Advanced Blockchain resolves to issue a new convertible bond with a volume of up to EUR 3 million -September 27, 2023 at 04:43 am EDT
Advanced Blockchain AG, a Germany-based IT company specializing in blockchain technology, has announced its plans to issue a new convertible bond with a volume of up to EUR 3 million. The bond will be offered through a private placement and will consist of up to 30 bonds with a nominal value of EUR 100,000 each. The bond will have a term of 6 years and an interest rate of 3.00% per annum. The shareholders’ statutory subscription rights will be excluded, and the initial conversion price will be EUR 4.25.
The company intends to issue the convertible bond in exchange for contributions in kind in the form of convertible bonds previously issued by the company. The net proceeds from the issuance of the bond will be used for general business purposes, including financing further investments and developing the existing portfolio.
Advanced Blockchain AG operates in four main business fields: DLT Consultancy, Applications, Development for third parties, and Software as a Service (SaaS). DLT Consultancy provides businesses with advice on how to apply distributed ledger technology (DLT) to their needs and assists with implementation. Applications involve the further development and commercialization of directed acyclic graphs (DAG) technology, in addition to the company’s research activities. Development for third parties entails creating customized software solutions, ranging from minor business process optimizations to full business model renewals based on DAG technology. Lastly, the company’s SaaS segment offers decentralized data processing and hosting services in exchange for a license fee.
The issuance of the convertible bond reflects Advanced Blockchain AG’s commitment to growing its business and pursuing investment opportunities. With the net proceeds, the company aims to expand its portfolio and drive innovation in the blockchain industry. This decision further affirms the company’s position as a key player in the IT industry and underscores its dedication to leveraging advanced technology to provide cutting-edge solutions to its clients.
