AlphaValue Corporate Services
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Crossject

CR
Bloomberg   ALCJ FP
Supergenerics  /  France  Web Site   |   Investors Relation
Things get going
Target
Upside 197%
Price (€) 3.9
Market Cap (€M) 142
Perf. 1W: -5.11%
Perf. 1M: -24.9%
Perf. 3M: -9.93%
Perf Ytd: -21.5%
10 day relative perf. to stoxx600: -23.8%
20 day relative perf. to stoxx600: -31.4%
Financing issue 10/07/2019

Warrants to existing shareholders

Fact

Crossject indicated that it would grant shareholders free warrants (BSA). Each share held could translate into one warrant, with nine warrants entitling holders to get a share in Crossject at €1.80.


Analysis

The move was expected and the main shareholder (Gemmes Venture, 26.74%) has already indicated it will exercise its warrants. Altogether, should all warrants be exercised, this would lead to the issuance of 18,447k warrants and 2,049k shares, or €3,689m. The warrants will be granted on 18 July and exercisable between 18 July and 10 December 2019. The maximum dilution will be c.11.11%. The (expected) move is welcomed insofar as it solves the financing issue (on top of advances, subsidies, CIR, commercial agreements, etc.), the company estimating it needs €12m in the next 12 months. However, Crossject is also working on additional (ideally non-dilutive) means to increase its financial firepower to finance its development programme before the market launch of Zeneo.


Impact

The impact will be minor on our numbers, the potential extra-dilution being compensated by the cash inflow.


Updates

31 Mar 21 Earnings/sales releases
FY20 unsuprising; waiting for more

15 Dec 20 Financing issue
A double bond issue

21 Sep 20 Earnings/sales releases
Update on the group's business

29 Mar 20 Earnings/sales releases
Meaningless FY19 results and product update

23 Dec 19 Financing issue
Extra-financing to increase visibility

20 Nov 19 Financing issue
A €2.6m non-dilutive issue

10 Sep 19 Earnings/sales releases
H1 19: no surprise

10 Jul 19 Financing issue
Warrants to existing shareholders

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