Celyad Oncology: Fortress Becomes Majority Shareholder with €500,000 Capital Increase
Belgian biotechnology firm Celyad Oncology has completed a capital increase with Fortress Investment Group for €500,000, enabling the latter to become the majority shareholder. This operation aims to extend the company's cash runway until mid-2027 and provides time to explore opportunities to strengthen the balance sheet.
Capital Raise from a Major Investment Fund
Celyad Oncology announced that it has entered into a subscription agreement with an affiliate of Fortress Investment Group for a capital increase of €500,000. Fortress will subscribe to 2,500,000 new ordinary shares at a price of €0.20 per share, representing a 15% discount on the ten-day weighted average trading price. The closing of the transaction is expected around July 15, 2026, subject to customary closing conditions. Following this capital raise, Fortress will hold approximately 60.52% of the outstanding shares and about 68.75% of the voting rights of the company.
Extension of Cash Runway and Strategic Options
The net proceeds from the raise will be allocated to working capital and general corporate expenses. Celyad Oncology estimates that this capital increase should extend its cash runway from the third quarter of 2026 to mid-2027, thereby providing additional time to identify, pursue, and implement opportunities to strengthen its balance sheet. The company focuses its efforts on deploying its intellectual property rights, including its CAR-T technology platforms. An independent directors' committee has issued a favorable opinion on the transaction in accordance with Belgian law criteria, and the external auditor has found no material inconsistencies in the accounting and financial information justifying the transaction.
