Controlant raises $10m USD equivalent in convertible bonds

Reykjavik (March 3, 2020) — Controlant closed a private placement of convertible bonds yesterday, amounting to 1,250m ISK, equivalent to approximately $10m USD. Arion Bank Corporate Finance managed the placement. Current shareholders subscribed for approximately 40 percent of the offering. The bonds are partly convertible into equity.

Controlant develops real-time solutions that monitor the temperature, location, and other environmental conditions of temperature-controlled products while they are in transit and during storage. Controlant’s data analytics are enabling enterprises to prevent waste, ensure product quality and safety, and deliver a return on investment. The company aims to have contracts with six to eight of the world's largest pharmaceutical companies by the end of 2020.

Controlant is an ISO 9001 company, headquartered in Reykjavik, Iceland with an operational presence in the USA, Ireland, Denmark, Switzerland, and the UK.