Reinach, March 25, 2020 – Evolva (SIX: EVE) has published today the agenda for its Annual General Meeting to be held on April 15, 2020. Physical attendance by shareholders is not permitted. Shareholders may cast their votes by the authorized independent proxy (please consult the invitation for further information).
Evolva recently announced the achievement of the financial performance targets and significant progress in building the business. The company plans to continue to invest in its growth by scaling up additional production capacities to keep up with increasing customer demand, launching a major new product, building necessary stock levels, and expedite activities to drive sales with nootkatone for pest control applications in the US. The company had cash and cash equivalents of CHF 39.9 million at the end of 2019 and needs, as previously communicated, limited additional financial resources to achieve the cash break-even target by 2023.
On March 18, 2020 the company also announced that it is evaluating different options for financing future growth and now intends to create the necessary financial flexibility to secure its financing needs through cash break-even. For this reason, the company proposes to create authorized capital in the amount of a maximum of CHF 32,875,129.40 (this corresponds to 20% of the existing share capital of the company). As shares cannot be created below nominal value and the market environment is unpredictable, the company suggests to carry out a capital reduction through reduction of nominal value from CHF 0.20 to CHF 0.05, as a consequence of which neither the total equity nor shareholders' financial and participation rights are affected.
Further, and as previously announced on November 27, 2019 and on January 21, 2020, respectively, the following individuals are proposed to be elected as members of the company’s Board of Directors: Beat In-Albon as new Chairman, Richard Ridinger and Stephan Schindler.
Documents for the AGM, including the information notice with a full agenda and the proposals of the Board of directors, are available online at https://www.evolva.com/investors/agm/.
Evolva is a Swiss biotech company focused on the research, development and commercialization of products based on nature. We have leading businesses in Flavors and Fragrances, Health Ingredients and Health Protection. Evolva’s employees, half of which are women, are dedicated to make the best products that can contribute to health, wellbeing and sensory enjoyment. Find out more at www.evolva.com.
This press release contains specific forward-looking statements, e.g. statements including terms like believe, assume, expect or similar expressions. Such forward-looking statements are subject to known and unknown risks, uncertainties and other factors which may result in a substantial divergence between the actual results, financial situation, development or performance of the company and those explicitly or implicitly presumed in these statements. Against the background of these uncertainties, readers should not place undue reliance on forward-looking statements. The company assumes no responsibility to update forward-looking statements or to adapt them to future events or developments.
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