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Cicor Group has successfully completed the offering of its mandatory convertible bond while preserving shareholders' preferential subscription rights. As of the end of the preferential subscription period on January 13, 2022, a total of 27.42% of all preferential subscription rights have been exercised. One Equity Partners LLC ("OEP") acquires a share in the issued mandatory convertible bond corresponding to CHF 8.077 million. Thus, an issuance volume of the mandatory convertible bond of CHF 20 million will be issued upon completion.
The mandatory convertible bond of Cicor Technologies Ltd. ("Cicor"; "Company"; ticker symbol of the registered shares listed on the SIX Swiss Exchange "CICN") in the aggregate principal amount of up to CHF 60.188 million, convertible into shares of the Company, was initially offered to existing shareholders by way of preferential subscription rights to enable them to participate in the offering. The preferential subscription rights could be exercised from January 3, 2022 until January 13, 2022 at 12:00 a.m. (CET) or traded on the SIX Swiss Exchange from January 3, 2022 until January 11, 2022. After the end of the preferential subscription period, bonds in the total nominal amount of CHF 11.923 million were subscribed by shareholders and investors by exercising preferential subscription rights (exercise ratio 27.42%). OEP, which waived the allocation of preferential subscription rights, acquires a share in the issued mandatory convertible bond corresponding to CHF 8.077 million. Thus, an issuance volume of the mandatory convertible bond of CHF 20 million will be issued upon completion.
The net proceeds of the offering are expected to increase Cicor's financial flexibility and strengthen its balance sheet in relation to future acquisitions.
Cicor further has the option to reopen the issuance of the mandatory convertible bond up to a total issue amount of CHF 60.188 million within the next 12 months, depending on the financing needs of the Company. OEP has committed to underwrite further bonds up to the total issue amount for this period. This ensures the possible further issuance of bonds in the amount of up to CHF 60.188 million in case of need.
The mandatory convertible bond is expected to be admitted to provisional trading on the SIX Swiss Exchange on January 20, 2022. Settlement is expected to take place on January 21, 2022. For this purpose, the Company is expected to publish a final prospectus for the issuance of the mandatory convertible bond on January 20, 2022.
Zürcher Kantonalbank acted as paying and conversion agent as well as selling agent and listing agent for the issue. Baker McKenzie Zurich advised Cicor on legal matters.