IVISION TECH S.P.A. (Alliance News) - iVision Tech Spa announced Thursday that its board of directors has approved the issuance of two bonds totaling EUR7.0 million.
A minibond with a maximum amount of EUR5.0 million amortizing, with two years of pre-amortization and a maximum maturity of seven years, will be reserved for sophisticated and unsophisticated investors as defined by the new European crowdfunding regulation. The issue will have unit denomination of EUR10,000 and multiples, floating rate and six-monthly coupon equal to the average 6-month Euribor plus a spread of 290 bpa.
The second minibond with maximum amount of EUR2.0 million amortizing, variable rate and coupon equal to the previous one, has two years of preamortization and maximum maturity of seven years and will be reserved for professional investors only. The unit denomination will be EUR50,000.
It is currently planned that the issue may be completed by June 2024.
Consistent with what was declared to investors at the IPO stage, the funds raised will be used by the company in order to accelerate the projected growth path, mainly in terms of opening new foreign markets and implementing new products to complement the current range.
Stefano Fulchir, CEO of iVision Tech, said, "As stated at the IPO and confirmed by the acquisitions of the historic French brand Henry Jullien and the ophthalmic lens manufacturer IVilens OOD, iVision Tech intends to continue its growth path by external lines. To do so, we have decided to avail ourselves of financial instruments such as minibonds that will allow us to increase resources to add more pieces to our development strategy and give an acceleration boost to the ISEE project, the innovative eyewear project for the blind and visually impaired, on which we are working hard with our R&D department."
iVision Tech's stock closed Thursday up 8.6 percent to EUR1.26 per share.
By Giuseppe Fabio Ciccomascolo, Alliance News senior reporter
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