Alvotech (ALVO) has released an update.
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Alvotech, a leading biotech company, has announced that the majority of its subordinated convertible bonds will be converted into ordinary shares on July 1, 2024. This conversion is expected to result in the issuance of approximately 22.1 million new shares, with the exact number contingent on the Icelandic krona to U.S. dollar exchange rate on June 27, 2024. The bonds were issued in two tranches and all holders of the Icelandic krona denominated bonds have chosen to convert.
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