Avacta Group plc (GB:AVCT) has released an update.
Avacta Group plc, a UK-based life sciences company, has issued over 7.5 million new ordinary shares to service its convertible bond debts, with a principal repayment of £2.55 million and interest of £0.62 million. The Board has opted for share settlement over cash to maintain the company’s cash resources while continuing to review this decision quarterly. Following the share issue, the company’s total voting rights have increased, and the conversion price of the bonds has been reset based on the terms of the agreement.
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