Crossject Société Anonyme announced a private placement of convertible bonds for the gross proceeds of ?12 million on February 26, 2024. The The bonds will be convertible into common shares. The transaction will be completed in two tranches.

The company will issue 70 convertible bonds convertible into new stock with a nominal value of ?100,000, for an amount of ?7 million under first tranche and ?5 million proceeds under Second Tranche. The first tranche is expected to close on February 28, 2024.The convertible bonds may be converted into new ordinary stocks of the Company at an initial ratio of 19,420.4925 stocks per convertible bond, i.e. a conversion price of ?5.1492 per ordinary stock. The bonds will bear a coupon rate of 7% per annum and will mature three years from the issue date.

The transaction will include participation from an entity managed by Heights Capital Management, Inc