Anoto takes up a bridge loan in the amount of SEK 20 million to meet considerable increasing demand from customers
Anoto Group AB (“Anoto” or the “Company”) today announces that it has secured a loan of 20 million SEK from Swedish investors. The loan is an unsecured debt financing with an interest of 1% per month on the principle plus an arrangement fee of 3%. The term is nine months. The investors have the right to convert the loan into shares after five months at market price (no discount). The proceed will be used to build pens in order to meet the increased pen demand for delivery to customers in Q3 and Q4. At this point Anoto has depleted all inventory. In addition, global shortage of semiconductors created longer lead time on components and Anoto will be procuring components in advance in order to start building pen inventory.
“We are pleased to secure the funding from reputable investors in the Swedish market and to secure a non-dilutive financing at this time under fair terms. This funding will help the Company meet the increased demand from customers,” says Perry Ha, CEO of Anoto Group.
For further information, please contact:
Perry Ha, CEO, Anoto Group AB
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 August 10, 2021 at 08:30 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 related software. These smartpens enrich the daily lives of millions of people around the world. Anoto currently has three main business lines: Livescribe retail, Enterprise Forms and OEM. Anoto also owns Knowledge AI, a leading AI based education solution company, as its majority-controlled subsidiary. Anoto is traded on the Small Cap list of Nasdaq Stockholm under ANOT.