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Acconeer and Sandvik receive research grant of SEK 3.5 million for material classification

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Sweden's innovation agency Vinnova has decided to award Acconeer and Sandvik a grant totaling SEK 3.5 million, of which Acconeer's share is SEK 2.5 million, for research into automated material classification with radar. The project will begin in Q3 2024 and is planned to be completed in the second half of 2026.

In this project Sandvik and Acconeer will combine their strengths to develop a material classification system for rock crushing conveyor belt applications. The system will provide information on different types of materials and particle size distributions and identify deviations towards the requirements on the produced material.

CEO Lars Lindell comments: "Material classification is something we have been looking into for many years, and with this grant we get the opportunity to take our research one step further. The fact that we also get the chance to do it together with a large global player like Sandvik gives us the possibility to test our application in an advanced industrial environment."

From Vinnova's justification: "A well-written application with actors at the forefront. The automated material classification described is considered to have high potential with several different areas of application in addition to the rock crusher that is in focus. The project plan is assessed as realistic with a good division between the actors."

Interim report Q1 2024

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In the first quarter 2024, Acconeer's net sales amounted to kSEK 11,298. Close to 13,000 modules and more than 170,000 sensors were sold. In total, Acconeer has sold 2,077,031 radar sensors and 183,916 modules since launch. In the quarter 436 evaluation kits were sold, and an accumulated 7,777 EVKs have been sold since launch. The gross margin in Q1 was 56% and 8 new customer products were launched.

CEO Lars Lindell comments: "We had a good quarter with increased sales both compared to Q4 and Q1 2023. In addition, we continue to see good progress in the automotive industry, where we were able to report on both launched car models and new design wins. It is especially gratifying that we received our first design win for our upcoming radar sensor, A2.”

FIRST QUARTER

  • Net sales for the first quarter amounted to kSEK 11,298 (10,131).
  • The gross margin on sales of goods was 56 (60) %.
  • Result after taxes amounted to kSEK-12,241 (-12,127).
  • Earnings per share before and after dilution was SEK -0.45 (-0.46).
  • The cash flow from operating activities was kSEK -12,218 (-9,732).

SIGNIFICANT EVENTS DURING THE FIRST QUARTER

  • Acconeer announced automotive design win to an estimated value of USD 5 million.
  • The Board of Acconeer decided to carry out a fully guaranteed rights issue of approximately SEK 150 million, financial targets and preliminary financial information for FY 2023 was announced.
  • Acconeer received largest order yet from NEXTY Electronics worth 1,8 million USD.

SIGNIFICANT EVENTS AFTER THE END OF THE PERIOD

  • Acconeer received order from BEYD worth USD 180,000.
  • Acconeer received order from European IoT provider worth USD 100,000.
  • Acconeer announced automotive design win with an estimated value of USD 30 million, for the first time including next generation radar sensor A2.

The report is attached to this press release and available through Acconeer's website: https://www.acconeer.com/investor_page/home/financial-reports/.

Acconeer announces automotive design win with an estimated value of USD 30 million, for the first time including next generation radar sensor – A2

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For the first time, Acconeer’s upcoming next generation A2 Pulsed Coherent Radar sensor has been selected for in-cabin monitoring in a car. In addition, Acconeer’s A1 radar sensor has been selected for the use case access control – which allows touchless opening of the trunk of a car – in the same car model, by a European premium car manufacturer. The total estimated value of the design win is around USD 30 million over a seven-year period starting in 2026. 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.

For in-cabin monitoring three interior detection use cases are implemented; child presence detection, seatbelt reminder and theft alarm.

CEO Lars Lindell comments: “To have our coming A2 sensor selected for use in cars already, based on the good performance of our prototype, is a huge milestone for us as a company as well as it being the largest design win in the company’s history. In addition, we have previously won several design wins with the same manufacturer, and to get this design win on a new car platform is a strong proof of that they are happy with the performance of our products and with our collaboration.”

In total, Acconeer has now seen four launched car models and 15 design wins with five different manufacturers in the automotive industry. The total forecasted value of all announced design wins is USD 70 million in the period 2024-2032. A design win is counted when a formal nomination is received, or when forecasted sales can be done with high reliability.

Acconeer receives order from European IoT provider worth USD100,000

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The order relates to Acconeer’s Pulsed Coherent Radar sensors A121 and A111 for mass production. The customer is a leading IoT solutions provider serving its customers highly accurate end-to-end remote tank monitoring solutions.

CEO Lars Lindell comments: “This customer has created a highly accurate, battery powered remote tank level monitoring solution. We are excited to see their volume production ramp up and look forward to following their progress in the large global tank monitoring market.”

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 receives order from BEYD worth USD180,000

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The order relates to Acconeer’s A111 and A121 Pulsed Coherent Radar sensor for customers’ mass production. BEYD is Acconeer's Chinese distributor and remains an important sales channel for the company.

CEO Lars Lindell comments: “We are happy to receive a large order from BEYD showing that the interest and demand for our products in China is still high.”

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.

The Board of Directors of Acconeer has resolved to carry out a fully guaranteed rights issue of up to approximately SEK 149 million

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On 29 January 2024, Acconeer AB (“Acconeer” or the “Company”) announced its intention to carry out a fully guaranteed rights issue with preferential rights for existing shareholders (the “Rights Issue”). The Board of Directors of Acconeer has today, based on authorization granted by the Extraordinary General Meeting held on 1 March 2024, resolved on the terms that shall apply to the Rights Issue. The entire Rights Issue is since earlier covered through a combination of subscription undertakings and guarantee commitments. In addition, BGA Invest AB, the Company's largest shareholder, has on 4 March 2024 entered into a subscription undertaking of SEK 10 million. The subscription price in the Rights Issue amounts to SEK 4.20 per share. Through the Rights Issue, the Company is expected to receive approximately SEK 149 million before deductions for transaction costs.

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES, AUSTRALIA, HONG KONG, JAPAN, CANADA, NEW ZEALAND OR ANY OTHER JURISDICTION WHERE SUCH RELEASE, PUBLICATION OR DISTRIBUTION WOULD BE UNLAWFUL OR WOULD REQUIRE REGISTRATION OR ANY OTHER MEASURES. PLEASE REFER TO SECTION “IMPORTANT INFORMATION” BELOW.

Summary

  • Existing shareholders in the Company receive one (1) subscription right for each share held on the record date. Three (3) subscription rights entitle the subscription of four (4) new shares in the Rights Issue.
  • The subscription price in the Rights Issue is SEK 4.20 per share, which corresponds to a discount of approximately 27.7 per cent compared to the theoretical price after the separation of subscription rights, based on the closing price for the Acconeer share on 4 March 2024 on Nasdaq First North Growth Market.
  • Through the Rights Issue, the Company will receive approximately SEK 149 million before deductions for transaction costs.
  • The net proceeds are intended to be used for the following purposes:
    • repayment of debt, including accrued interest, to Buntel AB and Exelity AB (about SEK 32 million) and the Swedish Tax Agency (about SEK 15 million);
    • research and development, in particular the completion of A2, Acconeer’s next generation radar sensor; and
    • general corporate purposes, aimed at, but not limited to, accelerating sales.
  • The record date for participating in the Rights Issue is 12 March 2024.
  • The subscription period in the Rights Issue takes place from and including 14 March 2024, up to and including 28 March 2024.
  • For existing shareholders who refrain from participating in the Rights Issue, the dilution amounts to approximately 57.1 per cent of the number of shares and votes in the Company after the Rights Issue.
  • The Rights Issue is fully covered by a combination of subscription undertakings, including from the largest shareholder BGA Invest AB, the Chairman of the Board Thomas Rex and the Company's CEO Lars Lindell, and guarantee commitments.

Background and reasons

Acconeer’s radar sensor combines the best aspects of radar technologies through its low power consumption of pulsed radar systems and the high precision of coherent radar. This opens new opportunities for many applications with a diverse range of use cases – all in a component measuring five by five by 0.8 millimeters. Acconeer launched its first product in 2018 and has since sold more than two million radar sensors. The Company is currently in the process of expanding its product portfolio, collaborating with its strategic partner Alps Alpine to develop the next generation of pulsed coherent radar sensors, called A2.

Acconeer’s market is expected to continue growing rapidly, driven by major industry trends related to digitalization, such as 5G, artificial intelligence, and the Internet of Things. Currently, sensors based on ultrasound, infrared light, or camera technology are predominantly used. Acconeer doesn't need to create a new market but can replace existing solutions, each of which has its weaknesses.

Acconeer’s assessment is that its radar is the first radar with the size, power consumption, precision and price to enable the use of radar in e.g., consumer electronics. The applications for a radar sensor with these characteristics are numerous also in other areas such as smart cities, Internet of Things, industry, agriculture and automotive.

Intensive development of new applications is ongoing in all these areas, requiring more advanced sensors for gesture control, presence detection, level measurement and material recognition. In 2021, Acconeer signed a development agreement with Alps Alpine to develop the next generation of pulsed coherent radar sensors. This type of sensor will, among other things, be able to measure the angle of an object, enabling a wide range of use cases.

Acconeer is now prepared for the next phase of its development, consisting of a forward-leaning strategy to accelerate commercializing its first-generation product and advancing its technology for next-generation radar sensors. With this intensified development and commercialization strategy, the company aims to take significant steps towards realizing the potential of its technology in radar sensors.

To support Acconeer’s aforementioned strategy, the Company has resolved to carry out the Rights Issue and will receive a total of approximately SEK 149 million before transaction costs. The company has, through written agreements, obtained subscription and guarantee commitments equivalent to the entire Rights Issue.

Use of proceeds

The net proceeds from the Rights Issue are expected to be sufficient to fund the Company's business plan until the Company achieves positive cash flow, which is anticipated to occur during 2026. The net proceeds are intended to be used for the following purposes:

  • repayment of debt, including accrued interest, to Buntel AB and Exelity AB (about SEK 32 million) and the Swedish Tax Agency (about SEK 15 million)[1];
  • R&D, in particular the completion of A2, Acconeer’s next generation radar sensor; and
  • general corporate purposes, aimed at, but not limited to, accelerating sales.

The Rights Issue

The Board of Directors of the Company has today, based on the authorization granted by the Extraordinary General Meeting held on 1 March 2024, resolved to carry out a fully guaranteed rights issue of a maximum of 35,517,044 shares, with preferential rights for the Company’s existing shareholders in relation to the number of shares they own on the record date of 12 March 2024.

Existing shareholders receive one (1) subscription right for each share held on the record date. Three (3) subscription rights shall give the right to subscribe to four (4) new shares in the Company during the period 14 March 2024 until and including 28 March 2024. The subscription price corresponds to a discount of approximately 27.7 per cent compared to the theoretical price after the separation of subscription rights based on the closing price on 4 March 2024 on Nasdaq First North Growth Market. The Rights Issue will provide Acconeer up to SEK 149,171,584.80 before deductions for transaction costs through the issue of 35,517,044 shares.

The Rights Issue entails that the number of shares in Acconeer will increase by a maximum of 35,517,044, from 26,637,783 to 62,154,827 and that the share capital will increase by a maximum of approximately SEK 1,775,852 from approximately SEK 1,331,889 to approximately SEK 3,107,741.

For existing shareholders who do not participate in the Rights Issue, a dilution effect corresponding to up to approximately 57.1 per cent of the number of shares and votes in the Company arises after the Rights Issue. Shareholders who choose not to participate in the Rights Issue have the opportunity to compensate for the financial dilution effect by selling their subscription rights.

The final day of trading in Acconeer’s shares including the right to obtain subscription rights in the Rights Issue is on 8 March 2024. Subscription of shares with the support of subscription rights must be made through cash payment during the period 14 March – 28 March 2024. Subscription of shares without support of subscription rights shall take place through a special subscription list during the period 14 March – 28 March 2024. Payment for shares subscribed for without the support of subscription rights shall be paid in cash no later than two banking days after the issuance of the settlement note giving notice of allocation. The board has the right to extend the subscription period as well as the final day for payment.

The complete terms and conditions for the Rights Issue as well as information about the Company will be presented in a prospectus which, after approval by the Swedish Financial Supervisory Authority (Sw. Finansinspektionen), will be made public and published on the Company's website on 12 March 2024.

Subscription undertakings, guarantee commitments and voting commitments

Existing shareholders Alps Alpine Co., Ltd., the Ingvarsson Family (through Sifonen AB and privately), Chairman of the Board Thomas Rex, and CEO Lars Lindell have since earlier undertaken to subscribe for shares, corresponding to their respective pro rata shares, in the Rights Issue. In addition, BGA Invest AB, the Company's largest shareholder, has on 4 March 2024 entered into a subscription undertaking of SEK 10 million. Total subscription undertakings amount to approximately SEK 30 million, equivalent to approximately 20 per cent of the Rights Issue.

In addition to the aforementioned subscription commitments, external guarantors have provided guarantee commitments subject to customary conditions which, in aggregate, amount to approximately SEK 130 million, equivalent to approximately 87 per cent of the Rights Issue.

Thus, the Rights Issue is fully covered by subscription undertakings and guarantee commitments.

For the guarantee commitments, a guarantee commission of 10 per cent of the guaranteed amount shall be paid as a cash remuneration. No remuneration shall be paid for the subscription undertakings or declarations of intention to subscribe for shares. Neither of these commitments are secured by bank guarantee, blocked funds, pledges or similar arrangements.

Further information regarding the parties who have entered subscription undertakings and guarantee commitments will be available in the prospectus published before the start of the subscription period.

Lock-up undertakings

Prior to the Rights Issue, all board members and key executives in the Company have entered into lock-up undertakings, including commitments not to dispose of financial instruments in the Company, with certain exceptions. The lock-up undertakings expire 180 days after the announcement of the outcome of the Rights Issue.

Furthermore, the Company has undertaken in relation to Carnegie Investment Bank AB, with customary exceptions, not to issue additional shares or other share-related instruments for a period of 180 days after the announcement of the outcome of the Rights Issue.

Prospectus

The prospectus and subscription form will be made available before the subscription period commence on Acconeer’s website, www.acconeer.com, as well as on Carnegie Investment Bank AB's (publ) website, www.carnegie.se.

Indicative timetable

Final day of trading in the share including the right to receive subscription rights 8 March 2024
First day of trading in the share excluding the right to receive subscription rights 11 March 2024
Publication date of the prospectus 12 March 2024
Record date for the Rights Issue 12 March 2024
Trading in subscription rights 14 March – 25 March 2024
Subscription period 14 March – 28 March 2024
Trade in paid subscribed shares (BTA) 14 March – 8 April 2024
Expected announcement of outcome in the Rights Issue 3 April 2024


Advisers

In conjunction with the Rights Issue, the Company has engaged Carnegie Investment Bank AB (publ) as Sole Global Coordinator and Bookrunner, and Advokatfirman Schjødt as legal advisor.

[1] Related to temporary payment delay (Sw. ”betalningsanstånd”).

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.

Acconeer intends to carry out a fully guaranteed rights issue of approximately SEK 150 million, announces financial targets and preliminary financial information for FY 2023

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The Board of Directors of Acconeer AB (“Acconeer” or the “Company”) hereby announces its intention to carry out a fully guaranteed rights issue of shares equivalent to approximately SEK 150 million before deductions for transaction costs (the “Rights Issue”). An Extraordinary General Meeting (the “EGM”) is planned to be held on 1 March 2024 to change the limits of the number of shares and share capital in the Articles of Association and to grant the Board of Directors an authorization to resolve on the Rights Issue. The Rights Issue, including full terms, is expected to be resolved by the Board of Directors around 5 March 2024. The Company has secured subscription undertakings, corresponding to their respective pro rata shares, from existing shareholders Alps Alpine Co., Ltd., the Ingvarsson Family (through Sifonen AB and privately), Chairman of the Board Thomas Rex, and CEO Lars Lindell, of, in aggregate, approximately SEK 20 million, corresponding to approximately 13 per cent of the Rights Issue. In addition, external guarantors have provided guarantee commitments, subject to customary conditions, which, in aggregate, amount to approximately SEK 130 million, corresponding to approximately 87 per cent of the Rights Issue. Hence, the Rights Issue is fully covered by subscription undertakings and guarantee commitments. In connection with the Rights Issue, the Company is announcing financial targets, preliminary financial information for FY 2023, and an updated financial calendar.

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES, AUSTRALIA, HONG KONG, JAPAN, CANADA, NEW ZEALAND OR ANY OTHER JURISDICTION WHERE SUCH RELEASE, PUBLICATION OR DISTRIBUTION WOULD BE UNLAWFUL OR WOULD REQUIRE REGISTRATION OR ANY OTHER MEASURES. PLEASE REFER TO SECTION “IMPORTANT INFORMATION” BELOW.

Summary

  • The Board of Directors in Acconeer announces its intention to resolve on a Rights Issue amounting to approximately SEK 150 million before deductions for transaction costs. An EGM, which is planned to take place on 1 March 2024, is proposed to authorize the Board of Directors to resolve on the Rights Issue.
  • The Rights Issue is fully covered by a combination of subscription undertakings and guarantee commitments. Provided that the EGM resolves to change the limits of the number of shares and share capital in the Articles of Association and grants the Board of Directors authorization to resolve on the Rights Issue and the Board of Directors resolves on the Rights Issue:
    • existing shareholders Alps Alpine Co., Ltd., the Ingvarsson Family (through Sifonen AB and privately), Chairman of the Board Thomas Rex, and CEO Lars Lindell have undertaken to subscribe for shares, corresponding to their respective pro rata shares, in the Rights Issue and committed to vote in favor of all proposals at the EGM. Total subscription undertakings from these amount to approximately SEK 20 million, equivalent to approximately 13 per cent of the Rights Issue;
    • external guarantors have provided guarantee commitments subject to customary conditions which, in aggregate, amount to approximately SEK 130 million, equivalent to approximately 87 per cent of the Rights Issue; and
    • BGA Invest AB, Acconeer’s largest shareholder, has committed to vote in favor of all proposals at the EGM.
  • In connection with the Rights Issue, Acconeer’s Board of Directors has resolved on financial targets. These are:
    • Net sales of more than SEK 300 million in 2027;
    • EBIT break-even during 2025; and
    • Long-term EBIT margin of at least 25 per cent.
  • In connection with the Rights Issue, Acconeer has decided to communicate preliminary financial information for FY 2023. For FY 2023, net sales amounted preliminarily to approximately SEK 35 (47) million, gross profit amounted preliminarily to approximately SEK 25 (31) million, and EBIT amounted preliminarily to approximately SEK -47 (-47) million. At the end of FY 2023, cash and cash equivalents amounted preliminarily to approximately SEK 38 (90) million.
  • The subscription period in the Rights issue is expected to take place from and including 14 March 2024, up to and including 28 March 2024.
  • The Rights Issue, including full terms, inter alia, subscription price, number of new shares issued and increase of the share capital, is expected to be resolved by the Board of Directors around 5 March 2024. The subscription price in the Rights Issue will be priced at a customary discount to the theoretical ex-rights price (“TERP”).
  • In connection with the Rights Issue, the Company has updated its financial calendar.

Background and reasons

Acconeer’s radar sensor combines the best aspects of radar technologies through its low power consumption of pulsed radar systems and the high precision of coherent radar. This opens new opportunities for many applications with a diverse range of use cases – all in a component measuring five by five by 0.8 millimeters. Acconeer launched its first product in 2018 and has since sold more than 1.75 million radar sensors. The Company is currently in the process of expanding its product portfolio, collaborating with its strategic partner Alps Alpine to develop the next generation of pulsed coherent radar sensors, called A2.

Acconeer’s market is expected to continue growing rapidly, driven by major industry trends related to digitalization, such as 5G, artificial intelligence, and the Internet of Things. Currently, sensors based on ultrasound, infrared light, or camera technology are predominantly used. Acconeer doesn't need to create a new market but can replace existing solutions, each of which has its weaknesses.

Acconeer’s assessment is that its radar is the first radar with the size, power consumption, precision and price to enable the use of radar in e.g., consumer electronics. The applications for a radar sensor with these characteristics are numerous also in other areas such as smart cities, Internet of Things, industry, agriculture and automotive.

Intensive development of new applications is ongoing in all these areas, requiring more advanced sensors for gesture control, presence detection, level measurement and material recognition. In 2021, Acconeer signed a development agreement with Alps Alpine to develop the next generation of pulsed coherent radar sensors. This type of sensor will, among other things, be able to measure the angle of an object, enabling a wide range of use cases.

Acconeer is now prepared for the next phase of its development, consisting of a forward-leaning strategy to accelerate commercializing its first-generation product and advancing its technology for next-generation radar sensors. With this intensified development and commercialization strategy, the company aims to take significant steps towards realizing the potential of its technology in radar sensors.

To support Acconeer’s aforementioned strategy of commercializing its first-generation product and advancing its technology for the next generation, the company has decided to carry out the Rights Issue.

Assuming that the extraordinary general meeting authorizes the board to resolve on, and the board subsequently decides to carry out, the Rights Issue, Acconeer will receive a total of approximately SEK 150 million before transaction costs. The company has, through written agreements, obtained subscription and guarantee commitments equivalent to the entire Rights Issue.

Use of proceeds

The net proceeds from the Rights Issue are expected to be sufficient to fund the Company's business plan until the Company achieves positive cash flow, which is anticipated to occur during 2026. Without the Rights Issue, the Company is expected to be able to finance its business plan with existing cash until the middle of May 2024. The net proceeds are intended to be used for the following purposes:

  • repayment of debt to Buntel AB and Exelity AB (approximately SEK 30 million) and to the Swedish Tax Agency[1] (approximately SEK 15 million) both of which are nominal amounts, to which accrued interest will be added;
  • R&D, in particular the completion of A2, Acconeer’s next generation radar sensor; and
  • general corporate purposes, aimed at, but not limited to, accelerating sales.

Extraordinary General Meeting

An EGM is proposed to resolve on changes of the limits of the number of shares and share capital in the Articles of Association and to authorize the Board of Directors to resolve on the Rights Issue. The EGM is planned to be held on 1 March 2024 and the notice will be published through a separate press release.

Subscription undertakings, guarantee commitments and voting commitments

Provided that the EGM approves the proposed changes of the limits of the number of shares and share capital in the Articles of Association and grant the Board of Directors an authorization to resolve on the Rights Issue and the Board of Directors resolves on the Rights Issue, existing shareholders Alps Alpine Co., Ltd., the Ingvarsson Family (through Sifonen AB and privately), Chairman of the Board Thomas Rex, and CEO Lars Lindell have undertaken to subscribe for shares, corresponding to their respective pro rata shares, in the Rights Issue and committed to vote in favor of all proposals at the EGM. Total subscription undertakings from these amount to approximately SEK 20 million, equivalent to approximately 13 per cent of the Rights Issue. BGA Invest AB, Acconeer’s largest shareholder, has committed to vote in favor of all proposals at the EGM.

In addition to the aforementioned subscription commitments, external guarantors have provided guarantee commitments subject to customary conditions which, in aggregate, amount to approximately SEK 130 million, equivalent to approximately 87 per cent of the Rights Issue.

Thus, the Rights Issue is fully covered by subscription undertakings and guarantee commitments.

For the guarantee commitments, a guarantee commission of 10 per cent of the guaranteed amount shall be paid as a cash remuneration. No remuneration shall be paid for the subscription undertakings or declarations of intention to subscribe for shares. Neither of these commitments are secured by bank guarantee, blocked funds, pledges or similar arrangements.

Further information regarding the parties who have entered subscription undertakings and guarantee commitments will be available in the prospectus published before the start of the subscription period.

Lock-up undertakings

Prior to the Rights Issue, all board members and key executives in the Company have entered into lock-up undertakings, including commitments not to dispose of financial instruments in the Company, with certain exceptions. The lock-up undertakings expire 180 days after the announcement of the outcome of the Rights Issue.

Furthermore, the Company has undertaken in relation to Carnegie Investment Bank AB, with customary exceptions, not to issue additional shares or other share-related instruments for a period of 180 days after the announcement of the outcome of the Rights Issue.

Financial targets

In conjunction with the Rights Issue, Acconeer’s Board of Directors has resolved on financial targets. These are:

  • Net sales of more than SEK 300 million in 2027;
  • EBIT break-even during 2025; and
  • Long-term EBIT margin of at least 25 per cent.

Preliminary financial information for FY 2023

In conjunction with the Rights Issue, Acconeer has chosen to communicate preliminary financial information for FY 2023. For FY 2023, net sales amounted preliminarily to approximately SEK 35 (47) million, gross profit amounted preliminarily to approximately SEK 25 (31) million, and EBIT amounted preliminarily to approximately SEK -47 (-47) million. At the end of FY 2023, cash and cash equivalents amounted preliminarily to approximately SEK 38 (90) million.

Updated financial calendar

Due to the Rights Issue, the Company has updated its financial calendar. The 2023 annual report will be available on 5 March 2024, and the 2024 Q1 report will be available on 14 May 2024.

Prospectus

The prospectus and subscription form will be made available before the subscription period commence on Acconeer’s website, www.acconeer.com, as well as on Carnegie Investment Bank AB's (publ) website, www.carnegie.se.

Indicative timetable

Extraordinary General Meeting 1 March 2024
The Board of Directors is expected to resolve on the Rights Issue (incl. terms and conditions) 5 March 2024
Expected publishing date for the prospectus 12 March 2024
Expected record date for the Rights Issue 12 March 2024
Expected subscription period 14 March – 28 March 2024
Expected announcement of the outcome in the Rights Issue 3 April 2024


Advisers

In conjunction with the Rights Issue, the Company has engaged Carnegie Investment Bank AB (publ) as Sole Global Coordinator and Bookrunner, and Advokatfirman Schjødt as legal advisor.

For further information, please contact

Lars Lindell, CEO Acconeer AB
Phone: +46 72-583 84 28
Email: ir@acconeer.com

About Acconeer

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.

Visit www.acconeer.com for more information.

Visit our investor web for more financial information: www.acconeer.com/investor_page/home/

Acconeer is listed on Nasdaq First North Growth Market. Redeye is Certified Adviser.

Important information:

This announcement is not and does not form a part of any offer for selling, or a request to submit an offer to buy or acquire, shares or other securities of the Company.

Copies of this announcement are not being made and may not be distributed or sent into the United States, Australia, Hong Kong, Japan, Canada, New Zealand, or any other jurisdiction in which such distribution would be unlawful or would require registration or other measures.

The securities referred to in this announcement have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the “Securities Act”), and accordingly may not be exercised, offered, sold, resold, delivered or otherwise transferred, directly or indirectly, in or into the United States, except pursuant to an applicable exemption from, or in a transaction not subject to, the requirements of the Securities Act and in compliance with any applicable securities legislation in any state or other jurisdiction of the United States. The Company do not intend to register any offering in the United States or to conduct a public offering of securities in the United States.

Forward-looking statements

Matters discussed in this announcement may constitute forward-looking statements. Forward looking statements are statements that are not historical facts and may be identified by words such as “believe”, “expect”, “anticipate”, “deems”, “intends”, “estimate”, “will”, “may”, “continue”, “should” and similar expressions. This applies in particular to statements relating to future results, financial position, cash flow, plans and expectations of the Company's operations and management, future growth and profitability, general economic and regulatory environment and other factors affecting the Company, many of which are based on further assumptions, such as no changes in existing political, legal, fiscal, market or economic conditions or applicable law (including but not limited to accounting principles, accounting methods and tax policies), which may or may not be of importance to the Company results or its ability to operate. Although the Company believes that these assumptions were reasonable when made, these assumptions are inherently subject to significant known and unknown risks, uncertainties, contingencies and other important factors which are difficult or impossible to predict and are beyond its control. Such risks, uncertainties, contingencies and other important factors could cause actual events to differ materially from the expectations expressed or implied in this release by such forward looking statements.

Potential investors should therefore not attach undue confidence to the forward-looking information herein, and potential investors are urged to read the parts of the prospectus that include a more detailed description of factors that may affect the Company's operations and the market in which the Company operates.

The information, opinions and forward-looking statements contained in this announcement speak only as at its date and could be subject to change without notice.

[1] Related to temporary payment delay (Sv. ”betalningsanstånd”).

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 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.