28.02.2024 06:45:16
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Relief Therapeutics Renews CHF 50 million Share Subscription Facility
Relief Therapeutics Holding SA / Key word(s): Financing Relief Therapeutics Renews CHF 50 million Share Subscription Facility
GENEVA (FEB. 28, 2024) – RELIEF THERAPEUTICS Holding SA (SIX: RLF, OTCQB: RLFTF, RLFTY) (Relief, or the Company), a biopharmaceutical company committed to delivering innovative treatment options for select specialty, unmet and rare diseases, today announced the renewal of its CHF 50 million Share Subscription Facility (SSF) agreement with GEM Global Yield LLC SCS and GEM Yield Bahamas Limited (GEM). This transaction underscores the ongoing commitment of GEM, the Company’s largest shareholder since 2016, to continue fostering Relief’s strategic and development initiatives with greater financial flexibility. Relief and GEM have agreed to renew the SSF agreement for an additional three-year period. Under the terms of the agreement, Relief has the right to periodically issue and sell shares to GEM for a cumulated amount of up to CHF 50 million. GEM undertakes to subscribe to Relief ordinary shares upon Relief's issuance of a drawdown notice. Relief will control the timing and maximum amount of any drawdown and retains the right to draw down on the full commitment amount, subject to the customary terms of the SSF agreement. Future subscription prices under the SSF will correspond to 90% of the average of the closing prices on the SIX Swiss Exchange during the reference period, which corresponds to 15 trading days following Relief's draw down notice. GEM also agreed to forgive an outstanding liability of CHF 1.37 million previously payable by Relief to GEM. Relief has committed to issuing GEM warrants to purchase up to 3.35 million ordinary shares at a purchase price of CHF 1.70 per share, exercisable from the issuance date, and expiring on January 20, 2027. The issuance of these warrants, as well as the ability of the Company to draw on the SSF, is contingent upon shareholder approval for a reduction in the nominal value of the Company’s ordinary shares at the next general meeting. “We are pleased to announce the renewal of our Share Subscription Facility with GEM, a decision that strengthens Relief’s financial foundation for the next three years. GEM’s CHF 50 million capital commitment reflects continued support for Relief’s development plans and long-term goals,” commented Michelle Lock, interim chief executive officer of Relief. Corporate update Under Ms. Lock’s guidance, Relief is actively conducting a thorough review of its strategic plans and development projects. The Company is committed to implementing a scalable, industry standard infrastructure, aimed at ensuring a sustainable path forward, enhancing shareholder value, and contributing positively to global healthcare. The Company anticipates providing a comprehensive corporate and portfolio update in the early second quarter of 2024. ABOUT GEM ABOUT RELIEF THERAPEUTICS CONTACT: DISCLAIMER Additional features: File: Ad hoc End of Inside Information |
Language: | English |
Company: | Relief Therapeutics Holding SA |
Avenue de Secheron 15 | |
1202 Geneva | |
Switzerland | |
Phone: | +41 22 545 11 16 |
E-mail: | contact@relieftherapeutics.com |
Internet: | https://relieftherapeutics.com |
ISIN: | CH0100191136 |
Valor: | 10019113 |
Listed: | SIX Swiss Exchange |
EQS News ID: | 1846501 |
End of Announcement | EQS News Service |
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1846501 28-Feb-2024 CET/CEST
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