Modalis Therapeutics Corporation [4883.T]
TOKYO, May 27 (Pulse News Wire) – Modalis Therapeutics Corporation (4883.T) announced plans to raise funds through the issuance of equity warrants and unsecured bonds. The company will issue equity warrants exercisable until March 15, 2027 to EVO FUND, with a total potential amount of 24,000,000 shares and an estimated total fundraising of ¥1.332 billion.
Additionally, the company will issue unsecured bonds totaling ¥300 million with a face value of ¥7.5 million per bond, payable at par minus a discount rate of 0.0% annually. The proceeds from these financings will be allocated towards research and development expenses for its pipeline, including MDL-101, strengthening its R&D capabilities, and refinancing existing debt. Specifically, the funds will cover expenditures from June 2026 to December 2027.
This financing strategy allows Modalis to secure immediate capital needs while maintaining flexibility in managing future uncertainties. The exercise price adjustment clause ensures that the warrant's exercise price adjusts daily based on the previous trading day’s closing price multiplied by 100%, ensuring fair valuation throughout the exercise period. Furthermore, the design includes a lower limit on the exercise price to prevent excessive share dilution during market downturns.
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