Nexway AG announces reversal of Convertible Loan AgreementJune 10, 2020
Insider Information pursuant to Article 17 of the Market Abuse Regulation (MAR)
June 10, 2020, Karlsruhe (Germany) – Today, the Management Board of Nexway AG (Ticker Symbol: NWAY, ISIN: DE000A2E3707, WKN: A2E370) announced the early repayment of the Convertible Loan Agreement arranged and reported on April 24, 2020 because of the new strategic focus of the company. As a result, Nexway AG receives repayment of the full amount of EUR 10.2 million in cash with accrued interest resulting in more than EUR 17 million in cash on Nexway AG’s balance sheet.
Originally the Convertible Loan Agreement was entered into with an unrelated party for the period of 24 months to provide Nexway AG with an opportunity to acquire a strategic minority equity stake in a well established publicly traded content production and content streaming company. The loan was secured and carried an interest rate of 9%.
The company plans to use its cash in a number of business opportunities, to be announced during the current fiscal year, as a part of its adjusted corporate strategy in the area of education and e-learning.
Jan Schulmeister (CFO)