Mauna Kea Technologies Secures €4M Financing Line with Vester Finance
Mauna Kea Technologies has established a shareholder current account advance agreement with Vester Finance, its long-term financial partner. This optional €4M facility, available over 24 months without mandatory drawdown, aims to fund the company's commercial growth and geographical expansion.
Optional Financing to Accelerate Commercial Growth
The current account advance concluded on July 15, 2026, with Vester Finance provides Mauna Kea Technologies with the flexibility to mobilize funds without any contractual obligation. The company may request advances up to €0.5M each, within a ceiling of €4.0M over 24 months. According to Sacha Loiseau, CEO, this arrangement offers 'valuable financial flexibility' to accelerate the commercial adoption of Cellvizio and strengthen its American commercial presence while rolling out CellTolerance internationally. As of the date of the press release, no advances have been drawn. The company also has cash visibility until the second quarter of 2027, not accounting for this financing line.
Flexible Repayment and Controlled Dilution Impact
Advances are repayable either in cash at an annual rate of 7.0% with a due date of January 15, 2029, or in new shares. If repaid in shares, they will be issued based on the volume-weighted average price, with a maximum discount of 5%. The issuance is capped at 24 million shares, representing 12.3% of the current capital stock. If all 24 million new shares are issued, a shareholder holding 1.00% before the transaction would see their stake reduced to 0.89% on a non-diluted basis. The theoretical maximum impact on the capital structure is about 11% in case of full repayment in shares. Vester Finance, which held 11.9% of the capital as of June 30, 2026, would hold approximately 21.6% of the capital on a non-diluted basis if fully converted.
Ongoing Geographical Expansion and Authorization Context
Mauna Kea Technologies has entered four new territories in the first half of 2026: Switzerland, the United Kingdom, the United Arab Emirates, and Turkey. This current account advance aims to support geographical expansion into new strategic territories as well as the international deployment of CellTolerance and its use for pancreatic cysts in the United States. The operation was authorized under the 14th resolution of the Mixed General Meeting on June 4, 2026, and approved by the Board of Directors. It does not require the establishment of a prospectus subject to the approval of the Financial Markets Authority (AMF). The company retains the ability to suspend or terminate this agreement at any time and without cost.
