Rights issue 2024
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Background and motive
Since the IPO three years ago, Flat has kept a fast pace and followed its strategy of investing in attractive but inaccessible global companies. These companies are an asset often reserved for an exclusive group of investors, but the strategy has given Flat’s shareholders the opportunity to indirectly invest in companies such as OpenAI, SpaceX, DeepL, Perplexity, xAI, Physical Intelligence and Figma.
Like previous years, 2024 has been an eventful time for the portfolio companies – in March, Flat invested 3 MSEK and 10 MSEK in AI companies Perplexity and Harvey, respectively, followed by a 10 MSEK investment in data and AI company Oden Technologies in April. Flat has also invested 11 MSEK in Elon Musk-founded xAI and 11 MSEK in an AI and robotics company Physical Intelligence. Finally, in August this year, Flat invested 22 MSEK in the high-profile space company SpaceX. However, the past year has also brought major challenges, and Flat, for example, has been forced to write down the value of its investment in Getir to SEK 1.
Flat has access to a unique global network of world-leading investors and entrepreneurs. This means that Flat has a strong flow of investment opportunities in unlisted companies that are both backed by some of the most prominent investors in the world and run by dedicated entrepreneurs. Flat continuously evaluates new investments from this network and has, at the moment, a strong pipeline of new opportunities in areas such as AI. The Company already has a net cash position, but given that the investment opportunities that Flat evaluates on an ongoing basis are often associated with a tight timeframe and requirements for large allocations, the Company believes that it is in its favour to further strengthen its cash position in order to be ready to act quickly on attractive opportunities when they arise.
The purpose of the Rights issue is to further strengthen Flat's cash position in order to continue to pursue the many investment opportunities that its portfolio and network offers, mainly in terms of existing investments within AI and the strong pipeline of potential investments that exist there.
Timetable
Last day of trading in the share including the right to receive subscription rights | November 1, 2024 |
First day of trading in the share excluding the right to receive subscription rights | November 4, 2024 |
Record date | November 5, 2024 |
Subscription period | November 7 – 21, 2024 |
Trading in subscription rights | November 7 – 18, 2024 |
Expected publication of preliminary outcome of the issue | November 22, 2024 |
Expected date for decision on allocation | November 26, 2024 |
Link to prospectus:
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Documents
Summary Of Terms 2024 (Swedish)
EU growth prospectus 2024 (Swedish)
Flat Capital AB (Publ) Teaser (English)
Special Notification Form Flat Capital FILL IN (Swedish)
Subscription Form Without Subscription Rights Flat Capital FILL IN
Disclaimer
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