Dagens Industri writes about Anyfin’s latest capital raise of 150 million SEK and conversion of old preference shares (which seems to have been ca 1.15 billion SEK, based on 1.3 billion SEK raised in total of which, I assume, 150 million SEK in the latest round) to common shares.
The headline doesn’t highlight the information in the end of the article, which states that investors (which seems to only be internal ones) get preference shares with a 5x liquidation preference and four warrants per new share. This would mean that there are ca 750 million SEK in preference shares after the fundraise, if my quick math and assumptions are correct, vs ca 1.15 billion in preference shares before.
Preference shares are a tool in the overall toolbox of getting a capital raise done. In that sense they are similar to a number of clauses in a standard shareholders’ agreement and investment agreement that founders and investors negotiate. There are always trade-offs (including valuation and dilution).
