On August 20, 2020 Biofrontera AG (shares of Biofrontera AG ISIN: DE 00 6046113) reported the successful placement of the 1.00% qualified subordinated mandatory convertible bond 2020/2021 with gross proceeds of EUR 7.9 million (Press release, Biofrontera, AUG 20, 2020, View Source [SID1234568551]). Within the scope of the issuance, 2,638,150 qualified subordinated mandatory convertible bearer bonds (the "Bond") were issued . The subscription price equaled 100% of the nominal value, corresponding to EUR 3.00 per Bond.

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The mandatory convertible bond 2020/2021, with the German Securities Identification Number A3E454 / ISIN DE000A3E4548, matures on December 20, 2021 and has been admitted for trading on the Open Market of the Frankfurt Stock Exchange as of today, August 20, 2020.

According to Section 8 (2) of the terms and conditions of the mandatory convertible bond 2020/2021, the issuer Biofrontera AG, has, for an unlimited period of time, the right of "mandatory conversion" any time after the stock price of Biofrontera’s shares (ISIN: DE0006046113) has exceeded EUR 4.50 at least once ("Mandatory Conversion Trigger Price"). The relevant stock price shall be the daily volume-weighted average quotation of the issuer’s shares determined on the XETRA trading platform of the Frankfurt Stock Exchange within a continuous period of fifteen trading days. The Mandatory Conversion Trigger Price has already been exceeded as of today according to the calculation described above, and the relevant average price stands at EUR 4.8350. The issuer reserves the right to decide at what point in time it will exercise its right of mandatory conversion and will select the most appropriate time to do so after taking into account all foreseeable circumstances. According to Section 16 of the terms and conditions of the mandatory convertible bond, the request for mandatory conversion will be published in the Federal Gazette as well as via a corporate news release.