Mauna Kea Technologies Announces a Capital Increase of Approximately €12.5 Million Reserved for Two Investors

Regulatory News:

Mauna Kea Technologies (Paris:MKEA) (OTCQX:MKEAY) (FR0010609263, MKEA), inventor of Cellvizio, the multidisciplinary probe and needle-based confocal laser endomicroscopy (pCLE and nCLE) platform, today announced a share capital increase reserved for certain categories of investors, for an aggregate amount (including issue premium) of approximately €12.5 million.

Johnson & Johnson Innovation – JJDC, Inc. (JJDC), one of the Company’s existing shareholders, and a leading US-based healthcare fund, Armistice Capital Master Fund Ltd, have committed to an aggregate subscription of 2,272,709 units (the “Units”), with each Unit consisting of five (5) ordinary shares and two (2) warrants, each warrant providing the right to purchase one (1) ordinary share (each a “Warrant”), in a share capital increase reserved to specified categories of investors, as described below. These commitments are subject to certain customary closing conditions for investments of this nature.

“We are proud to announce the execution of equity subscription agreements with these reputable healthcare investors,” said Robert L. Gershon, Chief Executive Officer of Mauna Kea Technologies. “These investments provide capital that will help us execute our strategic growth initiatives, including the expansion of our Cellvizio real-time in vivo cellular imaging platform, and our goal of improving patient care in the years to come.”

The gross proceeds from the subscription of the Units, before deducting placement agent fees and offering expenses, are expected to be approximately €12.5 million. The Company intends to use the net proceeds, approximately €11.5 million, from this offering to fund the development of the Cellvizio platform, pursue clinical studies and intensify commercial and marketing efforts in the United States, as well as for general working capital and corporate purposes. The Company estimates that the net proceeds of the capital increase (€11.5 million), as well as any additional drawings on the equity line that the company has with Kepler Cheuvreux, as the case may be, will enable it to finance its activities and strategy until the end of the third quarter of 2022.