Achiko Secures Up to $12.6M in Equity and Debt Financing Lines with RiverFort Over Three… | Your money

0

ZURICH, Switzerland, April 20, 2022 (GLOBE NEWSWIRE) — Ad hoc announcement pursuant to Art. 53LR – Achiko SA (OTCQB: ACHKF; SIX: ACHI; ISIN CH0522213468) (“Achiko”, the “Company”) announces that it has entered into an equity subscription agreement (“ESS”) with institutional investor RiverFort Global Opportunities PCC Limited ( “RiverFort”) for the next thirty-six months. The agreement provides up to US$10.5 million to help fund the production of AptameX ™ in Indonesia and expanding business operations for the continued fight against the spread and impact of Covid-19 as well as other contemporary diagnostic solutions beyond Covid-19. The facility was arranged through the FCA regulated intermediary RiverFort Global Capital Limited based in London.

In addition to the ESS, RiverFort has entered into an unsecured loan facility of up to US$2.1 million over two years with immediate funding of US$315,000 (the “mezzanine loan”, the ESS and the mezzanine being together the “facilities”). The amortization payments for the Mezzanine Loan may, at Achiko’s option, be settled through the grant of a stock option which allows RiverFort to subscribe for additional equity securities of Achiko.

Achiko and RiverFort view the facility capital allocation not only as an investment in Achiko, but also as the starting point for a long-term strategic partnership to advance Achiko’s projects and expansion in the ongoing struggle. against the challenges presented by Covid-19. at the World level.

Achiko plans to apply the initial funds to the production of AptameX in Indonesia. The company has already invested in active compounds and plastics and needs the funds to complete production of around 1,000,000 test kits for its proprietary aptamer-based Covid-19 test system as initial inventory before wider marketing deployment. This follows the completion of production preparations in Indonesia, admission to the government purchase list in Indonesia, establishment of a production line in Taiwan and successful selectivity testing in Spain. against new variants, including the Omicron.

“Testing and therapy will be a critical part of our response as we learn to live with Covid-19,” said Achiko CEO Steven Goh. “This funding enables us to achieve an important milestone in the commercialization of our flagship product, AptameX, and to meet the challenge of our new normal. The facilities provide Achiko with increased flexibility to fund its growth over the next three years.

“Achiko immediately presented us with a deep understanding of the ongoing challenges of Covid-19 globally and the complexities of distributing services related to testing geographically diverse populations. We have been impressed with Achiko’s business plans and the markets in which they operate and will operate and are delighted to be able to partner with them as a financial partner as they expand their operations,” said Gytis Martinkus , CEO of RiverFort Global. Capital.

If Achiko elects to settle the mezzanine loan repayments by issuing a stock option to RiverFort, the subscription price over the term of the options will be set at 90% of the lowest volume-weighted average price during of the ten previous trading days VWAP on each subscription of options. Other Facilities Key Terms; (i) a 3 month cash refund or Achiko’s election to grant a stock option, and warrant cover, to be issued at the company’s next annual or special meeting , whichever comes first, (ii) the facility agreements contain customary warranties, covenants and covenants. In addition, in consideration for the facilities, Achiko has agreed to grant to RiverFort corresponding warrants exercisable at a premium in the market and to the extent drawn down, subject to the passing of certain resolutions at the next general meeting of shareholders of Achiko.

ABOUT ACHIKO AG Achiko AG (OTCQB: ACHKF; SIX: ACHI.SW; www.achiko.com ) develops breakthrough diagnostic solutions that put people first. The company’s flagship product is a fast and reliable Covid-19 test with a companion app offering a user-friendly digital health passport. The test and companion app were launched in Indonesia in mid-2021 and an application for CE mark approval in Europe will be submitted in 2022.

Achiko creates and develops aptamer-based diagnostics through its biotechnology division, AptameXTM and complementary health applications through its digital mobile health technology division, Teman SehatTM. AptameX DNA aptamer assays can be rapidly chemically synthesized, are cost effective and have broad potential for the diagnosis of several diseases. Leveraging AptameX and Teman Sehat, Achiko aims to provide rapid, accurate and affordable diagnostic tests for a range of pathogenic diseases and therapeutic indications in the rapidly evolving field of healthcare diagnostics.

Based in Zurich, Achiko has offices in Jakarta and Singapore.

ABOUT RIVERFORT GLOBAL CAPITAL LTD RiverFort Global Capital Limited (“RGC”) is a London-based FCA regulated intermediary arranging comprehensive and innovative growth finance solutions for listed and private companies across a range of sectors . With her deep industry knowledge and experience, she prides herself on creating mutually beneficial partnerships with her funding sources. RGC has arranged for RiverFort Global Opportunities PCC Limited (an institutional investor) to invest in these facilities.

Media contacts:

ACHIKO AG Investor Relations E: [email protected]

Switzerland Marcus Balogh Farner Consulting Ltd. E: [email protected] Such. : +41 44 266 67 67

Disclaimer This communication expressly or implicitly contains certain forward-looking statements regarding Achiko AG and its business. Such statements involve certain known and unknown risks, uncertainties and other factors, which could cause the actual results, financial condition, performance or achievements of Achiko AG to be materially different from any future results, performance or achievements expressed or implied by these statements. – look at the statements. Achiko AG is providing this communication as of this date and does not undertake to update any forward-looking statements contained herein as a result of new information, future events or otherwise.


MyPillow CEO Mike Lindell Banned From Twitter Again

Copyright 2022 GlobeNewswire, Inc.


Source link

Share.

About Author

Comments are closed.