Subject to certain conditions, IRIS will fund up to 12 tranches of nominal CHF 1 million each in a staggered manner. In exchange, IRIS will receive Santhera shares at a discount to the applicable volume weighted average price (VWAP).
During the term of the financing, IRIS is expected to sell shares on the market or in block trades under a share lending arrangement with Santhera.
In connection with the financing, Santhera will issue shares out of its authorized share capital in compliance with Santhera’s articles of incorporation, the Board of Directors has excluded the preemptive rights of the existing shareholders.
Santhera has the option to extend this financing in the aggregate gross amount of up to additional CHF 12 million over a further period of up to 12 months after the initial period, under similar terms and conditions.