Anoto Group AB evaluates USD 3 million investment in its education subsidiary Knowledge AI Inc. and the possibility to carry out a directed share issue in Anoto Group AB
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Stockholm, November 1, 2019 – Anoto Group AB (publ) (“Anoto” or the “Company”) has been working with Venture Capitalists and international investors to fund the growth of Knowledge AI Inc., a wholly owned subsidiary of Anoto AB. We are at this point in discussion with several investors including Solt Works Co Ltd, an ICT company listed on Kosdaq. Solt Works has indicated interest to invest USD 3 million dollars, subject to completion of satisfactory due diligence, at a pre-money valuation of USD 15 million for a 15.4% stake in Knowledge AI Inc.
“I am glad that we are discussing USD 15 million pre-money valuation for Knowledge AI which is more than the entire market capitalization of Anoto. I believe it is a testimonial to the potential of our product,” said Joonhee Won, CEO of Anoto.
Anoto is also evaluating the possibility to carry out a directed share issue of 12 million ordinary shares paid in cash, based on the authorization granted to the board of directors at the annual general meeting held on May 17, 2019.
The reasons for the deviation from the shareholders’ pre-emption rights are to carry out capital raising in a timely and cost-efficient manner and diversify the shareholder base with institutional investors.
The Company intends to use the proceeds for sales and marketing expenses, and build-up of existing pen inventory in preparation for expected increase in demand in Livescribe.
For further information, please contact:
Joonhee Won, CEO
For more information about Anoto, please visit www.anoto.com or email ir@anoto.com
Anoto Group AB (publ), Reg.No. 556532-3929, Flaggan 1165, SE-116 74 Stockholm
This information is information that Anoto Group AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out above, on 1 November 2019, at 15:30 CET.
About Anoto Group
Anoto is a publicly held Swedish technology company known globally for innovation in the area of information-rich patterns and the optical recognition of those patterns. It is a leader in digital writing and drawing solutions, having historically used its proprietary technology to develop smartpens and the related software. These smartpens enrich the daily lives of millions of people around the world. Now Anoto is a cloud based software solution provider based on its patented dot pattern technology which provides a methodology for accumulating digital big data from analogue inputs. Anoto Cloud includes Anoto’s four solutions: KAIT – the world’s first AI solution for offline education; ACE – Anoto’s new and improved enterprise forms solutions; aDNA – Anoto’s secure interactive marketing solution; and Dr. Watson – Anoto’s biometric authentication and security solution. Anoto is traded on the Small Cap list of Nasdaq Stockholm under ANOT.
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This press release does not constitute or form part of an offer or solicitation to purchase or subscribe for securities in the United States. The securities referred to herein may not be sold in the United States absent registration or an exemption from registration under the US Securities Act of 1933, as amended (the “Securities Act”), and may not be offered or sold within the United States absent registration or an applicable exemption from, or in a transaction not subject to, the registration requirements of the Securities Act. There is no intention to register any securities referred to herein in the United States or to make a public offering of the securities in the United States. The information in this press release may not be announced, published, copied or distributed, directly or indirectly, in whole or in part, within or into the United States, Canada, Japan, South Africa or Australia or in any other jurisdiction where the announcement, publication or distribution of the information would not comply with applicable laws and regulations or would require prospectuses, registration or any other measures than those required by Swedish law. Actions taken in violation of this instruction may constitute a crime against applicable securities laws and regulations.
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