raise new capital, to increase the Company's flexibility and strengthen the Company's own funds or to be able to carry out acquisitions.
The authorisation corresponds to the authorisation resolved upon by the Annual General Meeting on 28 June 2024. The new authorisation will, after it has been registered with the Swedish Companies Registration Office, replace the previous authorisation from the Annual General Meeting.
For further information, please contact:
Alastair Williamson, CEO Wyld Networks
E-mail: alastair.williamson@wyldnetworks.com
Tel: +44 7 824 997 689
About Wyld Networks AB
Wyld Networks develop and sell innovative wireless technology solutions that enable affordable connectivity anywhere in the World, addressing the problems for businesses and people regarding the lack of global mobile network coverage. The solutions are mainly targeted to wireless connectivity for the Internet of Things (IoT) and people. Wyld Networks Ltd was formed in Cambridge, UK in 2016 and is a wholly owned subsidiary of Wyld Networks AB.
The Wyld Networks share (WYLD) is traded on the Nasdaq First North Growth Market. Certified Adviser is Mangold Fondkommission AB (tel +46 8-5030 1550, email ca@mangold.se).
Read more on www.wyldnetworks.com
