Simris Alg AB (publ) at its EGM held on 6 March 2023 approved entering into a bridge loan agreement with The Brand Laboratories FZ in accordance with the board's proposal. The bridge loan agreement was subject to approval from the general meeting as the agreement is considered to constitute a material transaction with related parties in accordance with Chapter 16 a, of the Swedish companies act, due to the Company's chairman of the board, Steven Schapera being associated with the Brand Laboratories. The agreement entails an increase in the flexible financing facility by EUR 500,000 from EUR 1,000,000 to EUR 1,500,000.

The entire loan must be repaid no later than August 25, 2023. Interest is charged at 1% per month and the Company must pay an establishment fee of 2.5%. As a condition of the facility increase, the withdrawn amount of up to EUR 1,500,000 will be secured through a corporate mortgage.