Eevia Health Plc

Eevia Health Plc has released its statutory financial statements and annual report for 2023, along with the Auditor's report. Adjustments have been made to the Year-End Report 2023 (Interim report Q1-24) following the annual audit. These include recognizing 263 kEUR of revenue in January 2024 instead of December 2023, reversing 113 kEUR of capitalized product development costs, and an extraordinary write-down of 426 kEUR in inventory value. The Auditor's report indicates that additional funding will be needed in 2024, but does not modify its statement. Eevia will restate the Year-End Report 2023, with the revised report expected on June 11, 2024. Eevia Health Plc, established in 2017, produces bioactive compounds from plant materials, primarily wild-harvested in Finland and Sweden, and sells these as ingredients for dietary supplements and food brands globally. The company is listed on the Spotlight Stock Market in Sweden. For more details, refer to the provided links.

The board of directors of Eevia Health Plc has decided to initiate a rights issue worth SEK 28.6 million, with preferential rights for existing shareholders. This issue is partially secured, with 50.2% covered by subscription and guarantee commitments. Shareholders will receive one subscription right per share held, and three rights will allow the subscription of four new shares at SEK 0.60 per share. Additionally, up to 11,904,628 warrants will be issued. The subscription period runs from June 14 to June 28, 2024, in Sweden and until July 2, 2024, in Finland. Proceeds will be used for working capital, loan repayment, recruitment, investments, R&D, marketing, and sales. The information memorandum will be published around June 10, 2024.

The Extraordinary General Meeting of Shareholders of Eevia Health Plc, held on June 5, 2024, in Seinäjoki, Finland, resulted in the authorization of the Board of Directors to issue up to 70,000,000 shares, options, and other special rights. This authorization, valid until June 30, 2025, allows the Board to determine the terms and conditions of these issuances, including the possibility of directed issues if there is a significant financial reason for the company. Eevia Health Plc, established in 2017, produces bioactive compounds from wild-harvested plant materials for use in dietary supplements and food brands globally. The company operates a green-chemistry production facility in Finland and has been listed on the Spotlight Stock Market in Sweden since June 2021. For more information, contact CEO Stein Ulve or visit their website.

Eevia Health Plc's Q1-2024 report shows a 28% increase in net sales from Q4-2023, reaching KEUR 407. However, the sales were lower than the first three quarters of 2023, mainly due to a halt in orders from their main US customer. Eevia also faced sales delays due to issues in 2023, which required relabeling of products from organic to conventional. The company managed to solve this problem in February 2024. The gross margin reached 65% due to the increase in sales of higher margin products. Operational costs were KEUR 240 for personnel expenses and KEUR 249 for overhead expenses. Eevia took a short-term loan of KEUR 600 to improve liquidity. The company expects to regain profitability in the second half of 2024. Eevia is also in talks with a global market leader in vision enhancement and eye-health for a possible collaboration and has started negotiations on a contract manufacturing arrangement for 2025 with a mid-sized European food company.

Eevia Health Plc has secured a bridge loan of SEK 7.5 million (EUR 645,000) from Formue Nord Markedsneutral A/S, with a term until July 31, 2024. The loan, which is unsecured, will be used partly to repay a credit line from Råsunda Förvaltning AB, Upgrade Invest Nordic AB, and Renewable Ventures Nordic AB, while the remainder will fund short-term working capital. The loan has an interest rate of 1.0% per month and a 5% arrangement fee. Eevia Health, established in 2017, manufactures organically certified plant extracts and operates a green-chemistry production facility in Finland.

Eevia Health Abp has issued a notice to its shareholders for an Extraordinary General Meeting scheduled for 5 June 2024, at the company's main office in Finland. The agenda includes the election of persons to scrutinize minutes and supervise vote counting, recording the legality and attendance of the meeting, and authorizing the Board of Directors to decide on the issuance of shares, options, and other special rights. The Board proposes the issuance of up to 70,000,000 shares, with terms to be decided by the Board. The authorization would be valid until 30 June 2025. The notice also provides detailed instructions for shareholders' participation, registration, and representation. Shareholders are invited to register by 31 May 2024. All related documents are available on the company's website.

Eevia Health Plc's Board of Directors is preparing for a rights issue with preferential rights for existing shareholders. The rights issue is subject to approval by an Extra General Meeting (EGM) scheduled for June 5, 2024. The target amount is approximately SEK 28.6 million, which will primarily finance working capital, loan repayment, recruitment, investments, projects, corporate and marketing activities. The rights issue is covered by 50% subscription and guarantee commitments. The subscription period for the rights issue will run from June 14, 2024, to June 28, 2024. Finnish shareholders must transfer their shares to Euroclear Sweden's book-entry system before the record date to trade on subscription rights and BTAs on Spotlight Stock Market Sweden.

Eevia Health Plc is showcasing its products at the Vitafoods 2024 nutraceutical tradeshow in Geneva, Switzerland. The company has received positive feedback on its Fenoprolic® product, which has a bioactivity profile similar to the leading pine bark extract in the market. This has led to potential discussions about using Fenoprolic® as an active ingredient in supplements and expected orders after the tradeshow. Eevia Health, founded in 2017, produces bioactive compounds from plant materials, primarily harvested from Finnish and Swedish forests. The extracts are sold globally as ingredients in dietary supplements and food brands. The company operates a green-chemistry production facility in Finland and is listed on the Spotlight Stock Market in Sweden.

Eevia Health Plc has announced changes to its financial calendar due to practical reasons and public holidays in May. The release of its Interim Report for Q1-2024 has been moved from May 20 to May 22, 2024. The company will publish its statutory financial statements and auditor's report on June 7, 2024. The Annual General Meeting of the Shareholders will be held on June 28, 2024, with the notice being published on June 7, 2024. Eevia Health, founded in 2017, is a manufacturer of organically certified plant extracts, primarily harvested from the Finnish and Swedish forests. The company listed its shares on the Spotlight Stock Market in Sweden in June 2021.

Eevia Health Plc, a Finnish company that produces bioactive compounds from plant materials, has received a sales order of approximately 51 kEUR from a European nutraceutical brand owner based in Sweden. The order, set for delivery in June 2024, is for Eevia's Feno-Myrtillus® 1, a Bilberry extract standardized for anthocyanins. The customer, which sells herbal dietary supplements and cosmetics in over 36 countries, has been a repeat client of Eevia, buying directly from the company without using a distributor. Eevia Health, founded in 2017, operates a green-chemistry production facility in Finland and is known for its high-quality, organically certified plant extracts.