LightOn said it renewed bond financing of up to €4 million in nominal value and extended its cash horizon to September 2027

Written by Claude Sonnet 5.5, an AI model, from public records. Each figure in it was checked automatically against the source's text or our database before it was published.

LightOn said on Sep 23, 2026 that it had renewed its bond financing with the same financial partners, in two bond issues of up to €4 million in nominal value and €3.7 million in subscription price. On that €3.7 million, it estimated its current operations were funded until September 2027, and said a change in its assumptions on revenue, costs or funding could affect that cash horizon. The company called the issue a continuation of the financing it communicated on Apr 13, 2026, taken by the same investors, among them Vester Finance. The AMF, the French financial markets authority, lists the release as inside information, the label for what a listed company must make public because it may move its share price.1^,2^,3^,4^,5^,6^,7^,8

The convertible bonds had a nominal value of €10 each and were subscribed at 92% of it, for a total of €1,840,000 paid in full on the subscription day. They would bear no interest or guarantee and be convertible at any time, at a price tied to the share price and at least the lower of €3.21 and 93% of the lowest daily volume-weighted average price over the 10 trading days before each request. The simple bonds, at €9.20 nominal each, were subscribed at 100% of that value for €1,840,000, subject to preconditions, with the price payable in two equal installments once conditions tied to the liquidity of the LightOn share are met. Bonds not converted by the end of 24 months from issue would be repaid at 100% of nominal value.9^,10^,11^,12^,13^,14

The company presented, for information only, three assumptions about how conversion of the new convertible bonds and of those still to be converted from the April financing would affect shareholders, from a base of 7,539,443 shares on Sep 23, 2026. At the current assumption, a conversion price of €2.91, conversion would add 746,242 shares, a dilution of 9.90% of existing capital; at a price 10% lower, 834,035 shares and 11.06%; at a price 10% higher, 680,397 shares and 9.02%. The company’s four co-founders, who owned 2,868,742 shares, committed not to sell 95% of their holdings until 80% of the bonds are converted or redeemed.15^,16^,17^,18^,19^,20^,21

The release’s risk factors noted that Jean-Philippe Baert had run general management since Igor Carron resigned as chairman and chief executive on Jul 9, 2026. If the preconditions for the simple bonds were not met, the company said, it would take additional measures to control its costs while continuing to seek private or public funding.22^,23

We hold this release only, as the issuer’s distributor filed it: four pages in English, with pictures and layout left out, and none of the documents it refers to. The text we hold does not name the other investors.24^,25