Analyst Group Comments on Brain+’s Announcement of Rights Issue

On March 29, 2023, Brain+ announced that the Company intends to carry out a preferential Rights Issue of shares and warrants of series TO 2 and TO 3. The Rights Issue compromises a maximum of 15,720,518 units where each unit consists of two (2) shares, two (2) warrants of series TO 2, and two (2) warrants of series TO 3. The subscription price is set to DKK 1.00 per unit, which corresponds to DKK 0.50 per share, and the warrants are issued free of charge. Given a full subscription of the Rights Issue, Brain+ will receive approx. DKK 15.7 million before transaction-related costs. Subsequently warrant exercise of TO 2 and TO 3 can, if fully subscribed, provide the Company with an additional amount of approx. DKK 6.3-25.2 million and DKK 9.4-37.7 million in gross proceeds. If the Rights Issue is fully subscribed, the Board of Directors has the option to resolve an Over-Allotment Issue of up to 5,821,544, which would correspond to additional issue proceeds (gross) of approx. DKK 5.8 million and thus enable a further acceleration in clinical and commercial activities.

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