Mauna Kea Technologies sets up an equity financing facility with Kepler Cheuvreux
Mauna Kea Technologies announces today the establishment of an equity financing facility with Kepler Cheuvreux acting as financial intermediary under an underwriting commitment.
In accordance with the terms of the agreement, Kepler Cheuvreux has undertaken to subscribe for a maximum of 6,000,000 shares at its own initiative, over a maximum period of 24 months, subject to the contractual conditions being met. The shares will be issued on the basis of the volume-weighted average share price over the two trading days preceding each issue, less a maximum discount of 6.0%. These conditions allow Kepler Cheuvreux to guarantee the subscription of the shares over the duration of the contract.
Mauna Kea Technologies retains the right to suspend or terminate this agreement at any time.
Short-term financing of the business.
As of December 31, 2020, the Company had €8.6 million in available cash, which, given its sales prospects and the various sources of financing (repayable advance, research tax credit), will enable the company to finance its opérations until August 31, 2021. With the implementation of this flexiblefinancing, representing an indicative amount of €9.31 million, the Company will strengthen its cash position to enable it to finance the continuation of its activities on the basis of the current strategy until the second quarter of 2022.
In the event that this financing facility is used in full, a shareholder holding 1.00% of the capital of Mauna Kea Technologies prior to its implementation would see his or her stake fall to 0.84% of the capital on a non-diluted basis2.
The number of shares issued under this agreement and admitted to trading will be communicated on the Mauna Kea Technologies website.
This transaction was advised and structured by Vester Finance.
It was implemented in accordance with the 24th resolution of the Shareholders' Meeting of July 2, 2020, delegating to the Board of Directors its authority to issue securities to categories of persons, in accordance with the provisions of the French Commercial Code and in particular Articles L. 225-129-2, L. 225-138 and L. 228-92 of the French Commercial Code.
The present issue does not give rise to the preparation of a prospectus subject to the visa of the AMF.
1. On the indicative basis of the average of the last three trading sessions of the Mauna Kea Technologies share price as of April 21, 2021 less the discount and fees.
2. On the basis of the 30,588,580 outstanding share capital as of March 31, 2021