Carvolix announced on August 6, 2026, that it had entered into this transaction with funds managed by Claret Capital Partners, comprising senior secured convertible bonds and amortised bonds, together with warrants. The transaction is structured in four tranches of senior secured bonds: two convertible tranches of €10 million each, the first of which was immediately drawn down and the second of which is subject, among other conditions, to obtaining FDA 510(k) clearance for the Tavipilot robotic platform; and two amortised tranches of €5 million each.
The financing also includes warrants with a total value of €1,152,110. The maximum dilution resulting from the bonds and warrants combined is capped at 8.6% of the existing share capital if the bonds, totalling €30 million, are drawn in full. Bondholders benefit from first-ranking security over Carvolix’s bank accounts, a pledge over securities of certain of its subsidiaries, its intellectual property rights, and its business (fonds de commerce), as well as a receivable assignment agreement.
The Reed Smith team comprised Baptiste Gelpi (partner), Erij Akremi (associate), and Audrey Minnie (juriste) on the financing aspects and Guilain Hippolyte (partner) and Salomé Cloué (associate) on the corporate aspects.
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