BRAIN Biotech AG announced a private placement of 5,000 convertible bonds at a price of ?1,000 each for the gross proceeds of ?5,000,000 on March 8, 2023. The transaction will include participation from returning investor MP Beteiligungs-Gmbh. The transaction has been approved by the shareholders of the company.

The convertible bonds will bear interest at a rate of 6.52% p.a. on the nominal amount. They are due for repayment at the nominal amount on September 5, 2026 unless they have been converted or repaid before. The initial conversion price of ?5.04 was set with a conversion premium of 27% above the reference share price of ?3.97, which corresponds to the volume-weighted average price of the last three trading days.

The transaction is expected to close on March 5, 2024.