REYKJAVIK, Iceland, July 01, 2024 (GLOBE NEWSWIRE) -- Alvotech (NASDAQ: ALVO), a global biotech company specializing in the development and manufacture of biosimilar medicines for patients worldwide, today issued new shares to holders of subordinated convertible bonds, originally issued by Alvotech on November 16, 2022, and December 20, 2022, with maturity on December 20, 2025 (the "Convertible Bonds").
Today, Alvotech issued 22,073,578 new ordinary shares in exchange for Convertible Bonds, at the fixed price of US$10.00 per share. The majority of the holders of Convertible Bonds exercising their conversion right, are existing shareholders in Alvotech.
Following the conversion of the Convertible Bonds into shares, the total number of issued shares in Alvotech is 324,801,040 and the total number of outstanding shares is 301,944,470. Pursuant to terms of the Convertible Bonds, the newly issued shares shall be delivered to their owners no later than seven business days from today.