CanBas Co., Ltd.
Supplementary Explanation Materials Regarding the Issuance of the 22nd–24th Series of Stock Acquisition Rights
Announced a financing method combining the 22nd series of stock acquisition rights (with an exercise price adjustment clause) and a loan facility of 500 million yen to secure funds for the Phase 3 clinical trial. The 23rd and 24th series of stock acquisition rights initially have fixed exercise prices but may be subject to the adjustment clause depending on conditions. The total expected proceeds are 4,175 million yen, with a total potential dilution ratio of 24.35%.
Key Figures
- Expected Proceeds: 4,175 million yen
- Potential Dilution Ratio: Total 24.35%
- Loan Facility Amount: 500 million yen
AI要約
Overview of Capital Policy
These materials explain the design of a financing structure that combines stock acquisition rights and lending to meet funding needs for the Phase 3 clinical trial. The 22nd series of stock acquisition rights includes an exercise price adjustment clause to achieve a high degree of funding certainty, and a loan facility is being established in parallel. The 23rd and 24th series of stock acquisition rights initially have fixed exercise prices, but the adjustment clause can be applied by resolution of the Board of Directors. This approach aims to implement initial investments for the clinical trial flexibly while mitigating shareholder dilution.
Use of Funds and Risk Management
Funds will be applied to the CBP501 Phase 3 clinical trial in Europe and general business operating expenses. Execution of the loan facility will be carried out according to the progress of the Phase 3 trial; the borrowings will be unsecured, but a reservation agreement will be concluded to create a pledge on time deposits. By accommodating multiple timing needs for funding, the company diversifies the risk of financing failure and establishes a framework to undertake upfront investment expenditures with agility.
CanBas Co., Ltd.
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