Reports and Releases
FIT Biotech Oy: Conversion of FIT Biotech Oy’s Convertible Capital Notes into shares
FIT Biotech Oy
Company release February 22, 2018 at 3:00 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 FIT Biotech Oy ("Company") and Bracknor Investment ("Bracknor") the Company's Board of Directors has resolved on February 22, 2018 to approve Bracknor's request relating to the funding programme to convert EUR 100,000 worth of Convertible Capital Notes into the Company's K shares.
Due to the conversion of the Convertible Capital Notes, the Company transfers 47,058,823 K shares owned by the Company to Bracknor with the conversion price of EUR 0.002125 per share and the reserve for invested unrestricted equity of the Company will be increased by EUR 100,000.00. The Board authorization is based on the Extraordinary General Meeting December 14, 2017.
The Company resolved on February 21, 2018 to issue 150,000,000 new K shares without payment to the Company itself based on the authorization granted by the extraordinary general meeting on December 14, 2017. The Company estimates that the new shares will be registered on the Finnish trade register on February 23, 2018. After this issuance and the transfer of the Company's own shares, the Company holds 112,022,260 K shares.
The K shares will be admitted to trading on First North Finland on or about February 26, 2018.
After this transaction FIT Biotech Oy has listed shares amounting to 382,836,030 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