Biofrontera AG approves IPO of Biofrontera Inc. in the USA

On October 1, 2021 Biofrontera AG reported that currently holds a 100 % stake in the US-based subsidiary Biofrontera Inc (Press release, Biofrontera, OCT 1, 2021, View Source [SID1234590682]).

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On July 6, 2021, Biofrontera AG published an insider information pursuant to Article 17 MAR announcing that Biofrontera Inc. intends to raise capital by means of an initial public offering and a stock exchange listing in the United States ("IPO").

Within the scope of the IPO, up to 3,450,000 shares of Biofrontera Inc. are to be placed with US investors in a price range of USD 5.00 to USD 7.00 per share. The shares of Biofrontera Inc. to be offered in the IPO are to be issued from a capital increase. A sale of shares of Biofrontera Inc. by Biofrontera AG as part of the IPO is currently not intended. The shares of Biofrontera Inc. are to be listed on NASDAQ.

The management board of Biofrontera AG has resolved today, with the approval of the supervisory board, that it is in favor of Biofrontera Inc. performing the IPO.

A registration statement relating to the securities to be offered in the IPO by Biofrontera Inc. has been filed with the Securities and Exchange Commission but has not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective. This public disclosure of inside information according to article 17 MAR shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.