Sivers Semiconductors announces an expanded loan facility of SEK 50 million
KISTA, Sweden, March 11, 2024 /PRNewswire/ -- Sivers Semiconductors AB (STO: SIVE), (the "Company"), a leading supplier of integrated chips and modules for the most advanced communications and sensor solutions, has, according to previous communication in connection with the 2023 fourth-quarter report, agreed to entered into a loan agreement with Formue Nord and partners extending the previous SEK 75 million facility. The new SEK 50 million loan facility includes a SEK 35 million convertible loan at a fixed conversion rate of 4.86 SEK, corresponding to 125% of the closing price for the Company's ordinary shares on Nasdaq Stockholm on 8 March 2023. The Company anticipates this financing, and its own cash flow will fully address funding for at least 2024, without the need for any further capital contributions from shareholders.
- The new SEK 50 million loan facility includes a SEK 35 million convertible loan at a fixed conversion rate of 4.86 SEK, corresponding to 125% of the closing price for the Company's ordinary shares on Nasdaq Stockholm on 8 March 2023.
- "With this new loan facility, we have now secured our funding base, providing us with the resources needed to meet market demands.
- The directed convertible issue is a prerequisite for obtaining the SEK loan facility.
- With innovation at our core, Sivers Semiconductors is committed to delivering bespoke, high-performance solutions for a better-connected and safer world.