Mithra initiates monetization process, receives bridge loan from existing lenders

   Mithra initiates monetization process, receives bridge loan from existing lenders

• Mithra appoints advisors and initiates a process to monetize its assets or execute a sale of its business
• Mithra has entered into a new secured bridge loan facility in a committed amount of up to EUR 13.5 million, subject to milestones; with an uncommitted facility of a further EUR 5 million
• Bridge loan facility provides expected liquidity runway to fund the monetization process with respect to key assets through 30 April
• Secured lenders to certain key Mithra operating entities agree to standstill and forbear all debt service (including by extending maturity) in support of the monetization process

Liege, Belgium, 05 March 2024 – 07:00 CET – Mithra (Euronext Brussels: MITRA), a company dedicated to women’s health, today announces the initiation of a monetization process and signing of a new secured bridge loan facility (the "Facility") expected to fund that process through 30 April. The monetization process and Facility are further to Mithra’s 06 February 2024 announcement on its cash position.

Monetization Process

In an effort to maximize value for all of Mithra’s stakeholders, the Company has initiated a monetization process to realize value from its assets involving the sale of various selected assets, particularly Estetra SRL, and/or the business as a whole (the "Monetization Process"). The Company is finalizing negotiations with an internationally recognized investment bank to help conduct the Monetization Process in collaboration with DC Advisory and Alvarez & Marsal, who are advising on liquidity management and advising on monetization, among other things.

As is described below, the Monetization Process with respect to key assets is being funded under the Facility, subject to achievement of milestones.

Parties interested in participating in the Monetization Process should contact Ed Kulik of DC Advisory ([e-mail]) and Thomas Dillenseger of Alvarez & Marsal ([e-mail]).

Liquidity / Terms of Facility

The Facility provides up to EUR 13.5 million to be drawn in multiple tranches upon the satisfaction of certain milestones, as well as an uncommitted EUR 5 million "accordion" facility (which can be used once the committed amount has been fully drawn and only if the lenders consent).

The cash received under the Facility, if received in full, creates expected cash runway intended to fund the business through 30 April, permitting a focus on the Monetization Process.