DThe Mainz-based biotech company Biontech, known for its work on a corona vaccine, has announced the price for its new issue of American Depository Shares (ADS) and a rights offering. Accordingly, Biontech now wants to sell 5.5 million ADS (originally 5 million were planned) at a price of $ 93 each. That will bring the company gross proceeds of $ 511.5 million. For the purpose of price stabilization, an existing shareholder has also given the issuing banks a 30-day option to purchase another 825,000 ADSs.
Biontech also issues subscription rights to holders of ordinary shares and ADS for a total of around 7.5 million ordinary shares, including those that are already represented by ADSs. Certain shareholders, who hold around three quarters of the share capital, have undertaken not to transfer or exercise this subscription right, so that the majority should be in free float. There is no subscription right for the newly issued ADS. The holders of the “old ADS” receive one subscription right for each ADS, as well as the holders of ordinary shares. 31 ADS subscription rights entitle the holder to purchase a new ADS at a price of $ 93. 31 share subscription rights entitle the holder to purchase one new ordinary share at EUR 80.32.
The price of existing ADS on the Nasdaq had risen the previous day from $ 91.60 to $ 104.17. The reason for this was probably the US government’s extensive order for the future vaccine