Strengthening cash position and Reserved capital increase

Government-backed loan of €1.13M secured

Reserved capital increase of €4.6M implemented

Spineway, specialist in designing innovative surgical implants and instruments for treating severe disorders of the spinal column, expects the gradual return of spinal surgeries worldwide. In order to meet the needs of this recovery, the company has welcomed some of its employees back on the premises after implementing the new health and safety rules required following the lifting of the COVID-19 stay-at-home order to lessen the risk of the virus spreading to employees. For now, employees whose jobs are conducive to working remotely remain at home. This will change as needs evolve due to the return to activity and the health authorities’ recommendations.

Strengthening of cash position

As part of the French government’s efforts to provide help for companies, Spineway obtained its banks’ approval of a government-backed loan for 1 130 000 euros. This loan strengthens the Group’s financial position and will allow it to maintain its activities until spinal surgeries start up again throughout the areas in which it operates.

Reserved capital increase

The Chairman and CEO, in accordance with the power to subdelegate granted to him by the Board of Directors on 8 April 2020, which was itself acting following power granted to it by the Extraordinary and Ordinary General Shareholders’ Meeting of 3 October 2019, decided to implement a capital increase reserved for Negma Group Ltd of a nominal amount of €4 565 217. The capital was increased by offsetting the result from the differentials between the prices applied for the last conversions of issues pursuant to the existing agreement for convertible bonds with attached warrants between Negma Group Ltd and the company, and the market price for Company shares.

Spineway thus issued 456 521 700 new ordinary shares at a par value of €0.01 per share. As of completion of this transaction, Spineway’s capital is made up of 1 716 092 779 shares, 73.23% of which are free floating. The deadline for clearing and settlement is 22 May 2020.

The new shares issued pursuant to this private investment represent 26.6% of the capital. The new shares are treated the same and listed on Euronext Paris’ Euronext Growth market on the same listing line as the previously existing shares (ISIN: FR0011398874).

Upcoming: 26 May 2020 – General Meeting

All the information and documentation concerning the General Meeting can be found at

SPINEWAY IS ELIGIBLE FOR THE PEA-PME (EQUITY SAVINGS PLANS FOR SMES)

his press release has been prepared in both English and French. In case of discrepancies, the French version shall prevail.

Spineway designs, manufactures and markets innovative implants and surgical instruments for treating severe disorders of the spinal column.

Spineway has an international network of over 50 independent distributors and 90% of its revenue comes from exports.

Spineway, which is eligible for investment through FCPIs (French unit trusts specializing in innovation), has received the OSEO Excellence award since 2011 and has won the Deloitte Fast 50 award (2011). Rhône Alpes INPI Patent Innovation award (2013) – INPI Talent award (2015).

ISIN: FR0011398874 - ALSPW

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