On October 8, 2024 Medigene AG (Medigene, FWB: MDG1, Prime Standard, ISIN DE000A40ESG2), an oncology platform company specializing in the research and development of T cell receptor (TCR)-directed immunotherapies for the treatment of cancer, reported that it has entered into a Standby Equity Purchase Agreement (SEPA) with a fund managed by Yorkville Advisors Global, LP ("Yorkville") (Press release, MediGene, OCT 8, 2024, View Source [SID1234647088]).
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The SEPA entitles the Company to issue new Medigene shares from authorized capital, excluding shareholders’ subscription rights, and to sell them to Yorkville in several tranches for a total amount of up to EUR 15 million. Medigene may exercise this right at its own discretion and Yorkville is obliged to subscribe for and acquire the requested number of shares in accordance with the terms of the SEPA. The number of shares that can be issued in a single tranche may not exceed the lower of (a) 400,000 shares and (b) 100% of the average daily trading volume during the five trading days immediately preceding the Company’s exercise request.
The subscription price to be paid by Yorkville for each share issued under the SEPA will be equal to 95% of the average of the respective volume-weighted average price of the Medigene share on each of the five trading days following Medigene’s exercise request.
This agreement has a term of 36 months from the date of signing. Yorkville has also entered into a share lending agreement with DJSMontana Holding GmbH, the holding company of Prof. Dr. Dolores Schendel, the Company’s Chief Scientific Officer, pursuant to which DJSMontana Holding GmbH will lend Yorkville 400,000 Medigene shares to support the transaction.