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Santhera Calls Extraordinary General Meeting to Seek Approval for Proposed Strengthening of Capital Structure

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN THE UNITED STATES OR ANY OTHER JURISDICTION IN WHICH IT WOULD BE UNLAWFUL TO DO SO.Pratteln, Switzerland, FebruaryA 24, 2021 a?? Santhera Pharmaceuticals (SIX: SANN) announces that it is convening an Extraordinary General Meeting (EGM) where the Board will propose to shareholders the authorization and issuance of the shares required to implement the upsized financing from a fund managed by Highbridge Capital Management, LLC, and the intended restructuring of its CHFA 60 million Senior Unsecured Convertible Bonds.This press release complements the earlier announcement a??Santhera Announces Corporate Update and Proposal to Strengthen Capital Structurea??, which can be viewed here. As announced in the recent corporate update, Santheraa??s Board of Directors is calling an Extraordinary General Meeting (EGM), to be held on MarchA 18, 2021, mainly to propose to the shareholders the authorization and issuance of the shares required to implement the below transactions: Financing arrangement with Highbridge
Santhera's existing investor Highbridge Tactical Credit Master Fund, L.P. (a fund managed by Highbridge Capital Management, LLC, a??Highbridgea??) has committed to increasing its existing financing arrangement with Santhera to provide up to CHFA 18 million in senior secured notes exchangeable by Highbridge (CHFA 6 million of which was previously committed), which will be available in tranches and subject to certain drawdown conditions. The maturity of such exchangeable notes has been extended to July 2022 and in consideration for this commitment and amendment, Highbridge will receive a fee in the form of five-year warrants (options) for Santhera shares priced at a small premium to a reference share price determined ahead of the closing of the bond restructuring.
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