70% debt write-off, from €40M to €12M
Remaining debt to be repaid over 10 years, with 90% between the end of 2029 and the end of 2035
Capital raise of €6.1M extending cash runway to the second half of 2027
Paris and Boston, November 14, 2025 – 7:45 a.m. CET – Mauna Kea Technologies (Euronext Growth: ALMKT) (the “Company”), inventor of Cellvizio®, the multidisciplinary probe and needle-based confocal laser endomicroscopy (p/nCLE) platform, today announced the full success of its financial restructuring and of its capital increase (the “Operation“), launched yesterday following the approval of its safeguard plan (the “Plan“) by the Paris Court of Economic Activities (Tribunal des Activités Économiques de Paris).
This operation concludes a major restructuring that sets a solid foundation for the Company to execute its operational plan:
- Improved balance sheet: Equity increased by €7.7M and total gross debt reduced by €28M (from €40M to €12M).
The Company is now effectively largely debt-free in the short and medium term, with 90% of repayments of the remaining debt (€12M) scheduled between the end of 2029 and the end of 2035, which should be funded by future cash flow.
- Financial visibility secured: The €6.1M capital raise secures the company’s cash runway until the second half of 2027.
In connection with this approval, the Company has raised a gross amount of €6.1M. The Operation consists of (i) a capital increase reserved for a category of investors for an amount of €5.9M by issuing 60,688,585 new ordinary shares with attached warrants (the “New ABSA“) at a price of €0.0973 per New ABSA (the “Reserved Capital Increase“), (ii) an offer for an amount of €0.2M by issuing 1,889,301 New ABSA at a price of €0.0973 per New ABSA, with waiver of shareholders’ preferential subscription rights, by way of a public offering to individual investors via the PrimaryBid platform (the “PrimaryBid Offer“), (iii) a capital increase reserved for the EIB (the “EIB Capital Increase“) for an amount of €1.7M by issuing 17,495,728 new ordinary shares (the “New Shares“) at a price of €0.0973 per New Share, fully paid up by set-off against claims, and (iv) a free allotment of 9,488,366 share subscription warrants (the “Warrants” or “BSA“) to the Company’s shareholders.
The final terms of the Operation, including details of the dilution associated with the Operation, are detailed in the Appendix.
The operation was successfully completed thanks to strong support from Vester Finance and other long-term investors, demonstrating support and confidence in the Company’s new roadmap.
In line with its commitments, the Company also confirms the upcoming implementation of the free allotment of free Warrants to all its shareholders to involve them in future value creation.
Sacha Loiseau, Chairman, CEO, and founder of Mauna Kea Technologies, commented: “The completion of our financial restructuring is a major milestone that marks the beginning of a new chapter for Mauna Kea, built on much stronger foundations which comes at a time when signs of growing global adoption of our products are becoming increasingly strong. The significant support of our new equity investors combined with the strong reduction in the Company’s debt enables Mauna Kea to focus on its sales growth and achieving profitability. I want to thank our investors, advisors, employees, customers and lenders for their engagement and support.”
The resumption of trading of Mauna Kea Technologies shares (ISIN: FR0010609263 / Ticker: ALMKT) will occur today at the opening of the Euronext Growth markets.
Dechert (Paris) LLP acted as legal counsel to the Company for the Operation. Clémence Vanacker acted as restructuring legal counsel in the context of the safeguard proceedings.
Invest Securities acted as placement agent for the Reserved Capital Increase.
