Higher cantonal composition authority issues written court decision in respect to the amendments to the terms of the 2024 convertible bonds
Source: GlobeNewswireAllschwil, Switzerland – June 28, 2024
Idorsia Ltd (SIX: IDIA) today announced that it has received the written decision from the higher cantonal composition authority (obere kantonale Nachlassbehörde) (the Court) in respect to the approval of the amendments of the terms of its outstanding convertible bonds originally maturing on July 17, 2024 (ISIN: CH0426820350) decided at the bondholder meeting held on May 6, 2024.
If no appeal is filed within the statutory period of 30 days, the amendments will be effective, and the company will transfer the consent fee of 8,000 shares per Bond. Considering the statutory court standstill period of one month, the end of the 30-day appeal period will be on August 29, 2024. If no appeal is made, the company expects to transfer the shares on September 5, 2024.
The cut-off date in respect of the consent fee is September 2, 2024, which means that bondholders holding the Bonds on – or who have purchased the Bonds by – September 2, 2024, will receive the consent fee. The ex-date in respect of the consent fee is September 3, 2024, which means that bondholders purchasing the Bonds on September 3, 2024, will not receive the consent fee.
Notes to the editor
About Idorsia
Idorsia Ltd is reaching out for more – We have more ideas, we see more opportunities and we want to help more patients. In order to achieve this, we will develop Idorsia into a leading biopharmaceutical company, with a strong scientific core.
Headquartered near Basel, Switzerland – a European biotech-hub – Idorsia is specialized in the discovery, development and commercialization of small molecules to transform the horizon of therapeutic options. Idorsia has a 25-year heritage of drug discovery, a broad portfolio of innovative drugs in the pipeline, an experienced team of professionals covering all disciplines from bench to bedside, and commercial operations in Europe and North America – the ideal constellation for bringing innovative medicines to patients.
Idorsia was listed on the SIX Swiss Exchange (ticker symbol: IDIA) in June 2017 and has over 750 highly qualified specialists dedicated to realizing our ambitious targets.
For further information, please contact
Andrew C. Weiss
Senior Vice President, Head of Investor Relations & Corporate Communications
Idorsia Pharmaceuticals Ltd, Hegenheimermattweg 91, CH-4123 Allschwil
+41 58 844 10 10 – investor.relations@idorsia.com – media.relations@idorsia.com – www.idorsia.com
The above information contains certain "forward-looking statements", relating to the company's business, which can be identified by the use of forward-looking terminology such as "estimates", "believes", "expects", "may", "are expected to", "will", "will continue", "should", "would be", "seeks", "pending" or "anticipates" or similar expressions, or by discussions of strategy, plans or intentions. Such statements include descriptions of the company's investment and research and development programs and anticipated expenditures in connection therewith, descriptions of new products expected to be introduced by the company and anticipated customer demand for such products and products in the company's existing portfolio. Such statements reflect the current views of the company with respect to future events and are subject to certain risks, uncertainties and assumptions. Many factors could cause the actual results, performance or achievements of the company to be materially different from any future results, performances or achievements that may be expressed or implied by such forward-looking statements. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described herein as anticipated, believed, estimated or expected.
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