Strengthening cash position and Reserved capital increase
20 Mai 2020 - 07:12PM
Strengthening cash position and Reserved capital increase
Government-backed loan of €1.13M
securedReserved capital increase of €4.6M
implemented
Spineway, specialist in designing innovative
surgical implants and instruments for treating severe disorders of
the spinal column, expects the gradual return of spinal surgeries
worldwide. In order to meet the needs of this recovery, the company
has welcomed some of its employees back on the premises after
implementing the new health and safety rules required following the
lifting of the COVID-19 stay-at-home order to lessen the risk of
the virus spreading to employees. For now, employees whose jobs are
conducive to working remotely remain at home. This will change as
needs evolve due to the return to activity and the health
authorities’ recommendations.
Strengthening of cash
positionAs part of the French government’s efforts to
provide help for companies, Spineway obtained its banks’ approval
of a government-backed loan for 1 130 000 euros. This loan
strengthens the Group’s financial position and will allow it to
maintain its activities until spinal surgeries start up again
throughout the areas in which it operates.
Reserved capital increaseThe
Chairman and CEO, in accordance with the power to subdelegate
granted to him by the Board of Directors on 8 April 2020, which was
itself acting following power granted to it by the Extraordinary
and Ordinary General Shareholders’ Meeting of 3 October 2019,
decided to implement a capital increase reserved for Negma Group
Ltd of a nominal amount of €4 565 217. The capital was increased by
offsetting the result from the differentials between the prices
applied for the last conversions of issues pursuant to the existing
agreement for convertible bonds with attached warrants between
Negma Group Ltd and the company, and the market price for Company
shares.
Spineway thus issued 456 521 700 new
ordinary shares at a par value of €0.01 per share. As of completion
of this transaction, Spineway’s capital is made up of
1 716 092 779 shares, 73.23% of which are free
floating. The deadline for clearing and settlement is 22 May
2020.
The new shares issued pursuant to this private
investment represent 26.6% of the capital. The new shares are
treated the same and listed on Euronext Paris’ Euronext Growth
market on the same listing line as the previously existing shares
(ISIN: FR0011398874).
Upcoming: 26 May 2020 – General Meeting
All the information and documentation
concerning the General Meeting can be found at
www.spineway.com
SPINEWAY IS ELIGIBLE FOR THE PEA-PME
(EQUITY SAVINGS PLANS FOR SMES)
his press release has been prepared in both
English and French. In case of discrepancies, the French version
shall prevail.
Spineway
designs, manufactures and markets innovative implants and surgical
instruments for treating severe disorders of the spinal
column.Spineway has an international network of
over 50 independent distributors and 90% of its revenue comes from
exports.Spineway, which is eligible for investment
through FCPIs (French unit trusts specializing in innovation), has
received the OSEO Excellence award since 2011 and has won the
Deloitte Fast 50 award (2011). Rhône Alpes INPI Patent Innovation
award (2013) – INPI Talent award (2015). ISIN:
FR0011398874 - ALSPW
Contacts:
Spineway Shareholder-services lineAvailable
Tuesday through Thursday(10 a.m. – 12 p.m.)+33 (0)811 045 555 |
PEA PME eligibleALSPW Euronext Growth |
Aelium Investor relationsSolène
Kennisspineway@aelium.fr |
Spineway (EU:ALSPW)
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