EQS-Adhoc: Achiko secures convertible loan facility with Yorkville Advisors of USD 2.5 million, with a provisional extension of up to USD 9.5 million
EQS Group-Ad-hoc: Achiko AG / Key word(s): Financing
Achiko secures convertible loan facility with Yorkville Advisors of USD 2.5 million, with a provisional extension of up to USD 9.5 million
Zurich, 26 November 2020 - Achiko AG (SWX:ACHI, ISIN CH0522213468) announces the completion of a convertible loan facility with US based fund manager Yorkville Advisors Global LP ("Yorkville"), signing a convertible loan facility of up to USD 12 million. It is constituted of a committed USD 2.5 million and an extension of up to USD 9.5 million. The conditional share capital of 7.8 million is foreseen to serve the committed loan facility.
Achiko plans to apply these funds to the production of its Gumnuts test kits as well as Teman Sehat, its pandemic management ecosystem. Gumnuts is a novel cost-effective, non-invasive test for Covid-19 that Achiko licensed from Regenacellx.sl.
"The recent progress with vaccines is great news for all of us, and we're looking forward to the pandemic coming to an end. However, we do believe that testing will be with us for a longer period, and we're excited to put a budget-friendly solution in Gumnuts on the market shortly", said Steven Goh, CEO of Achiko. "We're encouraged by our field trials for Gumnuts and the progress with our mobile test results and check-in app, Teman Sehat. The newly secured funding will allow us to continue that path as well as extend our Gumnuts test kit to a wider range of pathogens in the future".
Yorkville Vice President Investments Joseph Simone said, "We're excited to work with Steven and the Achiko team in providing cost-effective test kits to underserved markets globally. We also believe in the importance of the Teman Sehat technology and the need for a digital ecosystem. We hope the convertible loan facility will help fund the growth and future of Achiko."
The development of our patent pending diagnostic testing kit for Covid-19 (Gumnuts) provides an easy and effective way to help people get the information they need. This is complemented by our mobile check-in app (Teman Sehat), enabling users to manage their diagnostic experiences on their own terms, safeguard their privacy, share experiences and find community.
We are headquartered in Zurich, with offices in Hong Kong, Jakarta, Singapore and Seoul.
The Yorkville Advisors' partners have decades of experience structuring micro and small-cap investments and understand and appreciate the volatility inherent to the space. The firm tailors its investments to the unique needs of each issuer working directly with management to implement the proper financing solution. Since its inception in 2001, Yorkville Advisors has completed over 700 company investments totalling more than USD 4B in value in over 20 countries.
End of ad hoc announcement
|Listed:||SIX Swiss Exchange|
|EQS News ID:||1150706|
|End of Announcement||EQS Group News Service|
1150706 26-Nov-2020 CET/CEST