Biosynex: share price plunges after capital increase

(CercleFinance.com) - On Wednesday, Biosynex announced the launch of a capital increase for a target amount of 7.
99 million euros, an operation deemed dilutive and which caused the company's share price to fall.

The planned capital increase should enable the company, which specializes in health diagnostics, to strengthen its balance sheet and secure its cash flow horizon to more than twelve months.

The operation will take the form of a capital increase with preferential subscription rights (DPS) at a price of one euro per share, representing a discount of 48% to the volume-weighted average share price over the last 35 trading sessions.

The parity of the operation is 13 new shares for 17 existing shares.

Although commitments have already been made to subscribe up to six million euros, the capital increase is expected to be dilutive on the basis of the current share price.

According to Biosynex calculations, the stake of a shareholder holding 1% of the capital will be reduced to 57% if the operation is exercised in full.

At 11:50 a.m., shares in the manufacturer of rapid tests and biotherapy monitoring tools were down by more than 16%, one of the biggest declines on the Paris market.

The share price has fallen back not far from its all-time lows reached in December.

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