Moll Wendén has advised Magnasense AB in connection with the reverse takeover of the British company Subgen AI Limited and the subsequent continued listing on Nasdaq First North Growth Market.
Subgen AI is an enterprise artificial intelligence company that develops both infrastructure and proprietary agent-centric AI-as-a-Service software, branded as Serenity Star. Its solutions are designed to scale and accelerate the adoption of AI across organizations. Subgen AI is experiencing rapid growth, building data centers and delivering services to clients in sectors such as healthcare, energy, legal, and human resources. Subgen AI operates across Europe, Latin America, and the United States.
The acquisition was carried out through a set-off issue, whereby the shareholders of Subgen AI hold approximately 98 per cent of the shares and approximately 99.6 per cent of the votes in Magnasense. As a result, Magnasense has divested its subsidiaries and changed its company name to Subgen AI AB. The new company conducts the operations previously conducted by Subgen AI Limited and, as a result of this change in identity, the company has completed a listing process and has been approved for continued listing on Nasdaq First North Growth Market.