The Shareholders’ Meeting of Pierrel, which met today in an extraordinary session, approved the reverse split of the ordinary shares in the ratio of 1 new ordinary share for every 25 existing ones and an increase in the share capital, by payment and in divisible form, for an amount maximum of 70 million euros.
The transaction will be carried out no later than 31 December 2023, through the issue of ordinary shares with no par value, with regular entitlement and having the same characteristics as those in circulation, to be paid in cash, also by offsetting certain receivables , liquid even if possibly not yet collectable.
Subject to the release of the necessary authorizations by the competent Authorities, it is estimated that the offer under option of the newly issued Pierrel shares could be launched by the end of June 2023. The Reverse Split will be carried out before the start of the Share Increase Capital.
The resolutions approved by the Company’s Shareholders’ Meeting form part of the purchase operation by the Company, in its capacity as purchaser, from the group headed by the US company 3M Company, in its capacity as seller, of certain contracts, authorizations and intellectual property rights relating to dental products for local anesthesia based on articaine, lidocaine and mepivacaine, as well as specific products for syringes and needles, marketed under the brand names Ubistesin, Xylestesin and Mepivastesin.