Success of the trust membership campaign
and start of the
horse riding
bonds redeemable in shares
Warning
The equitization and monetization operation described below and covered by this press release does not constitute financing by issuing securities giving access to capital in the context of capital increases carried out in installments over time, but a restructuring of the Company’s existing debt through a trust managed by an independent third party.
However, given the technical complexity of the operation and its potentially dilutive nature, the Company draws investors’ attention to the terms of the operation described in this press release.
The Company recalls that the Fiducie, through the Trustee (as defined below), is not intended to remain a shareholder of the Company after having received the shares resulting from the exercise of the Warrants.
E
(as defined below). Actions resulting from the exercise of BSAs
E
will generally be sold on the market at very short notice, which may create strong downward pressure on the Company’s share price.
Shareholders may suffer a loss of their invested capital due to a significant decrease in the value of the Company’s share, as well as severe dilution due to the large number of securities issued to the benefit of the Trustee acting on behalf of the Trust.
Investors are invited to be very vigilant before making the decision to invest in the Company’s securities given the implementation of these equitization and monetization mechanisms and are in particular invited to be aware of the risks relating to these operations, mentioned in this press release.
Suresnes, July 24, 2023 – 6:00 p.m. CET – Neovacs (Euronext Growth Paris: ALNEV) today announces the success of the management trust (the “Trust”) responsible for converting into Neovacs shares the bonds redeemable in shares (“ORA”) issued in June 2023 (see press release).
At the end of the membership period, all of the ORA holders decided to transfer all of the 17,687 ORAs issued, with a nominal value of €100 each, to the Trust. Consequently, in accordance with the press release of June 6, 2023, the Chief Executive Officer of Neovacs has decided to issue 115,374,000 so-called ”
horse riding
(the “BSAs
E
”), which were fully subscribed by the Trust.
As a reminder, the Fiducie is responsible for:
To convert the NRS issued and transferred to it into Neovacs shares, in a structured and organized manner over time, then to sell the resulting Neovacs shares on the market (the process of
horse riding
);To then subscribe, over time, to several successive issues of Néovacs dry bonds (the “OS”) for a maximum total amount of €4 million thanks to the proceeds from the sale on the market of the shares resulting from the equitization of the ORAs, and the OS if applicable;
To proceed to the
horse riding
bones.
It is specified that at the end of the
horse riding
and/or the reimbursement of all the ORAs held by the Fiducie (and, where applicable, all the OS subscribed to by the Fiducie), the Warrants
E
that have not been exercised by the Trust will lapse.
Indicative timetable
|
Date |
Object |
July 24, 2023 | Beginning of horse riding |
January 21, 2026 [1] | End of the OS subscription period by the Fiducie |
June 29, 2026 | Reimbursement of OS in circulation by Neovacs (if applicable) / |
September 29, 2026 (at the latest) | Date of dissolution of the Trust |
June 29, 2027 | End of the BSA exercise period |
ABOUT NEOVACS
Neovacs is a French biotechnology company, listed on Euronext Growth since 2010, specializing in therapeutic vaccines targeting the treatment of autoimmune diseases. Its innovative technology called Kinoid®, patented until 2038, makes it possible to induce a polyclonal immune response, applicable in several indications. Neovacs has developed IFNα Kinoid for the treatment of lupus in a phase IIb clinical study. The main study has been completed, the full results were presented on the 13
th
2019 international lupus congress. The Company has also completed promising preclinical work with another therapeutic vaccine, IL-4/IL-13 Kinoid, for the treatment of allergies. The ambition of this “Kinoid® approach” is to enable patients to better tolerate a lifelong treatment which would be more effective, well tolerated and very flexible in its administration.
For more information :
www.Neovacs.fr
Jérôme FABREGUETTES-LEIB | Deborah SCHWARTZ |
[1]
Against December 29, 2025 initially planned in the indicative timetable
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Full and original press release in PDF format:
https://www.actusnews.com/news/81132-neovacs_fiducie_adhesion_vdef.pdf
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