Mastrad Raises Up to €350,000 in Convertible Bonds, with Potential Dilution Ahead
On July 16, 2026, Mastrad announced the implementation of a bond financing with Hexagon Capital Fund for a maximum amount of €350k. This financing comes at a time when the company aims to continue developing its temperature monitoring business under the Orka brand.
Structure and Terms of the Bond Financing
The bonds, with a nominal value of €1,000 each, are amortizable over 24 months from their issuance. A repayment deferral of 3 months is granted for each bond. They carry an annual interest rate of 8%, payable monthly, with an interest payment deferral of 3 months from issuance. Mastrad will repay the principal and interest in cash. In the event of a payment default on a due date, Hexagon Capital Fund has the right to convert its bond claim directly into Mastrad shares based on the closing price on July 15, 2026, reduced by a 20% discount. Hexagon Capital Fund has committed to subscribing to all the bonds according to a defined schedule.
Risk of Shareholder Dilution in Case of Conversion
In the event of a full conversion of the 350 bonds into shares, existing shareholders would experience a dilution of their stake in the capital. The release emphasizes that shareholders will not participate in this share issue and that their share of capital and voting rights would be reduced, potentially significantly. The conversion could further affect the stock price and the liquidity of the security, especially if the subscriber proceeded to sell the issued shares on the market.
