New Risk • Jul 02
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 17% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Revenue has declined by 22% over the past year. Revenue is less than US$1m (kr1.8m revenue, or US$186k). Minor Risk Shareholders have been diluted in the past year (17% increase in shares outstanding). Announcement • Jun 27
Flerie AB (publ) (OM:FLERIE) agreed to acquire Biosergen AB (publ) (OM:BIOSGN) from Östersjöstiftelsen, Ribbskottet AB and others for SEK 1.5 million. Flerie AB (publ) (OM:FLERIE) agreed to acquire Biosergen AB (publ) (OM:BIOSGN) from Östersjöstiftelsen, Ribbskottet AB and others for SEK 1.5 million on June 25, 2026. Accordingly, new ordinary shares in Flerie will be issued to Biosergen’s shareholders in proportion to their existing shareholdings in Biosergen at an exchange ratio of 31:1. Flerie has been ascribed a value of SEK 20.29 per share and Biosergen has been ascribed a value of approximately SEK 0.67 per share. The Merger Consideration for Biosergen’s shareholders, comprising newly issued ordinary shares in Flerie, values Biosergen at approximately SEK 54.7 million, representing a premium of approximately 33% to Biosergen’s post-money value in the Rights Issue. The Merger requires, among other things, approvals at the Extraordinary General Meetings of the Companies and the completion of the Rights Issue, which will result in Biosergen receiving issue proceeds of at least approximately SEK 39.9 million before deduction of issue costs, at a subscription price of SEK 0.50 per share and comprising up to 79,839,888 new shares in Biosergen. Following the completion of the Merger, Biosergen’s operations will be contributed to a new subsidiary of Flerie’s wholly owned subsidiary, Flerie Invest AB.
The transaction is subject to approval by regulatory board / committee, approval of offer by target shareholders and approval of offer by acquirer shareholders. Registration of the Merger is expected to take place during the last quarter of 2026. The Merger is expected to have a very limited impact on Flerie’s performance and financial position, both in the short term and over a longer period.
Setterwalls Advokatbyrå Ab acted as legal advisor for Flerie AB (publ). Hagberg & Aneborn Fondkommission AB acted as issuing agent for Flerie AB (publ). BAHR Advokatbyrå AB acted as legal advisor for Biosergen AB (publ). New Risk • Apr 20
New major risk - Revenue and earnings growth Revenue has declined by 22% over the past year. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If revenues are declining, then it is difficult for the company to prevent its earnings from declining as well. A trend of falling revenue can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Revenue has declined by 22% over the past year. Revenue is less than US$1m (kr1.8m revenue, or US$196k). 
