Simris secures SEK 29.1m in capital raise

The microalgae-based supplement manufacturer has completed capital through rights issue to further market expansion

Simris Alg has concluded its rights issue of units with a subscription rate of 101.6% in total. The Swedish microalgae-based omega-3 supplements manufacturer announced the capital raise through rights issue a month ago. “This outcome was truly our best-case scenario and I am super happy,” said Simris founder and chief executive Fredrika Gullfot.

The company revealed that 61.2% of subscriptions had unit rights and 40.4% were submitted without unit rights. The oversubscription rate allows Simris not to call underwriting commitments.

Simris will receive SEK 29.1 million before transaction costs from the rights issue, of which SEK 2.2 million will be funded through offset of debt.

“It’s a substantial cash injection, and now we can pick up the pace and pursue our plans,” commented Gullfot. “I am also particularly pleased with the great interest we have received from both new and old friends, who support us in our quest to replace unsustainable marine ingredients.”

Mangold Fondkommission and Advokatfirman Delphi served as financial and legal advisor, respectively.