First North-listed CybAero, which develops and markets unmanned helicopters, has received a request from its US partner AeroVironment to convert its second convertible loan. Following the conversion, AeroVironment will hold a stake of around 6.9% in CybAero.
The loan that is now being converted to 1,062,699 shares was issued almost two years ago by CybAero as part of a major commercial agreement between Aerovironment and CybAero. The loan amounts to SEK 10 million. Another convertible loan of SEK 10 million was issued to AeroVironment at the same time and subject to the same conditions as the loan now being converted. This loan was converted in February 2014. The conversion price for both loans was SEK 9.41/share. During the spring, AeroVironment sold the shares it received through the conversion in February, partly via the market and partly to financial institutions.