AB Science said Monday it has completed the settlement and delivery of securities issued under a private placement announced on Aug. 10, 2026, raising €14.2 million in the initial transaction and creating the potential for substantially more capital if accompanying warrants are exercised.
Deal structure and immediate proceeds
The Paris-listed biopharmaceutical company issued two tranches of new common shares as part of the private placement. In total, the company sold 23,278,692 new ordinary shares at a subscription price of €0.61 per share. Those shares were accompanied by stock subscription warrants issued in two series, labelled BSA-1 and BSA-2.
- 3,606,560 new shares issued with BSA-1 warrants.
- 19,672,132 new shares issued with BSA-2 warrants.
- Each new share was sold at €0.61.
Warrants and potential future dilution
The warrants attached to the placement would allow holders to acquire additional shares at a later date under specified terms. The two warrant series differ in conversion ratios and exercise prices:
- BSA-1: five warrants permit subscription for three new common shares at €1.00 per share.
- BSA-2: four warrants permit subscription for seven new common shares at €1.00 per share.
If all BSA-1 and BSA-2 warrants are exercised, the company says an extra 36,590,166 common shares would be issued. The exercise of those warrants would generate roughly €36.6 million in additional proceeds, bringing the combined total to approximately €50.8 million when combined with the initial placement.
Impact on existing shareholders
AB Science provided illustrative ownership examples to show dilution effects. A shareholder who held 1.00% of the company prior to the placement and did not participate in the transaction would see that stake reduced to 0.7747% on an undiluted basis immediately after the private placement and to 0.6072% on a diluted basis prior to any warrant exercise. After potential full exercise of the BSA-1 and BSA-2 warrants, that non-participating shareholder’s interest would fall to 0.5721% non-diluted and 0.5332% diluted.
| Item | Figure |
|---|---|
| New shares issued | 23,278,692 |
| Price per new share | €0.61 |
| Initial proceeds (including issuance premium) | €14.2 million |
| Potential additional shares if warrants exercised | 36,590,166 |
| Potential additional proceeds from warrants | €36.6 million |
| Total potential proceeds | €50.8 million |
The company did not disclose the identities of the investors who subscribed to the placement in the material provided.
Why this matters
For biotechnology firms, private placements and attached warrants are common mechanisms to raise near-term cash while preserving the option of raising more capital later. For investors, the deal illustrates both the benefit of immediate financing to the company and the trade-off in ownership dilution for those who do not participate. Additional cash inflows, if warrants are exercised, could support ongoing research, development programmes or operational needs, but will also expand the share base.
AB Science is listed on Euronext under the ticker code FR0010557264 – AB. The company framed the announcement as a completed settlement and delivery of the securities issued under the transaction announced Aug. 10, 2026.
