PRESS RELEASE – Issued a first tranche of € 0.5 million as part of the Convertible Bond.

ISSUED A FIRST TRANCHE OF €0.5 MILLION AS PART OF THE CONVERTIBLE BOND ACCORDING THE INVESTMENT AGREEMENT SIGNED WITH NICE & GREEN S.A.

Ravenna, 15 December 2020 – Itway S.p.A. (“Itway” or the “Company”), the parent company active in the IT, Cyber Security, AI and Big Data sector, listed on MTA Stock Market organized and managed by Borsa Italiana S.p.A. announces that, today, it has been issued in favor of Nice & Green S.A. (“Nice & Green” or “N&G”), the first tranche of the bond that can be converted into Itway shares , referred to  the investment agreement signed between the Company and Nice & Green (press releases of 6 August, 14 August, 20 August and 30 October 2020 to which you can refer for more information on the transaction).

The request is for the first tranche of the bond loan consisting of 50 convertible bonds into shares with a unit value of Euro 10,000 each, for the total amount of Euro 500 thousands.

With reference to the first tranche of the bond issue, there is a residual of 10 tranches of bonds still to be issued, each with a nominal value of Euro 500 thousand, for a total amount of Euro 5.0 million.

The transaction is aimed to support the Company’s working capital, strengthening its financial structure and diversifying its sources of financing. The fund raising resulting from the transaction with N&G will equip Itway with additional capital and financial resources that will be used to accelerate the development of the Company’s growth and investment strategies in the market segments in which Itway operates without any additional burden for the Company.

Nice & Green is an international investor specializing in growth and development finance dedicated to listed companies with a substantial active portfolio of transactions on medium and small-cap companies. Nice & Green, after investing in Switzerland, Sweden, France and Spain, decided to invest in high-tech companies and high development potential also in Italy and Itway represents their first transaction with an MTA-listed company.

The convertible bond is  interest-free and bonds will not be listed on any regulated market. The issue of this tranche of convertible bonds does not require the publication of any offer prospectus.

The conversion ratio – indicative of the number of Itway shares to be assigned to the Investor in case of conversion of the Bonds – will be determined on the basis of the equivalent received by Itway for each tranche of Bonds divided by the Conversion Price.

The bonds last 12 months from the date of issue and, in the event of a non-claim by the maturity date, they will be automatically converted into newly issued shares. N&G may request the conversion of bonds into shares at any time following the submission of conversion requests but the Company may, upon the issue of new shares, repay the bonds in cash. The equivalent of the redemption will be calculated by dividing the equivalent of each tranche of Bonds by 0.97.

The current press release is available at the corporate headquarters, on the Internet site of the company at the address www.itway.com, in the Press Release section, with Borsa Italiana S.p.A. and at the authorized central storage mechanism Emarket Storage, managed by Spafid Connect S.p.A. that can be seen at www.emarketstorage.com.

Founded in Ravenna on July 4, 1996, Itway S.p.A. is the parent of a group that operates in the IT sector through the planning, production and distribution of technologies and solutions in the cyber security sector artificial intelligence (AI), cloud computing and big data. The group for over 25 years has represented a reference point in terms of solutions and services for digital transformation. It has been listed on Borsa Italiana since 2001. 

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