Crossject has announced that Gemme Venture, the company’s main shareholder, had converted 100% of the convertible bonds (869,565) it had subscribed to in July, at a price of €1.4892, thus leading to the creation of 591,304 new shares (+6.3%) and raising its stake to 24.3% (from c.20%).
The news confirms the confidence of Gemme Venture in the business model and translates into a c. €880k strengthening of shareholders’ funds, which reached €2.35m at the end of June 2018.
No major change to our numbers after the news.
The extra dilution is compensated by a lower level of net debt, of course, and as such the conversion does not much change our numbers/valuation, which are once again essentially driven by future prospects.

The AlphaValue Corporate Services analysts are AlphaValue’s sector specialists. Their robust knowledge of the business models in their sectors enables the rapid generation of incisive, relevant research and advantageous interaction with the management teams.