Biofrontera AG (FSE: B8F) had announced on 11 January 2018 that American Depositary Shares (ADS) shall be offered in a public offer in the USA. It was further announced that up to 6 million new shares from authorized capital resolved by the Annual General Meeting on 24 May 2017 would be offered for subscription. Reference is made to the further details of the announcement dated 11 January 2018.
The Management Board, with the approval of the Supervisory Board, resolved today to increase the Company's share capital by means of a capital increase against cash contributions by issuing up to 6,000,000 new registered no-par value shares with a pro rata amount of the share capital of EUR 1.00 each ("New Shares"). The new shares are eligible for dividends from 01 January 2017. The statutory subscription right is granted to shareholders in a 13:2 ratio pursuant to § 186 (5) of the German Stock Corporation Act (AktG) in respect through Lang & Schwarz Broker GmbH, Düsseldorf, safe for the residual amount for which it was excluded.
New shares shall serve as a basis for the creation of the ADSs to be offered in the USA. One ADS each securitizes two ordinary shares of the Company. In the process, a maximum number of ADSs corresponding to up to 6,000,000 new shares will be offered to investors in the USA during the subscription period, subject to shareholders' subscription rights for the new shares. The subscription price will be determined on the basis of the investor's expressions of interest (bookbuilding process) conveyed in this procedure, taking market conditions into account. The subscription price shall be fixed and published no later than 09 February 2018.
Further details will be published in the Federal Gazette (Bundesanzeiger) along with the rights offering on 29 January 2018.
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