Anoto raises additional USD 1 million on a sale of 1 million shares of Knowledge AI to further improve financial strength
May 29 2023 - 1:30AM
Anoto raises additional USD 1 million on a sale of 1 million shares
of Knowledge AI to further improve financial strength
Stockholm, 29 May 2023 – Anoto Group AB
(publ) (“Anoto”) announces that it has sold 1 million shares of
common stock of its education subsidiary Knowledge AI Holdings Ltd.
(“KAIT”). The transaction was done at USD 12
million on a fully diluted basis. After the sale, Anoto will still
own 4.3 million shares of Knowledge AI (47.8% on outstanding number
of shares). The 1 million shares were sold to an investment company
based in the United Kingdom.
“This is the final piece in our efforts to raise cash for Anoto.
Once we are done with the offering and the sale of KAIT shares, we
will raise a total of $6.7 million which will enable us to expand
and grow. The sale of KAIT shares was intended to reduce dilution
for Anoto shareholders and to achieve independent company status
for KAIT for it to be self-sufficient and eliminate dependency on
Anoto while maintaining a meaningful stake for Anoto in KAIT,” says
Joonhee Won, CEO of Anoto Group AB.
For further information, please
contac
Joonhee Won, CEO, Anoto Group AB (publ)
For more information about Anoto, please visit
www.anoto.com or email ir@anoto.com
Anoto Group AB (publ), Reg.No. 556532-3929, Flaggan 1165, SE-116
74 Stockholm
This information constitutes inside information as Anoto Group
AB (publ) is obliged to disclose under the EU Market Abuse
Regulation 596/2014. The information was provided by the contact
person above for publication 29 May 2023 at 08:30 CEST.
About Anoto Group
Anoto is a publicly held Swedish technology
company known globally for innovation in the area of
information-rich patterns and the optical recognition of those
patterns. It is a leader in digital writing and drawing solutions,
having historically used its proprietary technology to develop
smartpens and related software. These smartpens enrich the daily
lives of millions of people around the world. Anoto currently has
three main business lines: Livescribe retail, Enterprise Forms and
OEM. Anoto also owns Knowledge AI, a leading AI based education
solution company, as its majority-controlled subsidiary. Anoto is
traded on the Small Cap list of Nasdaq Stockholm under ANOT.
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