Press release
Paris, 8th December 2020
Levine Keszler advises AB Science and Alpha Blue Ocean on optional equity financing in the form of a PACT™.
AB Science has set up, with a fund controlled by Alpha Blue Ocean, a Programme d’Augmentation de Capital à Terme(PACT™).
Alpha Blue Ocean has undertaken to subscribe, for a period of 24 months, at AB Science’s request, to capital increases in tranches of between 500,000 and 1.0 million shares, up to an overall limit of 4.0 million shares.
For each tranche, 75% of the issue proceeds will be placed in an escrow account in the books of a third party financial institution following settlement and delivery of the AB Science shares concerned by the corresponding capital increase. The balance of the issue proceeds will be definitively acquired by AB Science.
According to pre-established trading rules for each tranche, Alpha Blue Ocean will be responsible for the orderly sale, on or off the market, of the AB Science shares thus subscribed. 95% of the proceeds of the sale will be paid monthly to AB Science, directly by Alpha Blue Ocean or by drawing on the escrow account referred to above.
This is a new type of financial transaction on the French market. Known in the United States as an ‘ ATM offering ’ (a capital increase carried out in one or more tranches at market price by an intermediary), PACT™ financing, created in its French form by the investment company Alpha Blue Ocean, is being inaugurated by AB Science.
Levine Keszler advised AB Science and Alpha Blue Ocean on this transaction.
Counsel to AB Science and Alpha Blue Ocean :
Levine Keszler (Pierre Treille, partner, Mickaël Guillemot)
The full press release is attached.
