Targeted & controlled bone healing
02 Dec 19
Kuros announces results of Rights Offering

Not for release, publication or distribution in the USA, the United Kingdom, Canada, Japan, Australia or Member States of the European Economic Area ("EEA").

Kuros announces results of Rights Offering

Schlieren (Zurich), Switzerland, December 2, 2019 – Kuros Biosciences (SIX: KURN) (the Company or Kuros) announces the results of the Rights Offering, first announced on November 19, 2019, in which a total of up to 6,405,022 new registered shares of Kuros sourced from the ordinary and authorized share capital with a nominal value of CHF 1.00 each were offered to Kuros’ existing shareholders at an Offer Price of CHF 1.95 per share.

 

At expiration of the rights exercise period on December 2, 2019, 12.00 noon CET, subscription rights for 2,325,474 new registered shares were validly exercised, representing 36.3% of the new registered shares offered.

 

4,079,548 new registered shares for which subscription rights were not exercised will be offered in the Share Offering to eligible institutional investors or others.

 

As previously announced, Kuros has obtained a binding order from Optiverder B.V., beneficially owned by Mr. C.A.C.M. Oomen, Delft, The Netherlands (the "Investor") for 2,818,718 Offered Shares at the subscription price of CHF 1.95 per Offered Share for an aggregate amount of CHF 5,496,500.10 (the "Investment") for the Share Offering.  The Company has decided to preferably allocate Offered Shares in the Share Offering to the Investor due to the Investor's early binding order, the size of its order and the signing of a lock-up of 90 days after the First Day of Trading by the Investor. The Company has further decided to fully allocate the Offered Shares required for the covering of the full Investment.

 

The Capital Increase will be implemented, since the number of shares subscribed in the Rights Offering together with binding orders from new investors to subscribe additional shares in the Share Offering exceed the minimum CHF 4 million gross proceeds, which allow the Company to accelerate commercialization of MagnetOs bone graft substitute in the U.S. and selected geographies in Europe.

 

Offered Shares in respect of which subscription rights have not been exercised are available for sale in a Share Offering that shall end on December 3, 2019 15:00 (CET).

 

The final number of new registered shares issued, and the gross proceeds raised via the Capital Increase will depend on, inter alia, the number of shares subscribed amongst existing and new equity investors. The final number of offered shares and gross proceeds from the Rights Offering and Share Placement will be announced on December 3, 2019 after market close. The listing of the new registered shares on the SIX Swiss Exchange and the delivery of the new registered shares against payment of the Offer Price are expected to take place on December 6, 2019.

 

Capitalized terms used in this press release have the meaning given to such terms in the offering and listing prospectus published by the Company on November 20, 2019.

 

Expected timetable

December 2, 2019:

12 noon CET: End of Rights Exercise Period

After close of trading: Announcement of number of Offered Shares for which Rights have been exercised and number of Offered Shares offered in the Share Placement

December 3, 2019:

15:00 (CET): End of Share Offering

December 4, 2019:

Board resolution on Capital Increase and publication of Supplement

December 6, 2019:

Listing of Offered Shares

Payment and Settlement



Kuros Biosciences AG
Wagistrasse 25, 8952 Schlieren, Switzerland
Tel: +41 44 733 47 47   Fax: +41 44 733 47 40   Email: info@kurosbio.com

About Kuros

  1. Overview
  2. Executive Committee
  3. Board
  4. Careers

Products

  1. MagnetOs

Pipeline

  1. Pipeline
  2. Spinal fusion
    KUR-113
  3. Fracture repair
    KUR-111
    KUR-113
  4. Surgical Sealants
    Neuroseal (KUR-023)

Technologies

  1. Surface Science Technology
  2. Fibrin-Based
  3. Synthetic Cross-Linking Technology
  4. Immune Modulation

Partnerships

  1. Collaborations
  2. Business Development

Investors

  1. Share price
  2. Regulatory filings
  3. Reports & Presentations
  4. Analysts
  5. Calendar
  6. Corporate governance

News

  1. Press releases
  2. Conferences & Events

Contact

  1. Location
Article
02 Dec 19
Kuros announces results of Rights Offering

Not for release, publication or distribution in the USA, the United Kingdom, Canada, Japan, Australia or Member States of the European Economic Area ("EEA").

Kuros announces results of Rights Offering

Schlieren (Zurich), Switzerland, December 2, 2019 – Kuros Biosciences (SIX: KURN) (the Company or Kuros) announces the results of the Rights Offering, first announced on November 19, 2019, in which a total of up to 6,405,022 new registered shares of Kuros sourced from the ordinary and authorized share capital with a nominal value of CHF 1.00 each were offered to Kuros’ existing shareholders at an Offer Price of CHF 1.95 per share.

 

At expiration of the rights exercise period on December 2, 2019, 12.00 noon CET, subscription rights for 2,325,474 new registered shares were validly exercised, representing 36.3% of the new registered shares offered.

 

4,079,548 new registered shares for which subscription rights were not exercised will be offered in the Share Offering to eligible institutional investors or others.

 

As previously announced, Kuros has obtained a binding order from Optiverder B.V., beneficially owned by Mr. C.A.C.M. Oomen, Delft, The Netherlands (the "Investor") for 2,818,718 Offered Shares at the subscription price of CHF 1.95 per Offered Share for an aggregate amount of CHF 5,496,500.10 (the "Investment") for the Share Offering.  The Company has decided to preferably allocate Offered Shares in the Share Offering to the Investor due to the Investor's early binding order, the size of its order and the signing of a lock-up of 90 days after the First Day of Trading by the Investor. The Company has further decided to fully allocate the Offered Shares required for the covering of the full Investment.

 

The Capital Increase will be implemented, since the number of shares subscribed in the Rights Offering together with binding orders from new investors to subscribe additional shares in the Share Offering exceed the minimum CHF 4 million gross proceeds, which allow the Company to accelerate commercialization of MagnetOs bone graft substitute in the U.S. and selected geographies in Europe.

 

Offered Shares in respect of which subscription rights have not been exercised are available for sale in a Share Offering that shall end on December 3, 2019 15:00 (CET).

 

The final number of new registered shares issued, and the gross proceeds raised via the Capital Increase will depend on, inter alia, the number of shares subscribed amongst existing and new equity investors. The final number of offered shares and gross proceeds from the Rights Offering and Share Placement will be announced on December 3, 2019 after market close. The listing of the new registered shares on the SIX Swiss Exchange and the delivery of the new registered shares against payment of the Offer Price are expected to take place on December 6, 2019.

 

Capitalized terms used in this press release have the meaning given to such terms in the offering and listing prospectus published by the Company on November 20, 2019.

 

Expected timetable

December 2, 2019:

12 noon CET: End of Rights Exercise Period

After close of trading: Announcement of number of Offered Shares for which Rights have been exercised and number of Offered Shares offered in the Share Placement

December 3, 2019:

15:00 (CET): End of Share Offering

December 4, 2019:

Board resolution on Capital Increase and publication of Supplement

December 6, 2019:

Listing of Offered Shares

Payment and Settlement