The company has strengthened the balance sheet significantly with a net cash position above NOK 200 million. The board of directors expects the company to be fully funded to develop and commercialize both the Badger Explorer and the electrical-based PCD technology.
Following completion of the offering, the company will have 18,439,040 shares outstanding at par value NOK 0.125. Market capitalization will be NOK 590 million based on transaction price.
The managers, together with the board, also decided to fully utilize the over-allotment facility "green shoe" of 500,000 shares. As a result of this green-shoe, there will be a stabilization period going forward that may last up to 30 days.
The current shareholders chose not to sell any shares in the transaction and have also undertaken not to sell any shares without approval from the managers in the coming 9 months lock-up period.
The proceeds will be used to accelerate market introduction through the building of additional prototypes, intensify the test program and acquire or build assembly capacity.
Rolf E. Ahlqvist, Chairman of the Board, commented:
"The board is very satisfied with the IPO and especially the interest for the company among larger, international investors. Based on the positive results obtained so far in the current ongoing systems function tests, the board is highly optimistic with regard to the final development of the Badger Explorer technology. In addition, the company is now also in a position to fully commercialize the Plasma Channel Drilling technology. This promising electrical drilling method may be used for scale removal from oil pipes."
Badger Explorer ASA shares will be listed on Oslo Axess and first day of trading will be on 12. June. Carnegie ASA and SEB Enskilda ASA acted as joint lead managers for the IPO.
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