Validation by Sanyou Medical's Board of Directors of Its Commitment to Subscribe up to €5 Million to IMPLANET's Planned Capital Increase
December 11 2023 - 1:00PM
Business Wire
- The planned capital increase remains subject to the approval of
the relevant Chinese government authorities, expected in January
2024
- Drawdown by IMPLANET of the balance of the bond issue
contracted last October
Regulatory News:
IMPLANET (Euronext Growth: ALIMP, FR0013470168, eligible for
PEA-PME plans) (Paris:ALIMP), a medical technology company
specializing in implants for orthopedic surgery and the
distribution of technological medical equipment, announces the
agreement of Sanyou Medical's Board of Directors to its commitment
to subscribe up to €5 million to IMPLANET's forthcoming capital
increase, and to draw down the balance of the bond issue contracted
last October.
As announced in the press releases of September 28, 2023, and
October 31, 2023, IMPLANET is planning to launch a capital increase
with preferential subscription rights of between €5.5 million and
€6.4 million (excluding the possible exercise of a maximum 15 %
extension option) in January 2024.
Sanyou Medical, which holds a 41.03% stake in IMPLANET's
capital, had pledged to subscribe to the capital increase in cash
on an irreducible and reducible basis to the tune of €5 million
subject to the approval of Sanyou Medical's Board of Directors.
Sanyou Medical has informed IMPLANET that its Board of
Directors, meeting on December 7, 2023, approved the planned
capital increase and confirmed its commitment to subscribe up to €5
million.
To date, the planned capital increase is only subject to the
approval of the relevant Chinese government authorities, which is
expected in January 2024.
The final terms of the capital increase and its timetable will
be announced in a forthcoming press release.
IMPLANET also announces that it has drawn down the second and
final tranche of the bond issue contracted last October,
representing a net amount of €0.50 million for the Company.
As announced in the press release of October 11, 2023, the
non-dilutive non-convertible bonds, whose maturity date is April
30, 2024, are to be repaid no later than five working days of the
earlier of (i) April 30, 2024, and (ii) the completion of the
planned capital increase.
In the event of (i) the Company not repaying the bonds due or
(ii) the Company does not launch the planned capital increase
before January 31, 2024, the Company has undertaken to allocate
free share subscription warrants to the holders of the
non-convertible bonds, enabling them to redeem the bonds in shares.
The Company will issue a press release if necessary.
Based on current cashflow assumptions and in the absence of any
new sources of funding being obtained, the drawdown of this second
tranche will provide the Company with financing until the end of
February 2024.
Based on current assumptions regarding activity and anticipated
commercial developments with Sanyou Medical, the Company estimates
that the capital increase, for a minimum amount of €5 million,
would give it financial visibility of over 12 months once
implemented.
Upcoming financial
publication
- 2023 annual revenue, on January 15, 2024, after market
close
About IMPLANET
Founded in 2007, IMPLANET is a medical technology company that
manufactures high-quality implants for orthopedic surgery and
distributing medical technology equipment. Its activity revolves
around a comprehensive innovative solution for improving the
treatment of spinal pathologies (JAZZ®) complemented by the product
range offered by Orthopaedic & Spine Development (OSD),
acquired in May 2021 (thoraco-lumbar screws, cages and cervical
plates). Implanet’s tried-and-tested orthopedic platform is based
on the traceability of its products. Protected by four families of
international patents, JAZZ® has obtained 510(k) regulatory
clearance from the Food and Drug Administration (FDA) in the United
States, the CE mark in Europe and ANVISA approval in Brazil. In
2022, IMPLANET entered into a commercial, technological and
financial partnership with SANYOU MEDICAL, China's second largest
medical device manufacturer. IMPLANET employs 43 staff and recorded
a consolidated revenue of €8.0 million in 2022. Based near Bordeaux
in France, IMPLANET opened a US subsidiary in Boston in 2013.
IMPLANET is listed on the Euronext Growth market in Paris.
For further information, please visit www.Implanet.com.
Disclaimer
This press release contains forward-looking statements about
Implanet and its business. Implanet believes that these
forward-looking statements are based on reasonable assumptions.
However, no assurance can be given that the forecasts expressed in
these forward-looking statements will materialize, as they are
subject to risks, including those described in Implanet's reference
document filed with the Autorité des marchés financiers (AMF) on
April 16, 2018 under number D.18-0337, in the annual financial
report for December 31, 2022 and in the half-year report for June
30, 2023, which are available on the Company's website
(www.implanet-invest.com), and to changes in economic conditions,
financial markets and the markets in which Implanet operates. The
forward-looking statements contained in this press release are also
subject to risks that are unknown to Implanet or that Implanet does
not currently consider material. The occurrence of some or all of
these risks could cause Implanet's actual results, financial
condition, performance or achievements to differ materially from
those expressed in the forward-looking statements. This press
release is for information purposes only and does not and shall not
under any circumstances constitute an offer to sell or subscribe,
or the solicitation of an order to buy or subscribe, Implanet
securities in any country.
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version on businesswire.com: https://www.businesswire.com/news/home/20231211994425/en/
IMPLANET Ludovic Lastennet, CEO David Dieumegard, CFO
Tél. : +33 (0)5 57 99 55 55 investors@Implanet.com
NewCap Investor Relations Mathilde Bohin Nicolas Fossiez
Tél.: +33 (0)1 44 71 94 94 Implanet@newcap.eu
NewCap Media Relations Arthur Rouillé Tél.: +33 (0)1 44
71 94 94 Implanet@newcap.eu
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