Reinach, December 8, 2020 – Evolva (SIX:EVE), the Swiss biotech company focused on the research, development and commercialization of products based on nature, today announced that it has amended the existing agreement for the issuance and subscription of additional convertible notes with Nice & Green, an independent Swiss company specialized in corporate financing.
«With continued market share gains across product lines and the registration of nootkatone as a novel active ingredient for pest control applications in the US, we continue to focus on strengthening our manufacturing and supply chain. The newly secured funding will support the future growth on the path to cash break even by 2023» said Oliver Walker, CEO of Evolva.
Evolva is proactively creating financial flexibility, especially considering the limited market visibility during the pandemic. The convertible notes facility will be used to finance investments in connection with the expansion of Evolva’s business and may be drawn in tranches depending on the operational requirements and the opportunities for investments to continue to grow its business.
Under the amended agreement, Nice & Green has committed to increase the investment according to agreed conditions up to a maximum principal amount of another CHF 12 million over a period of 12 months (including remaining tranches from first investment, Evolva can now draw up to CHF 17 million). The principal amount of each convertible note is, at Evolva’s discretion, either repayable by way of conversion into ordinary shares of the company, or in cash. The conversion price is 95 percent of the lowest daily volume weighted average price for a share on the SIX Swiss Exchange during the 6 trading days immediately preceding the conversion.