- Binding discussions regarding the subscription of a convertible loan in the amount of 3.4 million euros by Cyclebit for the purpose of financing
- Cyclebit also interested in increasing its stake through share exchange
Munich, February 10, 2022: Rubean AG and CYCLEBIT GROUP LTD (“CYCLEBIT”), based in Limassol, Cyprus, a fintech company in the payment sector, have signed a Memorandum of Understanding today, under which CYCLEBIT intends to invest approximately EUR 3.4 million in Rubean through a convertible loan as part of a financing. In this context, it is also planned to establish a strategic partnership in the field of digital payment solutions.
As part of the financing by CYCLEBIT, a convertible loan is to be issued, which can be converted at any time within a term of 24 months at the conversion price of EUR 12.50 per Rubean share or, after six months from disbursement, possibly at a lower price calculated from the six-month average, for a total of 271,750 shares (currently equivalent to approximately 10% of the share capital). The implementation of the measure is, among other things, subject to the approval of Rubean’s shareholders, which is to be obtained at an extraordinary general meeting.
In addition to the above first step, part of CYCLEBIT’s interest may be the acquisition or receipt of further shares through a direct or indirect share exchange. The management board and supervisory board will examine CYCLEBIT’s further interest in a larger stake in Rubean and decide to what extent this interest can be accommodated.
About CYCLEBIT GROUP:
Founded in 2012, Cyclebit Group is a global payment and SaaS provider. Core products include card acquiring, point-of-sale (POS) service, and marketplace solutions. The company recently introduced crypto and softPOS offerings, both billion-dollar industries in which the company already holds a leading position in selected markets. In 2019, the company reached break-even and is currently growing profitably at an exponential rate.
About Rubean:
Rubean AG is an established software manufacturer in the financial sector with a history of 20 years. The company is now growing with the development of innovative solutions for mobile payments. This includes the mobile point-of-sale terminal solution PhonePOS, which was developed in collaboration with CCV. Rubean is listed on the m:access of the Munich Stock Exchange, as well as on the Frankfurt, Berlin, and Düsseldorf exchanges, and on Tradegate and Quotrix.
