Pixium Vision announces the implementation of a bridge financing
with Bpifrance and Sofinnova and a reverse stock split on the basis
of 1 new share for 50 existing shares
Pixium Vision announces
the implementation of a bridge financing
with Bpifrance and Sofinnova and
a reverse stock split on the basis of 1 new share
for 50 existing
shares
- Bridge
financing: 3 million
Euro convertible shareholders’
loan from Bpifrance and Sofinnova
to extend cash runway
to the end of November 2023
- Publication
of half-year financial statements
postponed to September 2023
- Reverse
stock split: implementation of a
reverse stock split process - allocation of 1 new ordinary
share with a par value of 1
Euro for 50 existing
ordinary shares with a par value of 0,02
Euro
- First
trading day for post-reverse stock split:
Thursday, September 21, 2023
- Resumption
of the right to exercise all the securities giving access to Pixium
Vision's share capital as from
Thursday, September 21, 2023
Paris,
France, July
28, 2023 –
19:00 CET – Pixium Vision SA (Euronext Growth Paris -
FR0011950641; Mnemo: ALPIX), a bioelectronics company developing
innovative vision systems to enable patients who have lost their
sight to live more independent lives, announces today that it
successfully negotiated a 3 million Euro convertible shareholders’
loan with Bpifrance and Sofinnova. A reverse stock split by 50 will
be implemented.
On July 28, 2023, Pixium Vision signed a
shareholders’ loan of 3 million Euro, consisting of. 2 million Euro
from Bpifrance Participations and 1 million Euro from Sofinnova
Capital VII (the “Shareholders’ Loan”) to be paid
before July 31, 2023. The term of the Shareholders’ Loan is 12
months from the execution date, unless the parties mutually agree
an extension of the maturity date. The Shareholder Loan is bearing
interest at 12% per annum. Apart from usual early repayment
options, the Shareholder Loan provides for repayment by set-off, at
each Lender’s election, upon Qualified Financing (i.e. minimum
financing amount of 15 million Euro through shares or securities,
including but not limited to convertible bonds).
This cash injection will help extend Pixium’s
cash runway until the end of November 2023, providing more
flexibility to pursue the Company’s longer-term funding needs to
support its strategic ambitions.
CEO Lloyd Diamond commented: "I am delighted to
announce this 3 million Euro convertible shareholders' loan from
Bpifrance and Sofinnova. This bridge financing is a testament to
the confidence of our partners in our vision and potential.
Together, we are building a future where AMD patients unable to
benefit from pharmacological treatment due to the severity of their
disease will be able to read and see faces again.”
Furthermore, the Company will present its
half-year financial statements in September 2023.
On July 27, 2023, the Board of Directors decided
to carry out a reverse stock split, as authorized by the Annual
General Meeting.
This reverse stock split is intended to reduce
Pixium Vision’s number of shares which may help in reducing share
price volatility and fostering stability.
The reverse stock split is a share exchange
transaction with no impact on the amount of the share capital: only
the par value of the share and, consequently, the number of
outstanding shares will be modified.
The reverse stock split operation will begin on
Monday, August 21, 2023, and end on Wednesday, September 20, 2023
(inclusive). The first day of trading for the new post-reverse
stock split will be Thursday, September 21, 2023.
The main terms of the operation are as
follows:
- Number of shares covered by the
reverse stock split: 149,020,186 (number of shares adjusted in
particular following the exercise of securities giving access to
the share capital prior to the suspension period and to be reduced
by the number of free shares definitively acquired and subject to a
lock-up period for which holders will have waived
compensation)
- Number of shares resulting from the
reverse stock split: 2,980,403 shares (subject to abovementioned
adjustments)
- ISIN of post-reverse stock split:
FR001400JX97
- Mnemonic code of the new shares:
ALPIX
The reverse stock split will not impact the
total value of Pixium Vision shares held in shareholder portfolios,
except with regard to fractional shares, which means, that each
shareholder will be automatically granted one new share per block
of 50 current shares by their financial intermediary.
Shareholders holding an exact multiple of 50
shares on Wednesday, September 20, 2023 will need take no further
action.
Shareholders whose current shares do not convert
into a whole number of new shares (i.e. who do not hold a multiple
of 50 current shares) will be responsible for purchasing or selling
the required number of current shares in order to avoid holding
fractional shares, and to obtain a multiple of 50 by Wednesday,
September 20, 2023 inclusive. After this deadline, shareholders who
do not hold a multiple of 50 current shares will be automatically
compensated for their fractional shares by their financial
intermediary within 30 days from Monday, September 25, 2023.
In practice, in application of Articles L.
228-6-1 and R. 228-12 of the French Commercial Code, within 30 days
from Monday, September 25, 2023, new shares corresponding to
fractional share rights that cannot be allotted individually will
be sold on the stock market by Société Générale Securities
Services. The proceeds of this sale will be distributed by their
financial intermediaries among the holders of fractional share
rights in proportion to their entitlement.
Notice of this reverse stock split will be
published in the French legal notice gazette (Bulletin des Annonces
Légales Obligatoires or BALO) on Friday, August 4, 2023 and
available on the following website:
https://www.journal-officiel.gouv.fr/pages/balo/.
The entire reverse stock split will be carried
out by Euronext Growth Paris.
In relation to this operation, the holders of
currently outstanding equity warrants, convertible bonds and all
other equity derivatives are hereby notified that, in accordance
with Articles L. 225-149-1 and R. 225-133 of the French
Commercial Code, the Pixium Vision Board of Directors has decided
to suspend exercise of these securities from Monday, August 14,
2023 (00:01 Paris time) until Wednesday, September 20, 2023
(inclusive).
The entire reverse stock split operation will be
carried out in accordance with the following estimated
timelines:
Friday, August 4, 2023 |
Publication of the notice of reverse stock split at the BALO |
Monday, August 14, 2023 to Wednesday, September 20, 2023
(inclusive) |
Period of suspension of exercise of securities giving access to the
share capital. |
Monday, August 21, 2023 to Wednesday, September 20, 2023
(inclusive) |
Period of reverse stock split transactions.Delisting of current
shares at the end of September 20, 2023. |
Thursday, September 21, 2023 |
Effective date of reverse stock splitFirst trading day for new
shares (new ISIN code).Resumption of the right of holders of
securities giving access to the share capital to obtain equity
securities. |
Friday, September 22, 2023 |
Record date |
Monday, September 25, 2023 to Tuesday, October 24, 2023
(inclusive) |
Period of fractional share compensation by financial
intermediaries. |
As indicated in previous press releases (link),
Pixium Vision continues to actively seek financing options to
support its strategic ambitions. The company is actively working
with investment banks mandated to assist in its search for
investors worldwide.
About Pixium Vision
Pixium Vision is creating a
world of bionic vision for those who have lost their sight,
enabling them to regain visual perception and greater autonomy.
Pixium Vision’s bionic vision systems are associated with a
surgical intervention and a rehabilitation period. Prima System
sub-retinal miniature photovoltaic wireless implant is in clinical
testing for patients who have lost their sight due to outer retinal
degeneration, initially for atrophic dry age-related macular
degeneration (dry AMD). Pixium Vision collaborates closely with
academic and research partners, including some of the most
prestigious vision research institutions in the world, such as
Stanford University in California, Institut de la Vision in Paris,
Moorfields Eye Hospital in London, Institute of Ocular Microsurgery
(IMO) in Barcelona, University hospital in Bonn, and UPMC in
Pittsburgh, PA. The Company is EN ISO 13485 certified and qualifies
as “Entreprise Innovante” by Bpifrance.Forward-Looking Statements.
This press release contains certain forward-looking statements.
Although the Company believes its expectations are based on
reasonable assumptions, these forward-looking statements are
subject to numerous risks and uncertainties, which could cause
actual results to differ materially from those anticipated. For a
discussion of risks and uncertainties which could cause the
Company's actual results, financial condition, performance or
achievements to differ from those contained in the forward-looking
statements, please refer to the Risk Factors (“Facteurs de
Risques”) section of the Company’s 2022 Annual Financial Report and
other documents the Company files with the AMF, which is available
on the AMF website (www.amf- france.org) or on the Company’s
website.
For more information:
http://www.pixium-vision.com/fr
Follow us on @PixiumVision;
www.facebook.com/pixiumvision
www.linkedin.com/company/pixium-vision
For more information:
http://www.pixium-vision.com/fr
Follow us on @PixiumVision;
www.facebook.com/pixiumvision
www.linkedin.com/company/pixium-vision
Contacts
Investor
RelationsPixium VisionOffer NonhoffChief
Financial Officerinvestors@pixium-vision.com |
Media
Relations Rose Piquante
ConsultingSophie
BaumontSophie.baumont@rosepiquante-consulting.com+33 6 27 74 74
49 |
- 2023.07.28 - Pixium - PR (bridge financing-reverse stock
split-publication of half-year financial statements) - final draft
EN
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