Circio Holding ASA: Requested Conversion of Convertible Bonds
Reference is made to Circio Holding ASA's (the "Company") outstandingconvertible bonds as issued to Atlas Special Opportunities, LLC ("Atlas")underthe Investment Agreement entered into between Atlas and the Company in March2023.
Atlas has, by a notice of conversion, requested conversion of convertiblebondswith a nominal value of NOK 2,000,000. Pursuant to the bond terms, theconversion price is NOK 0.5256. As the conversion price cannot be set lowerthanthe nominal value of the share, the conversion price for the conversion is setto NOK 0.6 and the NOK 2,000,000 convertible bonds are convertible into3,333,333 new shares in the Company.
The Company's share capital will accordingly be increased by NOK 1,999,999.80bythe issuance of 3,333,333 new shares in the Company at a conversion price ofNOK0.6, upon completion of the conversion by registration of the share capitalincrease in the Norwegian Register of Business Enterprises (Nw.:Foretaksregisteret). Following the conversion, the Company's total sharecapitalwill be NOK 52,486,542.6 divided into 87,477,571 shares, each with a nominalvalue of NOK 0.60.
The difference between NOK 0.6 and NOK 0.5256, a value of approximately NOK248,000, will be settled separately with Atlas.
For further information, please contact:Erik Digman Wiklund, CEOPhone: +47 413 33 536Email: erik.wiklund@circio.com
Lubor Gaal, CFOPhone: +34 683343811Email: lubor.gaal@circio.com
About Circio
Building next generation RNA technology for nucleic acid medicine
Circio Holding ASA is a biotechnology company developing powerful circular RNAvector expression technology for next generation nucleic acid medicine.
Circio has established a unique circular RNA (circRNA) vector expressionplatform for novel DNA, RNA and viral therapeutics. The proprietary circVectechnology is based on a modular genetic cassette design for efficientbiogenesis of multifunctional circRNA inside cells, which can be deployed inmultiple therapeutic settings, including genetic medicine, cell therapy andchronic disease. The circVec platform has demonstrated up to 15-fold enhancedand more significantly more durable protein expression vs. classic mRNA vectorsystems and has the potential to become a new gold-standard platformtechnologyfor nucleic acid and viral therapeutics in the future. The circRNA R&Dactivities are being conducted by the wholly owned subsidiary Circio AB basedatthe Karolinska Institute in Stockholm, Sweden.
In addition, Circio is developing a pan-RAS cancer vaccine, TG01, targetingKRASdriver mutations. TG01 is currently being tested in two clinical trials: RAS-mutated pancreatic and lung cancer in the USA and multiple myeloma in Norway.These studies are being run through academic and industry collaborativenetworks, supported by prestigious research grants from Innovation Norway andthe Norwegian Research Council, creating read-outs and future optionality forthe program at low cost to Circio.
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