Clavister Secures Further Funding and Targets Listing on NASDAQ OMX Stockholm in 2016

STOCKHOLM, SWEDEN. 2015-08-25, by Nikolas Georgii

Clavister (Nasdaq: CLAV), a leader in high-performance network security, has conducted a direct share issue of 30million SEK (c. $3.6MUSD) at an issue price of 35SEK (c. $4.2 USD) per share, with a dilution effect of 5.2%, for the benefit of external investors.

Investors are grouped around the Niclas Eriksson, Hamberg and Klint famalies, each with a committed lock-in of six months. In addition, the existing facility agreement with Harbert includes conditions for a second tranche of 2MEUR in accordance with previous announcements.

The share price amounts to 35SEK (c. $4.2 USD) per share, at a discount of 6% compared with closing price of the previous trading day. Through the share issue, the number of shares will increase by 857,143, corresponding to a dilution of 5.2%. The number of shares amounted to 16,426,013 before issue and 17,283,156 after issue.

Clavister’s Board of Directors have, on the basis of the current commercial conditions and the funding assured, resolved to apply for listing on the NASDAQ OMX Stockholm in 2016. The share issue is part of a funding round supporting the implementation of an accelerated growth strategy based on the enhanced business opportunities that recent strategic agreements represent for the company.

Clavister has registered 72,500 shares for the exercise of warrants through three stock option programs due in 2015. In addition, 35,000 warrants have been signed for further redemption of shares. The three stock option programs, expiring in 2015, hold a strike price lower than the current share price and will, if fully subscribed, and including already exercised warrants, amount to about 36MSEK (c. $4.3MUSD) in redemption.

The funding will be used to secure existing commitments, but also for  commercial interests where complementary solutions within the fast growing areas of telecommunications and where customization to new markets within Enterprise are predicted to expand Clavister's addressable market significantly. Synergies are expected to arise for Clavister’s technology in general, as well as for partners and end-customers. However, in 2015 revenue growth from these areas is expected to be modest, followed by a gradual increase in earnings throughout 2016.

Jim Carlsson, CEO at Clavister, said: "We have worked with Clavister 'go-to-market’ strategy for some time now and this year we moved our positions forward in attractive areas with substantial growth. With significantly larger addressable markets comes the bringing forward of planned investments and in some cases also enhanced investment. With the resources now secured we have sufficient muscle to handle these expanded opportunities, and we also stand strong financially in relation to our partners and customers.”


About Clavister

Clavister is a leading supplier of security for fixed, mobile and virtual network environments. Clavister is offering small and medium enterprises, telecom operators and suppliers of "Cloud" solutions market-leading security solutions for facing today's security threats. The Clavister Holding AB share is listed on NASDAQ First North under the name of Clav and has approximately 5,400 shareholders. Remium Nordic AB is the company’s Certified Advisor.