biOasis Technologies Ord Shs V.BTI.H

Consequences of a "no" vote: from IR

[fuzzyjr]

Consequences of a "no" vote: "If the transaction is not approved, Bioasis would be forced to try to continue to operate as a standalone company. It could also be required to reimburse Midatech for Midatech’s expenses associated with the transaction (up to a maximum amount of $225K). The bridge loans from Lind and Midatech would be payable on June 30, 2023, and Bioasis is also required to resume regular repayments under the original Lind agreement starting in January 2023. Both the bridge loans and the Lind agreement are now secured by a pledge of all of Bioasis’ assets. In order to repay the bridge loans and to make the regular monthly payments under the Lind agreement, as well as to fund ongoing operations, Bioasis would need to immediately attempt to secure additional financing. Given current market conditions, it is unlikely that Bioasis would be successful in securing such funding and, even if any funding is available, it would likely be on terms that will be highly dilutive to existing shareholders. If Bioasis cannot raise additional funding, it would likely default on its obligations under the bridge loans and the Lind agreement and Lind and Midatech would be entitled to enforce their rights as secured creditors, which could include enforcing on their security interests and seizing ownership of Bioasis."