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, Switzerland, Nov. 26, 2020 (GLOBE NEWSWIRE) -- 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.”
About Achiko AG
We create solutions with a great user experience, for the transformation of the healthcare industry.
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.
About Yorkville Advisors
Based in Mountainside, New Jersey, Yorkville Advisors is an experienced investment firm that focuses on driving shareholder value by providing growth and acquisition capital to small-cap and micro-cap issuers globally. With a significant balance sheet and a broad investment mandate across sectors and geographies, Yorkville Advisors is often the sole investor in a capital raise, which allows for a controlled and disciplined exit strategy.
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.
Media contacts:
ACHIKO AG
Investor Relations
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Marcus Balogh
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Germany and Austria
Axel Mühlhaus / Dr Sönke Knop
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Disclaimer
This communication expressly or implicitly contains certain forward-looking statements concerning Achiko AG and its business. Such statements involve certain known and unknown risks, uncertainties and other factors, which could cause the actual results, financial condition, performance or achievements of Achiko AG to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Achiko AG is providing this communication as of this date and does not undertake to update any forward-looking statements contained herein as a result of new information, future events or otherwise.
