Evolva to raise up to CHF 31.3 million

Evolva Holding SA (SIX: EVE, “Evolva” or the “Company”) today announces the start of its capital increase. Evolva will raise up to CHF 31.3 million by means of a rights issue to existing shareholders. The new shares will be priced at CHF 0.60 per share. Due to the high level of demand from international institutional investors, the Company has decided to increase the size of the financing from the previously indicated level of CHF 10-20 million to the currently expected CHF 31.3 million.
 
As part of the financing, Cargill has committed to invest up to CHF 5 million in the capital increase as part of its collaboration with Evolva on steviol glycosides, announced today. Cargill is an international producer and marketer of food, agricultural, financial and industrial products and services. In addition, financial investors have committed by way of binding commitment agreements to invest a total of up to CHF 28.1 million, while members of Evolva’s Board and management team have indicated that they will invest up to a further CHF 0.4 million. In total, CHF 28.5 million (91% of the maximum raise) has been pre-committed, subject to clawback under the rights issue by current Evolva shareholders.
 
The funds raised will be used by Evolva to develop and commercialise its existing products, to strengthen its negotiating position in future partnerships and to invest in its technology platform. Based on current budgets and expectations, Evolva believes that the funds will allow it to approach break-even over the next few years.
 
Evolva CEO, Neil Goldsmith, said, “We are very pleased with the high level of pre-commitments for our capital increase, both in terms of the quality of the investors in the United States as well as Europe, and with respect to the amount committed. In particular Cargill’s intention to become a shareholder in Evolva is a clear sign of their confidence and commitment. Based on the loyal support of our current shareholders and the commitments made by additional blue chip investors, we are optimistic about the outcome of this financing round.”
 
Evolva is based in Allschwil and was founded in 2004. The company was awarded the CTI Start-up Label in 2006. In 2009 the company went public.