Curasight A/S announces its intention to carry out a directed issue of shares and enter into a new loan facility

Curasight (CURAS) said it will launch an accelerated bookbuild for a directed share issue of at least DKK 15m to qualified institutional/professional investors (Sedermera appointed sole bookrunner), with pricing set by the bookbuild to close before Spotlight trading on Dec. 15, 2025. At the same time the company intends to secure a loan facility from Fenja Capital split into a DKK 25m convertible first tranche (DKK 10m to refinance existing debt and DKK 15m contingent on EGM authorization) and a DKK 15m second tranche callable in Q2 2026; the facility carries a 5% setup fee, interest of 1.25% per started 30-day period on drawn amounts (0.4% on undrawn), matures Dec. 29, 2026, and conversion is set at 125% of the directed-issue subscription price. The package is intended to fund clinical development of uTRACE and uTREAT and strengthen the balance sheet, requires shareholder authorization at an extraordinary general meeting, and represents a deliberate board decision to prefer a quicker, lower-cost directed placement (with potential dilution) over a rights issue to diversify and institutionalize the shareholder base.

Analysis

Curasight announced an accelerated bookbuilding-directed share issue of at least DKK 15 million to qualified institutional and professional investors, with pricing to be set by the bookbuild and expected to conclude before trading on Spotlight on 15 December 2025; Sedermera is sole global coordinator and the process may be shortened, extended or terminated at the company's discretion. The Board explicitly chose a directed placement over a rights issue to accelerate execution, reduce transaction costs and diversify the shareholder base while acknowledging potential dilution and relinquishing pre-emptive rights for existing shareholders.

In parallel, Curasight intends to enter a loan facility with Fenja Capital consisting of a DKK 25 million first tranche structured as a convertible loan (DKK 10 million to refinance existing debt and DKK 15 million payable upon EGM authorization) and a DKK 15 million second tranche callable in Q2 2026. The facility carries a 5% setup fee on total facility amount, interest of 1.25% per started 30-day period on drawn amounts and 0.4% on undrawn amounts, matures on 29 December 2026, and conversion is set at 125% of the Directed Issue subscription price.

The Financing package is explicitly intended to fund clinical development of uTRACE and uTREAT and to strengthen the balance sheet, reducing near-term liquidity risk if fully executed. Key execution risks are EGM approval for the convertible instrument, bookbuild pricing (which determines dilution), the relatively short loan maturity and the non-trivial financing cost; sentiment from signals is mixed/cautious (sentiment_score -0.1, market_impact_score 0.3), implying limited positive market reaction until pricing and shareholder approval are known.

Key Decisions for Investors

• Monitor the outcome of the extraordinary general meeting and the bookbuilding subscription price before taking new positions because EGM approval and pricing will determine actual dilution and conversion economics
• If bullish on uTRACE/uTREAT's clinical potential, consider participating only if the subscription price and conversion mechanics preserve upside versus anticipated dilution and provide a clear use-of-proceeds timetable
• Limit or hedge exposure ahead of the financing close given the 5% setup fee, high effective short-term interest cost and December 2026 loan maturity which increase refinancing risk
• Reassess the position after the bookbuild allocation and any public disclosure of proceeds use and updated cash runway, and watch for further capital raises if clinical milestones are not met