Evolva secures additional funding for future growth
Evolva Holding SA / Key word(s): Miscellaneous
Reinach, May 17, 2021 - Evolva (SIX:EVE), the Swiss biotech company focused on the research, development and commercialization of products based on nature, today signed an agreement with Nice & Green, a Swiss investment firm, to secure additional funding.
The major activities to be funded include the expansion and diversification of manufacturing capacities in the contract manufacturer network as well as investments into commercial activities to sustain high growth in Health Ingredients and to build the Health Protection business. For these purposes, the investment facility may be drawn in tranches depending on Evolva's operational needs.
«The additional funding provided by Nice & Green allows us to establish major building blocks on our way to become EBITDA positive by 2023», said Oliver Walker, CEO of Evolva.
Under the agreement, Nice & Green has committed to an additional incremental investment in form of convertible notes according to agreed conditions up to a maximum principal amount of CHF 20 million until the end of 2022. The principal amount of each convertible note is, at Evolva's discretion, either repayable by way of conversion into ordinary shares of the company, or in cash. The conversion price is 95 percent of the lowest daily volume weighted average price for a share on the SIX Swiss Exchange during the 6 trading days immediately preceding the conversion.
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|Company:||Evolva Holding SA|
|Phone:||+41 61 485 20 00|
|Listed:||SIX Swiss Exchange|
|EQS News ID:||1196953|
|End of Announcement||EQS Group News Service|