Vivoryon Therapeutics N.V. Announces Completion of Share Capital Reduction and Change to Articles of Association
Halle (Saale) / Munich, Germany, September 5, 2024 - Vivoryon Therapeutics N.V. (Euronext Amsterdam: VVY; NL00150002Q7) (Vivoryon, or the Company), a clinical stage company focused on the discovery and development of small molecule medicines to modulate the activity and stability of pathologically altered proteins, today announced that it has completed the reduction of its share capital by decreasing the nominal value of the shares in the Company’s capital to EUR 0.01 from EUR 1.00.
The proposal of the Company’s Board of Directors to amend the Company’s articles of association by, among other items, decreasing the nominal value of the shares in the capital of the Company to EUR 0.01 from EUR 1.00 was approved by the shareholders at the 2024 annual general meeting (AGM), held on June 21, 2024. Following the completion of the creditor opposition procedure in accordance with Dutch law, with no objection having been filed, the Company has now implemented the share capital reduction.
The purpose of the reduction in nominal value is to improve the Company’s capability to attract new financing, pursue M&A activities and incentivize management, members of the Board and employees of the Company through granting equity awards, and also improve the Company's equity composition, as set out in the Company’s notice of annual general meeting published May 8, 2024.
The nominal value of the shares in the Company is now EUR 0.01 each. The number of ordinary shares of the Company in issue (included shares held in treasury) has not changed and consists of 26,066,809 ordinary shares. The amount of the capital reduction (being: EUR 0.99 per share that formed part of the Company’s issued share capital) has been added to the Company’s distributable reserves. The Company’s updated articles of association have been posted on the Company’s website.