Far more than the required two thirds of the bonds approve the conversion, namely
Major hurdle for continued going concern of Cytos taken
Reduction of the remaining debt by CHF 2 million
Schlieren (Zurich), Switzerland, 26 January 2015 – Cytos Biotechnology Ltd. ("Cytos") today announced that its bondholders have approved the conversion of the bonds with far more than the required quorum, namely 83.96% of all outstanding bonds eligible for voting. This resolution will be submitted to the superior composition authority of creditors of the canton of Zurich ("Obere Kantonale Nachlassbehörde") for approval. Cytos will convene a shareholders meeting to create the shares necessary for the conversion. A two third majority of the shares represented will be required at the shareholder meeting for the ordinary capital increase.
In addition, Cytos announced today, that loan notes with a nominal amount of CHF 2 million were exchanged with convertible bonds with a nominal value of CHF 4 million. The applicable price for the convertible bonds of 50% corresponds to the volume weighted average price since the announcement of the restructuring on 6 January 2015. Due to the mandatory conversion of the bonds into newly created shares, the remaining debt of Cytos will be reduced by CHF 2 million.
For further information, please contact:
Cytos Biotechnology Ltd
Harry Welten, MBA
Chief Financial Officer
Tel: +41 44 733 46 46
About Cytos Biotechnology Ltd
Cytos is a public biopharmaceutical company located in Schlieren (Zurich), Switzerland. The Company is listed
according to the Main Standard on the SIX Swiss Exchange Ltd under the symbol CYTN.
Forward Looking Statements
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