Tecnotree Corporation has executed a reverse share split
Tecnotree Corporation Stock Exchange Release 19 April 2024 at 22:15 EEST
Tecnotree Corporation (“Tecnotree” or “Company“) has today, 19 April 2024, on the previously announced reverse split date, executed a reverse share split and thereto related directed share issue without consideration, redemption of shares and cancellation of shares. After these measures, the new number of shares in the Company is 15 953 250. The new number of shares has been registered with the Trade Register maintained by the Finnish Patent and Registration Office on 19 April 2024, and trading with the merged shares commences on Monday 22 April 2024 with a new ISIN code FI4000570890. Tecnotree’s trading code TEM1V will remain the same after the reverse share split.
Tecnotree’s Annual General Meeting held on 15 April 2024 resolved on the reverse share split and thereto related redemption of shares to the effect that each twenty (20) shares of the Company will be merged into one (1) share. Concurrently with the execution of the reverse share split, the Board of Directors of the Company has today, 19 April 2024, resolved, based on the authorization granted by the Annual General Meeting, on a directed share issue without consideration in which the Company has issued without consideration a total of 108 794 new shares in the Company to the effect that the number of shares in each shareholder’s book-entry account has been made divisible by 20. The combined market value of the shares issued without consideration is approximately EUR 42 266.47, based on the closing price of 19 April 2024.
After the directed share issue, the Company has redeemed without consideration 19 shares for each 20 shares of the Company, in accordance with the resolution of the Annual General Meeting. The Company’s shares redeemed in connection with the reverse share split have been cancelled immediately by a resolution of the Board of Directors. After the reverse share split, Tecnotree holds 39 942 treasury shares.
The purpose of the reverse share split is to increase the value of an individual share, promote an efficient share price formation, and enable the issuance of dividends.
In connection with the reverse share split, the Board of Directors resolved also to make the same proportional adjustments to the Company’s options, convertible debentures and warrants as described below in more detail.
The Board of Directors resolved to amend the terms of the option plan decided by the Board of Directors on 9 June 2021 so that each 20 options entitles to subscribe for one share. A total maximum number of 1 150 000 new or existing shares can be subscribed on the basis of the options. In addition, it was resolved to increase the subscription price per share under the options 20-fold from the original subscription price to 8 euros per share.
The Board of Directors resolved to amend the terms of the compulsorily convertible debenture decided by the Board of Directors on 22 June 2023 so that each special right issued under the debenture can be converted into 1/20 of the original number of shares i.e. into a number of 8 787 new shares (or into such higher number of shares as calculated based on Clause II.1.4 of the original debenture terms). Consequently, a total maximum number of 3 787 197 new shares can be subscribed on the basis of the special rights (or such higher number of shares as calculated based on Clause II.1.4 of the original debenture terms). In addition, it was resolved to increase the maximum subscription price per share under the special rights 20-fold from the original maximum subscription price to 11.38 euros per share.
The Board of Directors resolved to amend the terms of the warrant plan 2023 decided by the Board of Directors on 22 June 2023 so that each 20 warrants entitles to subscribe for one new share. Consequently, a total maximum number of 2 155 000 new shares can be subscribed on the basis of the warrants. In addition, it was resolved to increase the subscription price per share under the warrants 20-fold from the original subscription price to 18 euros per share.
Further information
Indiresh Vivekananda. CFO. tel. +971 56 410 8357
Attachments
Tecnotree is a 5G-ready digital Business Support System (BSS) player, with AI/ML capabilities and multi-cloud extensibility. Tecnotree is as No.1 on the TM Forum Open API Conformance table with 59 Open APIs, and this is a result of our pursuit towards delivering excellence and consistently providing differentiated experiences and services to the CSPs and DSPs. Our agile and open-source Digital BSS Stack comprises the full range (order-to-cash) of business processes and subscription management for telecom and other digital services industries creating opportunities beyond connectivity. Tecnotree also provides Fintech and B2B2X multi-experience digital marketplace to its subscriber base through the Tecnotree Moments platform to empower digitally connected communities across gaming, health, education, OTT, and other vertical ecosystems. Tecnotree is listed on Helsinki Nasdaq (TEM1V).
For more information, please visit www.tecnotree.com or social media channels – LinkedIn I Facebook I Twitter
