Evolva secures additional financing lines to accelerate its growth
Evolva Holding SA / Key word(s): Financing
Reinach, December 27, 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 financing lines until the end of 2023.
The financing lines can be drawn by Evolva in quarterly tranches if needed to support commercial activities and product launches in key markets (pending regulatory approvals), to leverage manufacturing efficiencies and expand manufacturing capacity, as well as to fund the further development of the company's product pipeline.
Under the agreement, Nice & Green has committed to additional incremental financing lines in form of convertible notes according to agreed conditions of up to a maximum principal amount of CHF 12 million until the end of 2023. Together with the currently undrawn financing line of CHF 16 million, Evolva has financing lines of in total CHF 28 million available, if needed. 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:||1262296|
|End of Announcement||EQS News Service|