DGAP-Ad-hoc: cyan AG / Key word(s): Financing
cyan AG: Convertible bond program with a total volume of up to EUR 8.4 million approved
Munich, January 14, 2021 - The Management Board of cyan AG today resolved, with the consent of the Supervisory Board, a Convertible Notes Funding Program ("CNFP") authorizing the issuance of convertible notes with a total volume of up to EUR 8.4 million.
The program comprises up to eight consecutive tranches, each with a total nominal amount of EUR 1.05 million. Each tranche will consist of 105 convertible bonds with a nominal value of EUR 10,000 per convertible bond. The term of each tranche will be 24 months after issuance. The issue will take place under exclusion of subscription rights of existing shareholders.
After issuing a tranche, cyan AG has the right, but not the obligation, to draw further tranches out of the seven outstanding tranches. The issuance of the first tranche is mandatory. The interest rate is 0.0%. The conversion price is set at 95% of the lowest daily volume-weighted average price of the last six trading days (XETRA) prior to exercise of the conversion right. However, it amounts to at least EUR 10.47 and thus at least 80% of the value of the average closing price (XETRA) of the share on the ten trading days prior to the issue of the bond. cyan AG has simultaneously entered into an agreement with NICE & GREEN S.A., Switzerland, under which NICE & GREEN S.A. is obliged to subscribe to the respective tranches issued by cyan AG.
The transaction was accompanied by ODDO SEYDLER BANK AG as Capital Markets Advisor.
Information and Explanation of the Issuer to this News:
Today, the group of companies has more than 50 international customers, through which cyan prod-ucts are sold to approximately 50 million end customers. cyan can offer products along the entire value chain from platform, data optimization to cyber security. In addition, cyan operates its own Research & Development Centre with the aim of identifying trends in the industry at an early stage and developing optimal product solutions. In December 2018, cyan was able to win a global group contract with Orange in an international tendering process. cyan's cooperation partners include the world's leading insurance broker Aon or Magenta Telekom.
Further information is available at www.cyansecurity.com.
14-Jan-2021 CET/CEST The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.
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1160624 14-Jan-2021 CET/CEST