On 31 August 2023, Re:NewCell AB (“Renewcell” or the “Company”) announced that its Chief Executive Officer, Patrik Lundström, through the exercise of warrants of series 2019/2023, had subscribed for 453,050 shares in the Company at a subscription price of SEK 48.43 per share. The same press release stated that Patrik Lundström intended to sell shares to enable payment of the subscribed shares. On 4 October 2023, Patrik Lundström sold 56,000 shares in Renewcell at an average price of approximately SEK 62.41 per share. The sale proceeds have been used to pay for part of the subscribed shares.
The Company hereby announces that payment has been made for a total of 399,928 of the 453,050 shares subscribed for on 31 August 2023, whereby the Company has received proceeds of approximately SEK 19.4 million. 53,122 subscribed shares have not yet been paid and since Renewcell enters a closed period (pursuant to Article 19 of the Market Abuse Regulation) on 8 October 2023, Patrik will not be able to sell additional shares in the Company to finance the payment of the remaining subscribed shares before the end of the payment period. Patrik has therefore notified the Board of Directors that payment will not be made for the remaining shares and the Board of Directors therefore intends to forfeit the unpaid shares.
Following the completion of the above-mentioned transactions, Patrik Lundström holds, privately and through a wholly-owned company, 796,224 shares in the Company as well as 49,895 warrants of series 2021/2024 in the Company. Each warrant of series 2021/2024 entitles to subscription of one share in the Company during the period from and including 8 November 2024 until and including 8 December 2024 at a subscription price of SEK 287.53 per share.
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Founded by innovators from Stockholm’s KTH Royal Institute of Technology in 2012, Renewcell is a multi-award-winning sustaintech company based in Sweden. The company’s vision is to make fashion circular.
Through its patented process, Renewcell is able to recycle cellulosic textile waste, such as worn-out cotton clothes and production scraps, transforming it into a pristine new material called CIRCULOSE®. Fast Company named Renewcell one of the World’s Most Innovative Companies in 2021 and CIRCULOSE® was also included on TIME Magazine’s list of the 100 Best Inventions 2020.
Renewcell is a publicly listed company with shares traded on Nasdaq First North Premier Growth Market with the ticker name RENEW and ISIN code SE0014960431. FNCA Sweden AB is Certified Adviser, +46(0)8-528 00 399, email@example.com.