Shareholder letter – A goal-oriented OptiCept is moving forward according to plan
In the last quarter of 2022, OptiCept Technologies carried out a rights issue. Due to the upcoming subscription period for warrants of series TO5, OptiCept Technologies CEO, Thomas Lundqvist, gives a status update on how the issue proceeds and what owners of OptiCept can expect next.
When the rights issue was communicated last year, we announced that the net proceeds were intended to be used to, among other things, expand the manufacture of machines, technology development, organizational development and ongoing operations, as well as installation and maintenance at customers.
As the subscription period for series TO5 warrants begins (May 19 – June 1), I would like to provide all OptiCept owners and stakeholders with an update on our progress to date and what we are working on in the coming months.
During the first quarter of 2023, we have made extensive changes, reorganization, improved cost-control and implemented a new strategy. All this aims to bring the company from the development phase to commercialization. Concretely, we now work based on specific customer needs. We have been very good at connecting with large and leading players, what we are now working more focused on is also taking these opportunities from evaluation and development to sharp agreements.
A big difference from before is that we now work with priority areas, olive oil, cuttings and cut flowers. Within non-priority areas we will work with a large global partner willing to invest for it to be relevant, as in the case of Dole. A certain amount of sprawl is stripped away and instead each employee is fully focused on the business opportunities.
We are well prepared for the summer and autumn, contracts have been signed with important customers in a priority areas and I see that we are making progress. We have further developed our machines in accordance with our strategy, i.e. for commercial operation and replenished our stock to meet a large part of the demand we expect.
Now the owners’ support is very important to us. The capital that the warrants from series TO5 bring to the company gives us the conditions to successfully install and commission the machines we have now manufactured. This gives us good conditions to deliver on the contracts we sign in the future, which in turn generates income and cash flows that can be invested in further growth. We are grateful and happy that our owners are with us on this journey.