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Vinge advises Irisity AB in connection with the acquisition of Ultinous and a directed share issue

February 29, 2024 Capital Markets and Public M&A M&A

Vinge advises Irisity AB in connection with the acquisition of Ultinous and a directed share issue

Vinge advises Irisity AB (publ) in connection with the acquisition of Ultinous Zrt., a Swedish-Hungarian AI inventor, for a consideration of SEK 45 million, on a cash and debt free basis and assuming normalized working capital, which will be paid through an issue in kind entailing 9,000,000 new shares in Irisity at a subscription price of SEK 5.00 per share. In conjunction with the Acquisition Stockhorn Capital AB (founded by Gustav Andersson and Inna Kaushan) will invest SEK 45 million in Irisity through a directed share issue on the same terms as in the In-kind Issue, i.e., SEK 5.00 per share. The transaction will be subject to national FDI Regulation requiring approval from Swedish and Hungarian authorities and Iristy's EGM resolving to authorize the board of directors to resolve on the share issues. As part of the acquisition and directed share issue, Irisity and Stockhorn Capital will also enter into a loan agreement pursuant to which Stockhorn Capital will lend Irisity an amount of SEK 15 million.

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