{"id":388998,"date":"2020-11-27T07:00:19","date_gmt":"2020-11-27T12:00:19","guid":{"rendered":"http:\/\/www.marketnewsdesk.com\/?p=388998"},"modified":"2020-11-27T07:00:19","modified_gmt":"2020-11-27T12:00:19","slug":"resolutions-at-the-extraordinary-general-meeting-in-bioinvent-on-november-27-2020","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/resolutions-at-the-extraordinary-general-meeting-in-bioinvent-on-november-27-2020\/","title":{"rendered":"Resolutions at the Extraordinary General Meeting in BioInvent on November 27, 2020"},"content":{"rendered":"<div class=\"xn-newslines\">\n<p class=\"xn-distributor\">PR Newswire<\/p>\n<\/p><\/div>\n<div class=\"xn-content\">\n<p>\n        <span class=\"xn-location\">LUND, Sweden<\/span>, <span class=\"xn-chron\">Nov. 27, 2020<\/span> \/PRNewswire\/ &#8212; <b>BioInvent International AB&#8217;s (publ) (&#8220;BioInvent&#8221;) <\/b>(OMXS: BINV)<b>\u00a0Extraordinary General Meeting (the &#8220;EGM&#8221;) today resolved to approve the Board of Directors&#8217; resolution on a directed issue of 29,395,311 new shares and 14,697,655 new warrants to CASI Pharmaceuticals Inc. including amendments of the Articles of Association, resolved on a reverse share split 1:25 and a reduction of the share capital with necessary amendments to the Articles of Association and authorized the Board of Directors to resolve on a new shares issue<\/b>\u00a0<b>of a maximum of 109,378,025 shares (corresponding to 4,375,121 shares after the reverse share split). <\/b><\/p>\n<p>The EGM resolved on amendment of \u00a7 4 (share capital) and \u00a7 5 (number of shares) of the Articles of Association\u00a0for\u00a0the purpose of enabling the directed issue of shares and warrants, as resolved by the Board of Directors on <span class=\"xn-chron\">27 October 2020<\/span> subject to the approval by the EGM. \u00a7 4 is amended in such way that the share capital shall amount to no less than 22,400,000 Swedish kronor (SEK) and no more than 89,600,000 Swedish kronor (SEK) (previously no less than 20,000,000 Swedish kronor (SEK) and no more than 80,000,000 Swedish kronor (SEK)). <\/p>\n<p>The EGM resolved to approve the Board of Directors&#8217; previous resolution on <span class=\"xn-chron\">October 27, 2020<\/span> on a directed issue of 29,395,311 new shares and 14,697,655 new warrants of series 2020\/2025, both to CASI Pharmaceuticals, Inc. Through the issue of the new shares, the share capital of the company will increase by <span class=\"xn-money\">SEK 2,351,624.88<\/span> and at the subscription for new shares following exercise of the warrants of series 2020\/2025, the share capital of the company may increase by maximum <span class=\"xn-money\">SEK 1,175,812.40<\/span>. The subscription price for each new share shall be <span class=\"xn-money\">SEK 2.09<\/span> per share and the warrants are issued at no separate option premium.\u00a0Subscription can only take place of all shares and warrants together and thus not of shares or warrants separately. One (1) warrant entitle the warrant holder to subscribe for one (1) new share in the company at a subscription price of <span class=\"xn-money\">SEK 3.14<\/span> per share\u00a0during the period from and including 27\u00a0November 2020 up to and including <span class=\"xn-chron\">27 November 2025<\/span>. The new shares are expected to be admitted to trading around <span class=\"xn-chron\">December 7, 2020<\/span>.<\/p>\n<p>Furthermore, the EGM resolved on a reverse share split and amendment of \u00a7 5 (number of shares) of the Articles of Association. The reverse share split will be carried out by twenty-five (25) existing shares consolidating into one (1) new share (<i>Sw. sammanl\u00e4ggning 1:25<\/i>). If a shareholders&#8217; holding of shares does not correspond to a full number of new shares, the excessive shares will pass to the company at the record date of the reverse share split. Excessive shares will thereafter be sold by Aktieinvest FK AB appointed by the company at the company&#8217;s expense, whereby concerned shareholders will receive their part of the sales proceeds. The EGM also resolved to authorize the Board of Directors to determine the record date for the reverse share split. The intention is to carry out the reverse share split during <span class=\"xn-chron\">December 2020<\/span> and more detailed information about the timetable is expected to be announced no later than the second week in December. Following the reverse share split, the number of shares in the company will decrease from 984,402,407 to 39,376,096. The reversed share split will result in a change of the share&#8217;s par value from <span class=\"xn-money\">SEK 0.08<\/span> to approximately <span class=\"xn-money\">SEK 2.00<\/span>. The resolution on amendment of the Articles of Association means that \u00a7 5 is amended in such way that the number of shares shall be not less than 37,500,000 and not more than 150,000,000 (previously not less than 280,000,000 and not more than 1,120,000,000). <\/p>\n<p>The EGM also resolved on a reduction of the share capital and amendment of \u00a7 4 (share capital) of the Articles of Association. The share capital shall be reduced by <span class=\"xn-money\">SEK 70,876,973.36<\/span>. Following the reduction, the share capital amounts to <span class=\"xn-money\">SEK 7,875,219.20<\/span>, allocated on in total 39,376,096 shares, each share with a quota value of <span class=\"xn-money\">SEK 0.20<\/span>. The reduction amount shall be allocated to unrestricted shareholders&#8217; equity and shall be made without retirement of shares.\u00a0The reduction of the share capital requires authorization from the Swedish Companies Registration Office (<i>Sw. Bolagsverket<\/i>) or a court of general jurisdiction. Provided that the required authorization is obtained, the resolution on the reduction will be implemented in <span class=\"xn-chron\">March 2021<\/span>. The resolution on amendment of the Articles of Association means that \u00a7 4 is amended in such way that the share capital shall amount to no less than 7,500,000 Swedish kronor (SEK) and no more than 30,000,000 Swedish kronor (SEK) (previously no less than 22,400,000 Swedish kronor (SEK) and no more than 89,600,000 Swedish kronor (SEK)). <\/p>\n<p>Finally, the EGM resolved to authorize the Board of Directors to, on one or several occasions during the period up to the next Annual General Meeting, resolve on the issue of a maximum of 109,378,025 shares (corresponding to 4,375,121 shares after the reverse share split). The issue may take place with or without a deviation from the shareholders&#8217; preferential right and against payment in cash or with or without provisions on contribution in kind or set-off or any other terms.\u00a0The purpose of the authorization is to increase the company&#8217;s financial flexibility and enable acquisitions by payment of shares.\u00a0The above authorization replaces the authorization the Board of Directors was granted at the Annual General Meeting 2020, regarding the time after the resolution of the general meeting at this EGM.<\/p>\n<p>The minutes from the extraordinary general meeting will be available on the company&#8217;s website,\u00a0<a target=\"_blank\" href=\"https:\/\/c212.net\/c\/link\/?t=0&amp;l=en&amp;o=2994717-1&amp;h=2163632498&amp;u=http%3A%2F%2Fwww.bioinvent.com%2F&amp;a=www.bioinvent.com\" rel=\"nofollow noopener noreferrer\">www.bioinvent.com<\/a>.<\/p>\n<p>\n        <b>About BioInvent<\/b>\n      <\/p>\n<p>BioInvent International AB (OMXS: BINV) is a clinical stage company that discovers and develops\u00a0novel and first-in-class immuno-modulatory antibodies for cancer therapies, with two ongoing\u00a0programs in Phase l\/ll clinical trials for the treatment of hematological cancer and solid tumors,\u00a0respectively. Two preclinical programs in solid tumors are expected to have entered clinical trials by the end of 2020. The company&#8217;s validated, proprietary F.I.R.S.T\u2122 technology platform simultaneously identifies both targets and the antibodies that bind to them, generating many promising new drug candidates to fuel the company&#8217;s own clinical development pipeline or for additional licensing and partnering.<\/p>\n<p>The company generates revenues from research collaborations and license agreements with multiple top-tier pharmaceutical companies, as well as from producing antibodies for third parties in the company&#8217;s fully integrated manufacturing unit. More information is available at\u00a0<a target=\"_blank\" href=\"https:\/\/c212.net\/c\/link\/?t=0&amp;l=en&amp;o=2994717-1&amp;h=2163632498&amp;u=http%3A%2F%2Fwww.bioinvent.com%2F&amp;a=www.bioinvent.com\" rel=\"nofollow noopener noreferrer\">www.bioinvent.com<\/a>.<\/p>\n<p>\n        <b>For further information, please contact:<\/b>\n      <\/p>\n<p>Martin Welschof, CEO\u00a0<br \/>+46 (0)46\u00a0286 85 50\u00a0\u00a0 <br \/><a target=\"_blank\" href=\"mailto:martin.welschof@bioinvent.com\" rel=\"nofollow noopener noreferrer\">martin.welschof@bioinvent.com<\/a>\u00a0\u00a0\u00a0\u00a0<\/p>\n<p>\n        <b>BioInvent International AB (publ)<\/b><br \/>\n        <br \/>Co. Reg. No. Org nr: 556537-7263<br \/>Visiting address: S\u00f6lvegatan 41<br \/>Mailing address: 223 70 LUND<br \/>Phone: +46 (0)46 286 85 50<br \/><a target=\"_blank\" href=\"https:\/\/c212.net\/c\/link\/?t=0&amp;l=en&amp;o=2994717-1&amp;h=2163632498&amp;u=http%3A%2F%2Fwww.bioinvent.com%2F&amp;a=www.bioinvent.com\" rel=\"nofollow noopener noreferrer\">www.bioinvent.com<\/a><\/p>\n<p>This information was brought to you by Cision <a target=\"_blank\" href=\"https:\/\/c212.net\/c\/link\/?t=0&amp;l=en&amp;o=2994717-1&amp;h=2057609144&amp;u=http%3A%2F%2Fnews.cision.com%2F&amp;a=http%3A%2F%2Fnews.cision.com\" rel=\"nofollow noopener noreferrer\">http:\/\/news.cision.com<\/a><\/p>\n<p>The following files are available for download:<\/p>\n<div>\n<table cellspacing=\"0\" cellpadding=\"0\" border=\"0\" class=\"prnsbt1 prnsbr1 prnsbb1 prnsbl1\">\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <a target=\"_blank\" href=\"https:\/\/c212.net\/c\/link\/?t=0&amp;l=en&amp;o=2994717-1&amp;h=3734485524&amp;u=https%3A%2F%2Fmb.cision.com%2FMain%2F583%2F3244992%2F1340917.pdf&amp;a=https%3A%2F%2Fmb.cision.com%2FMain%2F583%2F3244992%2F1340917.pdf\" class=\"prnews_a\" rel=\"nofollow noopener noreferrer\">https:\/\/mb.cision.com\/Main\/583\/3244992\/1340917.pdf<\/a><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen2\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Press release (PDF)<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<\/table><\/div>\n<p id=\"PURL\">\n        <img loading=\"lazy\" decoding=\"async\" title=\"Cision\" width=\"12\" height=\"12\" alt=\"Cision\" src=\"https:\/\/c212.net\/c\/img\/favicon.png?sn=IO05121&amp;sd=2020-11-27\" \/> View original content:<a id=\"PRNURL\" rel=\"nofollow\" href=\"http:\/\/www.prnewswire.com\/news-releases\/resolutions-at-the-extraordinary-general-meeting-in-bioinvent-on-november-27-2020-301181123.html\">http:\/\/www.prnewswire.com\/news-releases\/resolutions-at-the-extraordinary-general-meeting-in-bioinvent-on-november-27-2020-301181123.html<\/a><\/p>\n<p>SOURCE  BioInvent<\/p>\n<\/p><\/div>\n<p>    <img decoding=\"async\" alt=\"\" src=\"https:\/\/rt.prnewswire.com\/rt.gif?NewsItemId=IO05121&amp;Transmission_Id=202011270542PR_NEWS_USPR_____IO05121&amp;DateId=20201127\" style=\"border:0px;width:1px;height:1px\" \/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>PR Newswire LUND, Sweden, Nov. 27, 2020 \/PRNewswire\/ &#8212; BioInvent International AB&#8217;s (publ) (&#8220;BioInvent&#8221;) (OMXS: BINV)\u00a0Extraordinary General Meeting (the &#8220;EGM&#8221;) today resolved to approve the Board of Directors&#8217; resolution on a directed issue of 29,395,311 new shares and 14,697,655 new warrants to CASI Pharmaceuticals Inc. including amendments of the Articles of Association, resolved on a reverse share split 1:25 and a reduction of the share capital with necessary amendments to the Articles of Association and authorized the Board of Directors to resolve on a new shares issue\u00a0of a maximum of 109,378,025 shares (corresponding to 4,375,121 shares after the reverse share split). The EGM resolved on amendment of \u00a7 4 (share capital) and \u00a7 5 (number of shares) of the Articles &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.marketnewsdesk.com\/index.php\/resolutions-at-the-extraordinary-general-meeting-in-bioinvent-on-november-27-2020\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;Resolutions at the Extraordinary General Meeting in BioInvent on November 27, 2020&#8221;<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-388998","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Resolutions at the Extraordinary General Meeting in BioInvent on November 27, 2020 - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/resolutions-at-the-extraordinary-general-meeting-in-bioinvent-on-november-27-2020\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Resolutions at the Extraordinary General Meeting in BioInvent on November 27, 2020 - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"PR Newswire LUND, Sweden, Nov. 27, 2020 \/PRNewswire\/ &#8212; BioInvent International AB&#8217;s (publ) (&#8220;BioInvent&#8221;) (OMXS: BINV)\u00a0Extraordinary General Meeting (the &#8220;EGM&#8221;) today resolved to approve the Board of Directors&#8217; resolution on a directed issue of 29,395,311 new shares and 14,697,655 new warrants to CASI Pharmaceuticals Inc. including amendments of the Articles of Association, resolved on a reverse share split 1:25 and a reduction of the share capital with necessary amendments to the Articles of Association and authorized the Board of Directors to resolve on a new shares issue\u00a0of a maximum of 109,378,025 shares (corresponding to 4,375,121 shares after the reverse share split). The EGM resolved on amendment of \u00a7 4 (share capital) and \u00a7 5 (number of shares) of the Articles &hellip; Continue reading &quot;Resolutions at the Extraordinary General Meeting in BioInvent on November 27, 2020&quot;\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.marketnewsdesk.com\/index.php\/resolutions-at-the-extraordinary-general-meeting-in-bioinvent-on-november-27-2020\/\" \/>\n<meta property=\"og:site_name\" content=\"Market Newsdesk\" \/>\n<meta property=\"article:published_time\" content=\"2020-11-27T12:00:19+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/c212.net\/c\/img\/favicon.png?sn=IO05121&amp;sd=2020-11-27\" \/>\n<meta name=\"author\" content=\"Newsdesk\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Newsdesk\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"5 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/resolutions-at-the-extraordinary-general-meeting-in-bioinvent-on-november-27-2020\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/resolutions-at-the-extraordinary-general-meeting-in-bioinvent-on-november-27-2020\\\/\"},\"author\":{\"name\":\"Newsdesk\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/#\\\/schema\\\/person\\\/482f27a394d4fda80ecb5499e519d979\"},\"headline\":\"Resolutions at the Extraordinary General Meeting in BioInvent on November 27, 2020\",\"datePublished\":\"2020-11-27T12:00:19+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/resolutions-at-the-extraordinary-general-meeting-in-bioinvent-on-november-27-2020\\\/\"},\"wordCount\":1095,\"image\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/resolutions-at-the-extraordinary-general-meeting-in-bioinvent-on-november-27-2020\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/c212.net\\\/c\\\/img\\\/favicon.png?sn=IO05121&amp;sd=2020-11-27\",\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/resolutions-at-the-extraordinary-general-meeting-in-bioinvent-on-november-27-2020\\\/\",\"url\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/resolutions-at-the-extraordinary-general-meeting-in-bioinvent-on-november-27-2020\\\/\",\"name\":\"Resolutions at the Extraordinary General Meeting in BioInvent on November 27, 2020 - 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Market Newsdesk","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.marketnewsdesk.com\/index.php\/resolutions-at-the-extraordinary-general-meeting-in-bioinvent-on-november-27-2020\/","og_locale":"en_US","og_type":"article","og_title":"Resolutions at the Extraordinary General Meeting in BioInvent on November 27, 2020 - Market Newsdesk","og_description":"PR Newswire LUND, Sweden, Nov. 27, 2020 \/PRNewswire\/ &#8212; BioInvent International AB&#8217;s (publ) (&#8220;BioInvent&#8221;) (OMXS: BINV)\u00a0Extraordinary General Meeting (the &#8220;EGM&#8221;) today resolved to approve the Board of Directors&#8217; resolution on a directed issue of 29,395,311 new shares and 14,697,655 new warrants to CASI Pharmaceuticals Inc. including amendments of the Articles of Association, resolved on a reverse share split 1:25 and a reduction of the share capital with necessary amendments to the Articles of Association and authorized the Board of Directors to resolve on a new shares issue\u00a0of a maximum of 109,378,025 shares (corresponding to 4,375,121 shares after the reverse share split). The EGM resolved on amendment of \u00a7 4 (share capital) and \u00a7 5 (number of shares) of the Articles &hellip; Continue reading \"Resolutions at the Extraordinary General Meeting in BioInvent on November 27, 2020\"","og_url":"https:\/\/www.marketnewsdesk.com\/index.php\/resolutions-at-the-extraordinary-general-meeting-in-bioinvent-on-november-27-2020\/","og_site_name":"Market Newsdesk","article_published_time":"2020-11-27T12:00:19+00:00","og_image":[{"url":"https:\/\/c212.net\/c\/img\/favicon.png?sn=IO05121&amp;sd=2020-11-27","type":"","width":"","height":""}],"author":"Newsdesk","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Newsdesk","Est. reading time":"5 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.marketnewsdesk.com\/index.php\/resolutions-at-the-extraordinary-general-meeting-in-bioinvent-on-november-27-2020\/#article","isPartOf":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/resolutions-at-the-extraordinary-general-meeting-in-bioinvent-on-november-27-2020\/"},"author":{"name":"Newsdesk","@id":"https:\/\/www.marketnewsdesk.com\/#\/schema\/person\/482f27a394d4fda80ecb5499e519d979"},"headline":"Resolutions at the Extraordinary General Meeting in BioInvent on November 27, 2020","datePublished":"2020-11-27T12:00:19+00:00","mainEntityOfPage":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/resolutions-at-the-extraordinary-general-meeting-in-bioinvent-on-november-27-2020\/"},"wordCount":1095,"image":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/resolutions-at-the-extraordinary-general-meeting-in-bioinvent-on-november-27-2020\/#primaryimage"},"thumbnailUrl":"https:\/\/c212.net\/c\/img\/favicon.png?sn=IO05121&amp;sd=2020-11-27","inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/www.marketnewsdesk.com\/index.php\/resolutions-at-the-extraordinary-general-meeting-in-bioinvent-on-november-27-2020\/","url":"https:\/\/www.marketnewsdesk.com\/index.php\/resolutions-at-the-extraordinary-general-meeting-in-bioinvent-on-november-27-2020\/","name":"Resolutions at the Extraordinary General Meeting in BioInvent on November 27, 2020 - 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