Reports and Releases
FIT Biotech Oy: Conversion of FIT Biotech Oy’s Convertible Capital Notes into shares
FIT Biotech Oy
Company release April 24, 2018 at 4:30 PM EET
Conversion of FIT Biotech Oy's Convertible Capital Notes into shares
Related to Convertible Note and Warrant Programmes established on September 26, 2016 between the FIT Biotech Oy ("Company") and Suomen Itsenäisyyden Juhlarahasto Sitra ("Sitra") the Company's Board of Directors have resolved on April 24, 2018 to approve Sitra's request relating to the funding programme to convert EUR 227,000 worth of Convertible Capital Notes into the Company's K shares. The amount to be converted is equal to the unconverted amount of Convertible Capital Notes owned by Sitra.
Due to the conversion of the Convertible Capital Notes, the Company transfers 445,098,039 K shares owned by the Company to Sitra with the conversion price of EUR 0.00051 per share and the reserve for invested unrestricted equity of the Company will be increased by EUR 227,000.00. The Board authorization is based on the General Meeting of April 12, 2018, in which the Board is authorized to issue shares owned by the Company in situations where the Company views it necessary, including in implementing existing funding programmes. With this procedure, all Convertible Capital Notes owned by Sitra have been converted into shares.
The K shares will be admitted to trading on First North Finland on or about April 27, 2018.
After this transaction FIT Biotech Oy has listed shares amounting to 1,457,307,467 K shares.
FIT BIOTECH OY
Board of Directors
For further information:
CEO Erkki Pekkarinen
Tel: +358 44 027 0080
Certified Advisor: Aalto Capital Partners Oy, tel. +358 40 587 7000
About FIT Biotech
FIT Biotech Oy is a biotechnology company established in 1995. The company develops and licenses its patented GTU® (Gene Transport Unit) vector technology for new-generation medical treatments. GTU® is a gene transport technology that meets an important medical challenge in the usability of gene therapy and DNA vaccines.
FIT Biotech applies GTU® technology in its drug development programmes. Application areas include cancer (gene therapy) and infectious diseases such as HIV and tuberculosis, as well as animal vaccines.
FIT Biotech shares are listed on the First North Finland marketplace maintained by Nasdaq Helsinki Oy.
NASDAQ OMX Helsinki