Company announcement, Helsinki, 23 November 2018 at 21:00
The Extraordinary General Meeting of Nexstim Plc (NXTMH:HEX, NXTMS:STO), the targeted neuromodulation company developing and marketing pioneering navigated personalised, non-invasive brain stimulation systems for the treatment of Major Depression Disorder (MDD), resolved on 21 November 2018 to reduce the quantity of Nexstim's shares without reducing share capital by way of issuing new shares to its shareholders without consideration, and by redemption of Company's own shares without consideration, in such a way that each current 30 shares of the Company shall correspond to one share of the Company after the arrangements related to the reduction of the quantity of Company's shares are completed.
As part of the arrangements in respect of shareholders registered on the Transaction Day (as defined below) in the shareholders’ register of Nexstim held by Euroclear Finland Ltd, the Extraordinary General Meeting resolved that the Company shall issue on 23 November 2018 (the "Transaction Day") in maximum 188,500 new shares of the Company without consideration so that the number of all shares per book-entry accounts owned by such shareholders of the Company are dividible by the number 30. 42,721 shares were needed in order to make the number of Company's shares owned by such shareholders dividible by the number 30. Pursuant to the resolution of the Board of Directors today on 23 November 2018, the total number of the new shares issued to such shareholders without consideration was 42,721 shares. After such share issue, the number of the shares in the Company was 97,574,250 on the Transaction Day. Further, pursuant to the resolution of the Extraordinary General Meeting, as further elaborated by the Board of Directors today on 23 November 2018, the Company has on the Transaction Day in connection with the share issue referred to above, redeemed from all shareholders without consideration such number of Company's shares which is required by the redemption ratio of 30/1 to execute the reduction of the number of shares in the Company i.e. altogether 94,321,775 shares of the Company.
Pursuant to the resolution of the Extraordinary General Meeting, the Board of Directors has resolved to annul 94,321,775 Company shares, which became Company's possession on the Transaction Day. After the annulment, the number of the shares in the Company is 3,252.475.
The annulment of the shares in the Company and the new total number of the Company's shares shall be registered within the Trade Register by Monday 26 November 2018. Trading with the reduced number of the Company's shares shall commence on Nasdaq Helsinki and Nasdaq Stockholm on or around 26 November 2018.
Helsinki, 23 November 2018
The Board of Directors
Martin Jamieson, CEO
Further information is available on the website www.nexstim.com or by contacting:
Martin Jamieson, Chairman and CEO
+44 771 516 3942
Sisu Partners Oy (Certified Adviser) +358 (0)10 231 4560
Citigate Dewe Rogerson
David Dible/Shabnam Bashir/ Sylvie Berrebi
+44 (0)207 2822949
About Nexstim Plc
Nexstim is a medical technology company focused on the development and commercialization of its world-leading SmartFocusTM TMS technology, a non-invasive brain stimulation system for the treatment of Major Depressive Disorder (MDD). The Company’s proprietary Navigated Brain Therapy (NBT®) system, a highly sophisticated 3D navigation, is the only personalised, navigated transcranial magnetic stimulation (TMS) approach providing accurate targeting of the TMS to the specific area of the brain associated with MDD.
Nexstim’s NBT® system has been launched in the US for the treatment of MDD following clearance from the FDA for marketing and commercial distribution for this indication. The NBT® system is CE marked in Europe for the treatment of major depression and chronic neuropathic pain.
In addition, Nexstim is commercialising its Navigated Brain Stimulation (NBS) system for diagnostic applications, based on the same technology. The NBS system is the only FDA cleared and CE marked navigated TMS system for pre-surgical mapping of the speech and motor cortices of the brain. Nexstim shares are listed on the Nasdaq First North Finland and Nasdaq First North Sweden.