Cirio advises WeSC on a rights issue

Cirio has advised WeSC AB (publ), listed on Nasdaq First North, in connection with a new issue of shares and warrants (units) with pre-emption rights for the company’s shareholders.

The rights issue has been resolved by the board of directors of WeSC, subject to approval by the extraordinary general meeting to be held on 19 August 2019. The rights issue is secured up to approximately 90 per cent, through subscription undertakings from existing shareholders and guarantee commitments from external investors and existing shareholders. WeSC intends to use the proceeds to repay debts, including a bridge loan, cover the current working capital need and promote the company’s long-term sales growth in North America and the parts of Europe where WeSC operates, with an increased focus on licensing of product segments.

The prospectus will be prepared in connection with the rights issue and is expected to be published on or around 20 August 2019.

WeSC designs, markets and sells clothing and accessories in the premium streetwear segment of the international market under the WeSC brand.

Cirio advised WeSC with a team headed by Maria Arnoldsson (Capital Markets and Public M&A), together with Oliver Kronberg and Josefine Lundström (Capital Markets and Public M&A).

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