Spineway announces the reorientation of equity alliance plans and the signature of a financing agreement

IMS project was a complex but very interesting project for the company, with an opportunity of market development and vertical integration. In acknowledgement of difficulties with the implementation of operations, furthermore the stock market did not follow up, we decided to terminate the acquisition of equity in IMS. Today, we have acquired 6.9% of IMS, but we will not go further in this acquisition.
Meanwhile, we have reorganized the whole company. We benefit now from an adapted commercial restructuring, a range of known products, and renewed and motivated teams. We can now consider equity investments with other market players having more similar activities: projects we are currently working on.
Regarding the financial part, we have signed a financing agreement with NEGMA GROUP LTD for the issue of bonds convertible into shares with attached warrants. We know that this kind of financing agreement is dilutive, but from now on, its use will be “in the hands” of Spineway. This financing is done by issuing bonds convertible without interest, for a maximum nominal amount of 40 million euros and for a maximum duration of 32 months into new shares. Some warrants are attached to these bonds. This new contract allows us to guarantee the financing of the growth of our activity in the long term, as well as our equity investment plans. No more systematic issuance.
« This structural transaction marks the beginning of a new path for our company. With well-known products, renewed and motivated teams, and a redesigned corporate plan, this financing represents the puzzle piece that is essential to our redeployment and will allow us to make Spineway a leader on its market.” said Mr Le Roux – CEO of Spineway.

Learn more: http://www.spineway.com/finance/files/CP/2019/en_CP_SPW_OCABSA_VD_GB.pdf