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Bulletin from the Extraordinary General Meeting in Acconeer AB

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Acconeer AB (the "Company") has today, 1 March 2024, held an Extraordinary General Meeting (the "EGM"). The EGM resolved approve the Board of Directors' proposal to amend the Articles of Association and to resolve on an issue authorization for the Board of Directors. Notice of the Extraordinary General Meeting and complete proposals are available on the Company's website, www.acconeer.com.

Amendment of the Articles of Association

The EGM resolved in accordance with the Board of Directors' two proposals to amend §§ 4-5 of the Articles of Association, entailing:

  • that the Articles of Association shall be amended so that the share capital shall be not less than SEK 1,250,000 and not more than SEK 5,000,000 and that the number of shares shall be not less than 25,000,000 and not more than 100,000,000, and
  • that the Articles of Association shall be amended so that the share capital shall be not less than SEK 5,000,000 and not more than SEK 20,000,000 and that the number of shares shall be not less than 100,000,000 and not more than 400,000,000.

The EGM further resolved to authorize the Board of Directors to register with the Swedish Companies Registration Office the above resolution to amend the Articles of Association, the limits of which for the minimum and maximum number of shares in the Company are consistent with the total number of shares in the Company after the Board of Directors has resolved on a new issue of shares based on the issue authorization as set out below.

Issue authorization

The EGM resolved, in accordance with the Board of Directors' proposal, to authorize the Board of Directors to, on one or more occasions during the period until the next Annual General Meeting, resolve to issue new shares, warrants and/or convertibles, with preferential rights for the Company's shareholders. The Company's share capital and the number of shares may, by virtue of the authorization, be increased with an amount and number that falls within the limits of the, at any time registered, or by the EGM adopted, Articles of Association. In accordance with what has been previously communicated, the Board of Directors intends to resolve on a rights issue of shares of approximately SEK 150 million based on the issue authorization around 5 March 2024.

Acconeer has delivered more than two million radar sensors

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As of today, Acconeer has shipped more than two million of its A1Pulsed Coherent Radar sensors, accumulated since the company started selling Evaluation Kits (EVKs) in February 2018.

Lars Lindell, CEO Acconeer, comments: "Today we are happy to have passed the milestone of two million sensors shipped since we started selling it online. Since the start, we have seen a steady increase of the pace at which we pass these milestones, and now we are looking to increase the rate we sell at even further to reach new important sales achievements."

From sales start to one million sensors sold took us more than four years, and now in only 18 more months we have sold our second million. We expect the pace to pick up even more and believe we will reach three million in a much shorter time. Since 2021, Acconeer reports accumulated sales in financial reports, by the end of 2023 the company had sold in total just over 1,9 million radar sensors.

Acconeer receives largest order yet from NEXTY Electronics worth 1,8 million USD

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The order relates to Acconeer's pulsed coherent radar sensor A1 for mass production and is the largest order Acconeer has received so far. The sensors ordered will be delivered to NEXTY Electronics (“NEXTY”) during 2024. A pre-payment of the full value will be made no later than April 2024. NEXTY is a leading Japanese distributor with a particularly strong position in the automotive industry.

CEO Lars Lindell comments: “To receive our by far largest order yet and pre-payment covering NEXTY’s needs for the full year 2024 confirms what we previously have stated that the automotive ramp-up starts this year, which is of course something we are very excited about.”

In addition to publicly announced orders, Acconeer continuously receives orders of smaller amounts which are not publicly announced as they are not considered to affect the share price.

In January 2024 Acconeer announced the intention to carry out a fully guaranteed rights issue and stated that the company is expected to be able to finance its business plan with existing cash until the middle of May 2024. With this payment from NEXTY, this period is extended, and the company now expects to have sufficient cash to operate until the middle of August 2024.

NOTICE TO EXTRAORDINARY GENERAL MEETING IN ACCONEER AB (PUBL)

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The shareholders of Acconeer AB (publ), org. no. 556872–7654 (the "Company"), are hereby invited to the extraordinary general meeting to be held on 1 March 2024 at 09:00 CET at the Company's office at Västra Varvsgatan 19, in Malmö. Registration for the meeting commences at 08:30 CET.

Right to participate and registration
A shareholder who wishes to participate in the extraordinary general meeting must:

(i) be entered in the register of shareholders maintained by Euroclear Sweden AB on 22 February 2024; and
(ii) notify the Company of its attendance no later than 26 February 2024 to Acconeer AB (publ), "EGM", Västra Varvsgatan 19, 211 77 Malmö, Sweden, or via e-mail to info@acconeer.com. The notification shall state full name, personal registration number or company registration number, address and telephone number, number of shares held and proxies if applicable.

Nominee registered shares
Shareholders whose shares are held in the name of a nominee must, in order to be able to participate at the extraordinary general meeting and exercise their voting right, temporarily re-register the shares in their own name in the share register maintained by Euroclear Sweden AB (so-called voting right registration). When preparing the share register for the extraordinary general meeting per the record date, 22 February 2024, voting right registrations completed by the nominee no later than 26 February 2024 will be considered. This means that shareholders must request the nominee to complete such voting right registration well in advance of 26 February 2024.

Proxies
Shareholders represented by proxy shall issue a written and dated power of attorney. If the proxy is issued by a legal person, a certified copy of the registration certificate or similar papers of authorisation must be appended. The proxy, in its original form, as well as any registration certificates, should be submitted well in advance of the meeting to Acconeer AB (publ), "EGM", Västra Varvsgatan 19, 211 77 Malmö, Sweden. The power of attorney must not be older than one year unless a longer validity term is specifically stated in the power of attorney (however no longer than five years). Proxy forms are available on the Company's website, www.acconeer.com.

Proposed agenda

  1. Opening of the meeting
  2. Election of chairman of the meeting
  3. Preparation and approval of the voting list
  4. Election of one or two persons who shall approve the minutes of the meeting
  5. Determination of whether the meeting has been duly convened
  6. Approval of the agenda
  7. Resolution to amend the articles of association
  8. Resolution regarding issue authorisation
  9. Closing of the meeting

RESOLUTION PROPOSALS

Item 7 – Resolution to amend the articles of association
The board of directors proposes that the extraordinary general meeting resolves to amend the articles of association in accordance with items 7(a) and 7(b) below.

Resolutions according to items 7(a)-7(b) below are conditional upon that, and shall be submitted for registration with the Swedish Companies Registration Office after, the Company has resolved on a new issue of shares on the basis of and subject to the extraordinary general meeting's approval of the proposal regarding issue authorisation in accordance with item 8 below. Further, the board of directors proposes that the board of directors is authorised to submit for registration with the Swedish Companies Registration Office, the articles of association in accordance with item 7(a) or item 7(b) which limits for the minimum and maximum number of shares and share capital in the Company are compatible with the total number of shares and share capital in the Company after the board of directors has resolved on such a new issue. In the event that the total number of shares and share capital in the Company after the board of directors has resolved on such new issue is compatible with the amendments to the articles of association under both item 7(a) and item 7(b) below, the articles of associations that sets out the lowest number of shares and share capital in the Company shall be submitted for registration.

Item 7(a)
The board of directors proposes that the extraordinary general meeting resolves on the following amendments to Sections 4-5 of the articles of association.

Current wording Section 4:
The share capital shall not be less than SEK 500,000 and not more than SEK 2,000,000.

Proposed wording Section 4:
The share capital shall not be less than SEK 1,250,000 and not more than SEK 5,000,000.

Current wording Section 5:
The number of shares shall not be less than 10,000,000 and not more than 40,000,000.

Proposed wording Section 5:
The number of shares shall not be less than 25,000,000 and not more than 100,000,000.

Item 7(b)
The board of directors proposes that the extraordinary general meeting resolves on the following amendments to Sections 4-5 of the articles of association.

Current wording Section 4:
The share capital shall not be less than SEK 500,000 and not more than SEK 2,000,000.

Proposed wording Section 4:
The share capital shall not be less than SEK 5,000,000 and not more than SEK 20,000,000.

Current wording Section 5:
The number of shares shall not be less than 10,000,000 and not more than 40,000,000.

Proposed wording Section 5:
The number of shares shall not be less than 100,000,000 and not more than 400,000,000.

A resolution in accordance with items 7(a)-(b) above shall only be valid where supported by not less than two-thirds of both votes cast and the shares represented at the extraordinary general meeting.

Item 8 – Resolution regarding issue authorisation
The board of directors proposes that the extraordinary general meeting authorises the board of directors to, on one or more occasions, during the period until the next annual general meeting, resolve on issues of new shares, warrants and/or convertibles, with preferential rights for the Company's existing shareholders. The Company's share capital and number of shares may, by virtue of the authorisation, be increased with an amount and number that falls within the limits of the, at any time registered, or by the extraordinary general meeting adopted, articles of association.

New issues may be made against cash payment, in kind and/or through set-off, or otherwise be subject to conditions. The board of directors shall be entitled to determine the other terms and conditions for issues under this authorisation and who shall be entitled to subscribe for issued securities.

The board of directors also proposes that the board of directors, or the person appointed by the board of directors, shall be entitled to make the minor changes to the resolution of the extraordinary general meeting that may be required in connection with registration with the Swedish Companies Registration Office or for other administrative reasons.

Documentation
The board of directors' complete proposals (complete in this notice) and associated documents will be available at the Company’s office and on the Company’s website, www.acconeer.com, no later than two weeks prior to the extraordinary general meeting and will be sent to shareholders who so request and provide their postal address.

Shareholders’ right to request information
Shareholders are reminded of their right to request information from the board of directors and CEO in accordance with Chapter 7 Section 32 of the Swedish Companies Act.

Use of personal data
For information regarding the processing of your personal data, please see the integrity policy that is available at Euroclear Sweden AB’s website: www.euroclear.com/dam/ESw/Legal/Privacy-notice-bolagsstammor-engelska.pdf.

Acconeer AB (publ) has org. no. 556872–7654 and its registered office in Malmö.

N.B. This notice has been prepared in both Swedish and English language versions. In the event of any deviations between the versions, the Swedish version shall prevail.

_________________

Malmö in January 2024
Acconeer AB (publ)
The board of directors

For further information, contact:
Lars Lindell, CEO Acconeer, Phone: +46 10218 92 00, E-mail: ir@acconeer.com

The information was submitted, through the agency of the contact person above, for publication at 20:30 CET on 29 January 2024.

About Acconeer AB (publ)
With ground-breaking technology, Acconeer has developed a radar sensor that opens a new world of interaction. Acconeer Micro Radar Sensor, with low power consumption, high precision, small size and high robustness, is a 60GHz robust and cost-effective sensor for detection, distance measurement, motion detection and camera-supported applications with low power consumption. Acconeer combines the advantage of low power consumption with highly accurate pulsed radar systems of coherent radar, all integrated into a component with a surface area of only 28 mm2. The radar sensor can be included in a range of mobile consumer products, from smartphones to wearables, but also in areas such as robots, drones, the Internet of Things, healthcare, automotive, industrial robots and security and monitoring systems. Acconeer is a semiconductor company and, as a business model, sells hardware to manufacturers of consumer electronics products. Acconeer is listed on Nasdaq First North Growth Market with the ticker code ACCON, Redeye is the company's Certified Advisor (CA). For more information: www.acconeer.com.

Acconeer announces automotive design win to an estimated value of USD 5 million

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Acconeer’s A121 Pulsed Coherent Radar sensor has been designed into a first car model from a leading Japanese automotive manufacturer. The design win is for the use case access control, which allows touchless opening of the trunk of a car. The total forecasted value of the design win is more than USD 5 million over a seven-year period starting in 2025. By "design win" Acconeer refers to that the company's radar sensor has been selected for use in a customer product, but it is not equivalent to that an order has been placed.

CEO Lars Lindell comments: “We are happy to see yet another automotive design win, this time with a new manufacturer and the first one in Asia. This means that we now have launches or design wins with four of the leading automotive corporations in the world, which puts us in a very good position on a market that we expect to grow at a high pace over the coming years.”

In total, Acconeer has now seen four launched car models and fourteen design wins in the automotive industry. The total forecasted value of all announced design wins is USD 40 million in the period 2024-2031. A design win is counted when a formal nomination is received, or when forecasted sales can be done with high reliability.

Acconeer’s latest radar sensor achieves a power consumption less than 80 µW for human presence detection

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The latest generation of Acconeer’s radar sensors has the world’s lowest power consumption – less than 80 µW – when used for human presence detection. These sensors are integrated in several car models to detect occupancy on each seat in the passenger compartment, and are accurate enough to even safely register a sleeping baby in a child seat.

While Acconeer’s market leading radar sensors can easily fit on the tip of a finger, they are still able to detect distance, speed and motion of multiple objects up to 20 meters away. The sensors are today deployed in a diverse selection of industries around the world, ranging from automotive and industrial installations to consumer products and IoT solutions. Many of the end products are powered by battery and have high restrictions on power consumption. When configured smartly, these sensor solutions can reach a battery lifetime of up to 10 years. 
 
The Acconeer team will be showing the products and a broad mix of live demos at the Consumer Electronics Show in Las Vegas, January 9-12. For more information and to book a meeting at the CES tradeshow, please contact Magnus Gerward at us@acconeer.com.

Acconeer receives order from Nexty worth USD 190k

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The order relates to Acconeer's pulsed coherent radar sensor A1 for mass production. NEXTY Electronics is a leading Japanese distributor with a particularly strong position in the automotive industry.

CEO Lars Lindell comments: "Nexty is our distributor for the car industry and this volume order, following the one announced in October, confirms that the automotive production ramp-up is now happening. We are of course very happy about this and expect to see even higher volumes shipped to the automotive industry going forward.”

In addition to publicly announced orders, Acconeer continuously receives orders of smaller amounts which are not publicly announced as they are not considered to affect the share price.

Acconeer announces five new automotive design wins to an estimated value of USD four million

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Acconeer’s A121 Pulsed Coherent Radar sensor has been designed in to an additional five new car models from one of the world's leading multinational automotive manufacturing corporations. The design wins are for the use case access control, which allows touchless opening of the trunk of a car. The total forecasted value of the design wins is USD four million over a seven year period starting in 2025. By "design win" Acconeer refers to that the company's radar sensor has been selected for use in a customer product, but it is not equivalent to that an order has been placed.

CEO Lars Lindell comments: “We are excited to announce new automotive design wins on several platforms, with one of the top five automotive manufacturing corporations in the world. These design wins follow a previously communicated design win with the same manufacturer, and we take them as proof of the quality of our product which is now used in several new models and on new platforms. This is something we expect to see happening with several big players in the automotive industry over the coming years.”

In total, Acconeer has now seen four launched car models and thirteen design wins in the automotive industry. The total forecasted value of all announced design wins is USD 35 million in the period 2024-2031. A design win is counted when a formal nomination is received, or when forecasted sales can be done with high reliability.

Acconeer’s A121-based XM126 IoT Module now available

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The XM126 IoT Module based on Acconeer’s latest Pulsed Coherent Radar sensor A121 is now available to buy for customers globally. With a battery life of up to ten years depending on use case and settings, this new module is the perfect choice for customers looking to create connected, battery-powered products. It is compatible with the XA122 Battery Board and the waterproof CA122 IoT Casing for easy integration and short time to market.

Mikael Rosenhed, Head of Product Management, comments: “Based on customer demand and continuous dialogue with our partners, we’re expanding our product portfolio with the XM126 radar module. It combines the high performance of the A121 radar sensor with connectivity and is one of our most power efficient modules so far.”

The XM126 IoT Module is the second module featuring the new A121 pulsed coherent radar sensor, and will be a low power connected radar module in an optimized circular form factor with a diameter of 33 mm. This IoT module integrates the A121 sensor with the Nordic nRF52840 System on Chip (SoC) with a 32-bit 64 MHz Arm® Cortex®-M4 CPU. It comes with pre-certified Bluetooth connectivity (BLE) and is prepared for several options for wireless connectivity.

Acconeer released the first radar module in December 2018, allowing customers to develop and launch products with industry leading accuracy and power consumption. Since then, the Acconeer product portfolio has expanded into a selection of sensors, modules and EVKs, with performance levels and feature sets matching a wide range of application areas.

Large Japanese electronics company launches module based on Acconeer’s A1 radar sensor

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The new module is a connected, battery-powered device targeting smart presence, distance and level measurements, as well as other radar-based IoT use cases. The module, which is now available to order, can for example be integrated into spaces such as bathrooms or meeting rooms to detect people presence, or put in tanks for measuring liquid levels. Acconeer estimates the value of the launch to USD 200k annually. Sales to this customer are reflected in sales to Acconeer’s distributors.

The company behind this module is a top player in the Japanese electronics market, with a long history of providing components and modules globally. By combining Acconeer’s high-precision, ultra-low power radar sensor with their expertise in module development, a unique offering is created for customers in Japan and worldwide.

Lars Lindell, CEO Acconeer, comments: “We continuously strive to find new ways to reach customers and are pleased to see this launch of a radar module based on our sensor. This opens up for new, innovative IoT products based on the A1 radar sensor.”