WISeKey secures equity financing of up to CHF 50 million Startupticker.ch | The Swiss Startup News channel
Summary
WISeKey, a leading Swiss cybersecurity and IoT company, today announced that it has entered into a Standby Equity Distribution Agreement with a fund managed by Yorkville Advisors Global. It provides WISeKey with the necessary financial flexibility to continue investing on the US operation expansion. Under the terms of the SEDA, Yorkville has committed to provide WISeKey, upon a draw-down request by WISeKey, up to CHF 50 million in equity financing over a three-year period in tranches of up to CHF 1 million each or, if WISeKey provides a sufficient number of Class B Shares through share lending, up to CHF 5 million each. The purchase price will be 93% of the relevant market price at the time of the draw-down, determined by reference to a five-day trading period following the draw down request by WISekey. "The SEDA provides us with the necessary financial flexibility to continue investing on our US operation expansion, which is key at this stage to further expand our market penetration and revenue generation," said WISeKey CEO Carlos Moreira.