Mauna Kea Technologies Secures €1.8m Bridge Financing

Mauna Kea Technologies has announced a €1.8m bridge financing through convertible bonds issued to Vester Finance and European investors. This transaction extends the company's cash runway until November 2025, exceeding the observation period of its ongoing safeguard procedure. By doing so, it provides the necessary financial flexibility to complete its restructuring plan and acts as a strategic move for the company's future development.

The convertible bonds were issued under the delegation granted by shareholders during a recent General Meeting. Subscribed at 92% of their nominal value, the issue sees bonds with no interest, redeemable at maturity, or convertible depending on the share price. The proceeds aim to meet operating and investment needs but exclude existing debt repayments.

Mauna Kea Technologies continues to pursue long-term financing options with strategic investors to ensure operational growth. This step is crucial for maintaining business continuity amid a fragile financial situation, highlighted further in its 2024 Annual Report.