Reports and Releases
FIT Biotech Oy: FIT Biotech Oy converts Convertible Capital Notes into shares and exceeds the authorization granted in the Extraordinary General Meeting on February 6, 2018
FIT Biotech Oy
Company release March 21, 2018 at 03:30 PM EET
FIT Biotech Oy converts Convertible Capital Notes into shares and exceeds the authorization granted in the Extraordinary General Meeting on February 6, 2018
Related to Convertible Note and Warrant Programmes established on December 22, 2017 between the FIT Biotech Oy ("Company") and Alpha Blue Ocean ("ABO") the Company's Board of Directors have resolved on March 21, 2018 to approve ABO's request relating to the funding programme to convert EUR 50,000 worth of Convertible Capital Notes into the Company's K shares.
Due to the conversion of the Convertible Capital Notes, the Company transfers 62,500,000 K shares owned by the Company to ABO with the conversion price of EUR 0.0008 per share and the reserve for invested unrestricted equity of the Company will be increased by EUR 50,000.00. The Board authorization is based on Extraordinary General Meeting December 14, 2017.
The extraordinary general meeting of shareholders of February 6, 2018 decided to authorize the Board of Directors to grant special rights, as referred to in Chapter 10, section 1 of the Companies Act, for implementing the ABO funding programme and entitling to a maximum of 250,000,000 new or old K shares by way of converting the loan notes of the ABO programme. This current conversion will cause this authorization to be exceeded by 35,000,000 shares. The Board of Directors shall propose a new authorization for the annual general meeting of shareholders so that the ABO funding programme can be continued in accordance with its terms and shall also propose this exceeded authorization to be approved retroactively.
The Company holds 147,022,260 K shares after the issuance of these shares.
The K shares will be admitted to trading on First North Finland on or about March 26, 2018.
After this transaction FIT Biotech Oy has listed shares amounting to 762,209,428 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