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WiSeKey Signs a $15.5 Million High Growth Capital Investment Agreement With Alpha Blue Ocean to Finance the Acquisition of Arago and Integration of Artificial Intelligence on Its Cybersecurity Platform

WISeKey signs a $15.5 million high growth capital investment agreement with Alpha Blue Ocean to finance the acquisition of arago and integration of Artificial Intelligence on its Cybersecurity platform

WISeKey, a leading global cybersecurity, AI and IoT company, announced that it has entered into an Agreement for the Issuance and Subscription of Convertible Notes with Alpha Blue Ocean to finance the acquisition of arago and integration of Artificial Intelligence on its Cybersecurity platform.

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Financing is provided by Alpha Blue Ocean, a dynamic family office with the mission of revolutionizing the financial industry by offering innovative and tailored investments adapted to risk, in the form of convertible notes whereby Alpha Blue Ocean is committed to subscribe up to a maximum of $15.5 million subject to certain conditions over a period of 18 months. Pursuant to the terms of the Agreement, the principal amount of each such loan is repayable by way of conversion into Class B shares, par value CHF 0.05 each, of WISeKey (the “Class B Shares”).

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The conversion price is determined by reference to the average of the lowest 5 trading day volume weighted average prices of Class B Shares on the SIX Swiss Exchange over the 20 trading days immediately preceding the conversion. The convertible note facility will be used to finance the acquisition of arago and integration of Artificial Intelligence on its Cybersecurity Platform and may be drawn in tranches depending on the operational and integration corporate requirements. As consideration for Alpha Blue Ocean’s financing commitment, WISeKey has, among other things, issued warrants in a number equal to 15% of the relevant tranches of the loans issued under the agreement at an exercise price of 120% of the prevailing share price before a subscription request by WISeKey, but in any event not lower than CHF 1.50.

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“The agreement provides WISeKey access to flexible financing at a reasonable cost during the current COVID-19 crisis and under current market conditions will allow the Company to fully acquire arago and reinforce its technological offering, increase its revenue and market share,” says Carlos Moreira, Founder and CEO of WISeKey.

“We are excited to invest in WISeKey which we consider an emerging leader in the rapidly expanding market of Artificial Intelligence & Cybersecurity. We believe the acquisition of arago will foster strategic synergies alongside its cyber security and loT solutions. We are proud to partner up with Wisekey by financing this transaction,” adds Pierre Vannineuse, CEO of Alpha Blue Ocean.

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