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PAION AG (FRA:PA8) PAION AG TO ISSUE APPROX. 5 MILLION SHARES AT EUR 1.54 PER SHARE IN CAPITAL INCREASE WITH SUBSCRIPTION RIGHTS

Directive transparence : information réglementée

19/03/2021 20:13

DGAP-Ad-hoc: PAION AG / Key word(s): Capital Increase
PAION AG TO ISSUE APPROX. 5 MILLION SHARES AT EUR 1.54 PER SHARE IN CAPITAL INCREASE WITH SUBSCRIPTION RIGHTS

19-March-2021 / 20:13 CET/CEST
Disclosure of an inside information acc. to Article 17 MAR of the Regulation (EU) No 596/2014, transmitted by DGAP - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.


NOT FOR DISTRIBUTION OR RELEASE, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES OR ANY OTHER JURISDICTION IN WHICH THE DISTRIBUTION OR RELEASE WOULD BE UNLAWFUL.

PAION AG TO ISSUE APPROX. 5 MILLION SHARES AT EUR 1.54 PER SHARE IN CAPITAL INCREASE WITH SUBSCRIPTION RIGHTS

Aachen (Germany), 19 March 2021 - The Management Board of the specialty pharmaceutical company PAION AG (PA8; ISIN DE000A0B65S3; Frankfurt Stock Exchange, Prime Standard) ("PAION" or the "Company") has today decided with the approval of the Supervisory Board of the same day, to increase the Company's registered share capital against contribution in cash from EUR 66,241,493.00 by EUR 5,095,499.00 to EUR 71,336,992.00 by issuing 5,095,499 new, registered, no-par value shares with a notional value of EUR 1.00 each (the "New Shares"), each with full dividend entitlement as of the fiscal year beginning 1 January 2020 while granting subscription rights to existing shareholders.

The ODDO BHF Aktiengesellschaft, Frankfurt, has committed to offer the New Shares for sale to the existing shareholders of the Company at a subscription ratio of 13:1 (indirect subscription right); that is thirteen old shares entitle the shareholder to subscribe for one New Share. The subscription price is EUR 1.54 per share. Shareholders may subscribe for the New Shares during the subscription period in the rights offering, which is expected to commence on 24 March 2021 at 00:00 midnight CET and end on 6 April 2021 at 24:00 midnight CEST. The subscription rights to the New Shares (ISIN DE000A2GS567/WKN A2GS56) are expected to be traded during the period from 24 March 2021 to and including 31 March 2021 on the regulated market (XETRA Frankfurt Specialist) under the ticker symbol PA8B on the Frankfurt Stock Exchange.

In addition und subject to certain terms and conditions, a U.S.-based institutional investor has committed vis-à-vis the Company and ODDO BHF Aktiengesellschaft to acquire any New Shares not subscribed for by existing shareholders or other investors in connection with the rights offering at the subscription price (backstop commitment).

For further details on the capital increase with subscription rights, please see the subscription offer provisionally planned to be published in the electronic Federal Gazette on 23 March 2021 and on the website of PAION AG (www.paion.com).

PAION will receive gross proceeds of almost EUR 8 million from the capital increase with subscription rights. Moreover, PAION will draw down the third tranche of the financing agreement with the European Investment Bank (EIB) in the amount of EUR 7.5 million.

PAION will use the net proceeds from the capital increase to prepare commercial launches for its product portfolio in selected European countries and for general corporate purposes.

End of inside information

Disclaimer:

This release contains certain forward-looking statements concerning the future business of PAION AG. These forward-looking statements contained herein are based on the current expectations, estimates and projections of PAION AG's management as of the date of this release. They are subject to a number of assumptions and involve known and unknown risks, uncertainties and other factors. Should actual conditions differ from the Company's assumptions, actual results and actions may differ materially from any future results and developments expressed or implied by such forward-looking statements. Considering the risks, uncertainties and other factors involved, recipients should not rely unreasonably upon these forward-looking statements. PAION AG has no obligation to periodically update any such forward-looking statements to reflect future events or developments.

This release does not constitute an offer of securities for sale or a solicitation of an offer to purchase securities of PAION AG in the United States or any other jurisdiction. Neither this announcement nor anything contained herein shall form the basis of, or be relied upon in connection with, any offer or commitment whatsoever in any jurisdiction. The securities of PAION AG may not be offered or sold in the United States absent registration or an exemption from registration under the U.S. Securities Act of 1933, as amended (the "Securities Act"). The securities of PAION AG have not been, and will not be, registered under the Securities Act.

PAION Contact
Ralf Penner
Vice President Investor Relations/Public Relations
Heussstraße 25
52078 Aachen - Germany
Phone +49 241 4453-152
E-mail r.penner@paion.com
www.paion.com


Information and Explanation of the Issuer to this News:

Disclaimer:

This release contains certain forward-looking statements concerning the future business of PAION AG. These forward-looking statements contained herein are based on the current expectations, estimates and projections of PAION AG's management as of the date of this release. They are subject to a number of assumptions and involve known and unknown risks, uncertainties and other factors. Should actual conditions differ from the Company's assumptions, actual results and actions may differ materially from any future results and developments expressed or implied by such forward-looking statements. Considering the risks, uncertainties and other factors involved, recipients should not rely unreasonably upon these forward-looking statements. PAION AG has no obligation to periodically update any such forward-looking statements to reflect future events or developments.

This release does not constitute an offer of securities for sale or a solicitation of an offer to purchase securities of PAION AG in the United States or any other jurisdiction. Neither this announcement nor anything contained herein shall form the basis of, or be relied upon in connection with, any offer or commitment whatsoever in any jurisdiction. The securities of PAION AG may not be offered or sold in the United States absent registration or an exemption from registration under the U.S. Securities Act of 1933, as amended (the 'Securities Act'). The securities of PAION AG have not been, and will not be, registered under the Securities Act.

PAION Contact
Ralf Penner
Vice President Investor Relations/Public Relations
Heussstraße 25
52078 Aachen - Germany
Phone +49 241 4453-152
E-mail r.penner@paion.com
www.paion.com


19-March-2021 CET/CEST The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.
Archive at www.dgap.de


Language: English
Company: PAION AG
Heussstraße 25
52078 Aachen
Germany
Phone: +49 (0)241-4453-0
Fax: +49 (0)241-4453-100
E-mail: info@paion.com
Internet: www.paion.com
ISIN: DE000A0B65S3
WKN: A0B65S
Listed: Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Munich, Stuttgart, Tradegate Exchange
EQS News ID: 1177046

 
End of Announcement DGAP News Service

1177046  19-March-2021 CET/CEST

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