ACRES COMMERCIAL REALTY CORP. REPORTS RESULTS FOR SECOND QUARTER 2024
Alvotech (NASDAQ: ALVO), a global biotech company focused on biosimilar medicines, has issued 22,073,578 new ordinary shares to holders of subordinated convertible bonds. The conversion occurred at a fixed price of US$10.00 per share. These bonds were originally issued on November 16, 2022, and December 20, 2022, with a maturity date of December 20, 2025. Most of the bondholders exercising their conversion rights are existing Alvotech shareholders. Following this conversion, Alvotech's total issued shares have increased to 324,801,040, with 301,944,470 outstanding shares. The newly issued shares will be delivered to their owners within seven business days.
Alvotech (NASDAQ: ALVO), un'azienda biotecnologica globale focalizzata sui farmaci biosimilari, ha emesso 22.073.578 nuove azioni ordinarie a favore dei possessori di obbligazioni convertibili subordinate. La conversione è avvenuta a un prezzo fisso di 10,00 USD per azione. Queste obbligazioni sono state originariamente emesse il 16 novembre 2022 e il 20 dicembre 2022, con una data di scadenza fissata per il 20 dicembre 2025. La maggior parte dei detentori di obbligazioni che esercitano i loro diritti di conversione sono azionisti già esistenti di Alvotech. Dopo questa conversione, il numero totale di azioni emesse da Alvotech è aumentato a 324.801.040, con 301.944.470 azioni in circolazione. Le nuove azioni emesse saranno consegnate ai loro proprietari entro sette giorni lavorativi.
Alvotech (NASDAQ: ALVO), una empresa biotecnológica global enfocada en medicamentos biosimilares, ha emitido 22.073.578 nuevas acciones ordinarias a los tenedores de bonos convertibles subordinados. La conversión se realizó a un precio fijo de 10,00 USD por acción. Estos bonos se emitieron originalmente el 16 de noviembre de 2022 y el 20 de diciembre de 2022, con una fecha de vencimiento del 20 de diciembre de 2025. La mayoría de los tenedores de bonos que ejercen sus derechos de conversión son accionistas existentes de Alvotech. Tras esta conversión, el total de acciones emitidas por Alvotech ha aumentado a 324.801.040, con 301.944.470 acciones en circulación. Las nuevas acciones emitidas se entregarán a sus propietarios dentro de los siete días hábiles.
Alvotech (NASDAQ: ALVO)는 바이오 시밀러 의약품에 주력하는 글로벌 생명공학 회사로, 22,073,578주의 신규 보통주를 후순위 전환사채 보유자에게 발행했습니다. 전환은 주당 10.00달러의 고정 가격으로 이루어졌습니다. 이 채권은 원래 2022년 11월 16일 및 2022년 12월 20일에 발행되었으며, 만기일은 2025년 12월 20일입니다. 전환권을 행사하는 채권 보유자의 대부분은 기존 Alvotech 주주입니다. 이 전환 후, Alvotech의 총 발행 주식 수는 324,801,040주로 증가했습니다, 이 중 301,944,470주는 유통 중입니다. 새로 발행된 주식은 소유자에게 영업일 기준 7일 내에 전달될 예정입니다.
Alvotech (NASDAQ: ALVO), une entreprise biopharmaceutique mondiale axée sur les médicaments biosimilaires, a émis 22.073.578 nouvelles actions ordinaires aux détenteurs d'obligations convertibles subordonnées. La conversion a eu lieu à un prix fixe de 10,00 USD par action. Ces obligations ont été initialement émises le 16 novembre 2022 et le 20 décembre 2022, avec une date d'échéance fixée au 20 décembre 2025. La plupart des obligataires exerçant leurs droits de conversion sont des actionnaires existants d'Alvotech. Suite à cette conversion, le nombre total d'actions émises par Alvotech a augmenté à 324.801.040, avec 301.944.470 actions en circulation. Les nouvelles actions émises seront remises à leurs propriétaires dans un délai de sept jours ouvrables.
Alvotech (NASDAQ: ALVO), ein globales Biotech-Unternehmen, das sich auf biosimile Medikamente konzentriert, hat 22.073.578 neue Stammaktien an Inhaber von nachrangigen Wandelanleihen ausgegeben. Die Umwandlung erfolgte zu einem festen Preis von 10,00 USD pro Aktie. Diese Anleihen wurden ursprünglich am 16. November 2022 und am 20. Dezember 2022 ausgegeben, mit einem Fälligkeitsdatum am 20. Dezember 2025. Die meisten Obligationäre, die ihr Umwandlungsrecht ausüben, sind bestehende Aktionäre von Alvotech. Nach dieser Umwandlung ist die gesamt ausgegebene Aktienanzahl von Alvotech auf 324.801.040 gestiegen, wobei 301.944.470 Aktien im Umlauf sind. Die neu ausgegebenen Aktien werden innerhalb von sieben Geschäftstagen an ihre Eigentümer geliefert.
- Conversion of bonds to shares may improve the company's debt-to-equity ratio
- Majority of convertible bondholders are existing shareholders, potentially indicating confidence in the company
- Issuance of new shares may lead to dilution of existing shareholders' ownership
- The fixed conversion price of $10.00 per share may be higher than the current market price, potentially impacting investor sentiment
Insights
Alvotech's recent issuance of 22,073,578 new ordinary shares in exchange for convertible bonds marks a significant financial maneuver that warrants close attention. This conversion, occurring at a fixed price of
The conversion's timing, well ahead of the bonds' December 2025 maturity, suggests confidence among bondholders in Alvotech's long-term prospects. It's particularly noteworthy that the majority of converting bondholders are existing shareholders, indicating strong internal support for the company's direction.
Post-conversion, Alvotech's capital structure has shifted significantly. The total number of issued shares has increased to 324,801,040, with 301,944,470 outstanding. This 7.3% increase in outstanding shares will impact key financial metrics such as earnings per share and could potentially affect the stock's valuation.
From a balance sheet perspective, this conversion strengthens Alvotech's financial position by reducing debt and associated interest expenses. However, investors should be aware that this comes at the cost of equity dilution. The fixed conversion price of
Looking ahead, this move could enhance Alvotech's financial flexibility, potentially positioning the company for future growth initiatives or investments in its biosimilar pipeline. However, the market's reaction to this dilution will be critical to monitor in the coming trading sessions.
Alvotech's recent financial maneuver, converting a substantial portion of its convertible bonds into equity, carries significant implications for its position in the competitive biosimilar market. This move suggests a strategic pivot towards a more equity-heavy capital structure, which could provide greater flexibility in pursuing its ambitious biosimilar development pipeline.
The biosimilar industry is capital-intensive, requiring substantial investments in research, development and manufacturing capabilities. By reducing its debt burden, Alvotech may be better positioned to allocate resources towards advancing its product candidates through clinical trials and regulatory approvals. This is particularly important in the fast-evolving biosimilar landscape, where speed to market can be a key differentiator.
Moreover, the strong participation of existing shareholders in this conversion indicates a vote of confidence in Alvotech's long-term strategy and potential. This internal support could be pivotal as the company navigates the complex regulatory pathways and potential patent litigations typical in the biosimilar space.
However, it's important to note that while this financial restructuring may strengthen Alvotech's balance sheet, it doesn't directly impact the company's product pipeline or market position. Investors should continue to closely monitor Alvotech's progress in advancing its biosimilar candidates, particularly in high-value therapeutic areas such as oncology and immunology.
In the broader context of the global push for more affordable biologics, Alvotech's reinforced financial position could enhance its competitiveness in this rapidly growing market. However, success will ultimately hinge on the company's ability to successfully develop, manufacture and commercialize its biosimilar products in an increasingly crowded field.
REYKJAVIK, Iceland, July 01, 2024 (GLOBE NEWSWIRE) -- Alvotech (NASDAQ: ALVO), a global biotech company specializing in the development and manufacture of biosimilar medicines for patients worldwide, today issued new shares to holders of subordinated convertible bonds, originally issued by Alvotech on November 16, 2022, and December 20, 2022, with maturity on December 20, 2025 (the “Convertible Bonds”).
Today, Alvotech issued 22,073,578 new ordinary shares in exchange for Convertible Bonds, at the fixed price of US
Following the conversion of the Convertible Bonds into shares, the total number of issued shares in Alvotech is 324,801,040 and the total number of outstanding shares is 301,944,470. Pursuant to terms of the Convertible Bonds, the newly issued shares shall be delivered to their owners no later than seven business days from today.
About Alvotech
Alvotech is a biotech company, founded by Robert Wessman, focused solely on the development and manufacture of biosimilar medicines for patients worldwide. Alvotech seeks to be a global leader in the biosimilar space by delivering high quality, cost-effective products, and services, enabled by a fully integrated approach and broad in-house capabilities. Alvotech has launched two biosimilars. The current development pipeline includes nine disclosed biosimilar candidates aimed at treating autoimmune disorders, eye disorders, osteoporosis, respiratory disease, and cancer. Alvotech has formed a network of strategic commercial partnerships to provide global reach and leverage local expertise in markets that include the United States, Europe, Japan, China, and other Asian countries and large parts of South America, Africa and the Middle East. Alvotech’s commercial partners include Teva Pharmaceuticals, a US affiliate of Teva Pharmaceutical Industries Ltd. (US), STADA Arzneimittel AG (EU), Fuji Pharma Co., Ltd (Japan), Advanz Pharma (EEA, UK, Switzerland, Canada, Australia and New Zealand), Cipla/Cipla Gulf/Cipla Med Pro (Australia, New Zealand, South Africa/Africa), JAMP Pharma Corporation (Canada), Yangtze River Pharmaceutical (Group) Co., Ltd. (China), DKSH (Taiwan, Hong Kong, Cambodia, Malaysia, Singapore, Indonesia, India, Bangladesh and Pakistan), YAS Holding LLC (Middle East and North Africa), Abdi Ibrahim (Turkey), Kamada Ltd. (Israel), Mega Labs, Stein, Libbs, Tuteur and Saval (Latin America) and Lotus Pharmaceuticals Co., Ltd. (Thailand, Vietnam, Philippines, and South Korea). Each commercial partnership covers a unique set of product(s) and territories. Except as specifically set forth therein, Alvotech disclaims responsibility for the content of periodic filings, disclosures and other reports made available by its partners. For more information, please visit www.alvotech.com. None of the information on the Alvotech website shall be deemed part of this press release.
ALVOTECH INVESTOR RELATIONS AND GLOBAL COMMUNICATIONS
Benedikt Stefansson, VP
alvotech.ir@alvotech.com
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FAQ
How many new shares did Alvotech (ALVO) issue in July 2024?
What was the conversion price for Alvotech's (ALVO) convertible bonds?
When will Alvotech (ALVO) deliver the newly issued shares to their owners?
What is the total number of outstanding shares for Alvotech (ALVO) after the bond conversion?
