Smart Eye issues a correction regarding the press release "Smart Eye Expands Its Credit Facility," published earlier today. The correction pertains to missing information in the press release, specifically that the credit term extends for 12 months from the date of drawdown, up to a maximum of October 2026, and that the cost of the credit facility amounts to SEK 7.5 million, with an additional maximum charge of 1.5% if the full credit line is utilized, along with an interest rate of 1% per month. The updated press release is provided in full below.

G?TEBORG, SE / ACCESSWIRE / October 7, 2024 / Smart Eye (STO:SEYE)(OTC PINK:SMTEF)(FRA:SE9) Smart Eye has entered into an agreement on market terms with an independent credit market actor group, enabling the company to secure a total credit facility of SEK 150 million.

The credit facility has a term of 12 months from the date of drawdown, up to a maximum of October 2026. The cost of the credit facility amounts to SEK 7.5 million. The cost of the utilized credit is 1.5 percent, in addition to an interest rate of 1 percent per month.

With this credit facility, Smart Eye increases its unused credit limit from SEK 82 million to SEK 232 million.

The credit facility has been arranged with the purpose of creating financial buffers, should the economic climate continue to negatively impact new car sales. Additionally, it ensures that Smart Eye can proceed with its expansion plans, including further development of new products and potential acquisitions.

Martin Krantz, CEO, states: "We have proactively decided to increase our credit limits as global new car sales are currently not meeting the expected levels. We must acknowledge the risk that this may continue to affect the growth rate of our licensing revenues. We remain optimistic about the development of Smart Eye's licensing revenues in both the short and long term, benefiting from multiple car models and several manufacturers. The legislation (ADDW) that came into effect in mid-2024 requires customers to adapt all European car models by 2026. Increasing the credit limits also provides additional security, complementing our previously communicated focus on cost control."

For more information:

Mats Benjaminsson, CFO Smart Eye AB
Phone: +46 70-146 49 25
Email: [email protected]

About Smart Eye

Smart Eye is the leading provider of Human Insight AI, technology that understands, supports and predicts human behavior in complex environments. The company is on a mission to bridge the gap between humans and machines for a safe and sustainable future. Supported by Affectiva and iMotions - companies it acquired in 2021 - Smart Eye's multimodal software and hardware solutions provide unparalleled insight into human behavior.

In automotive, Smart Eye's driver monitoring systems and interior sensing solutions improve road safety and the mobility experience. The company's eye tracking technology and iMotions biosensor software platform are also used in behavioral research to enable advanced research in academic and commercial sectors. In media analytics, Affectiva's Emotion AI provides the world's largest brands and market researchers with a deeper understanding of how consumers engage with content, products, and services.

Founded in 1999, Smart Eye is a global company headquartered in Sweden, with customers including NASA, Nissan, Boeing, Honeywell, Volvo, GM, BMW, Polestar, Geely, Harvard University, 26 percent of the Fortune Global 500 companies, and over 1,300 research organizations around the world.

Visit www.smarteye.ai for more information.

Visit our investor web for more financial information: https://smarteye.se/investors/

Smart Eye is listed on the Nasdaq First North Growth Market. The Company's Certified Adviser is Carnegie Investment Bank AB (publ).

This information is information that Smart Eye is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact persons set out above, at 2024-10-07 17:50 CEST.

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Smart Eye expands its credit facility

SOURCE: Smart Eye

View the original press release on accesswire.com