Capital increase in connection with exercise of warrants

Company Announcement No. 21-2022
Copenhagen, 10 June 2022

Penneo issued a total of 4,502,603 warrants in May 2020 prior to the IPO. Of the warrants issued in May 2020, a total of 2,472,926 warrants remain under this warrant scheme prior to the opening of the exercise window on 24 May 2022. 

Each warrant entitles the warrant holder to subscribe for one ordinary share in Penneo with a nominal value of 0.02 DKK per share. The warrants are fully vested upon issuance and all warrant holders have signed lock-up agreements on equal terms as those of the lock-up obligation applying to the existing shareholders (cf. Company Description, Section 4.5.3). The warrants can be exercised in a 14 day exercise window which opened on 24 May 2022 in connection with the release of the 2022-Q1 financial report.

Since 24 May 2022, instructions have been received to exercise warrants as follows: 

• One individual has issued instructions to exercise 2,000 warrants at the agreed price of 4.28 DKK per share with a nominal value of 0.02 DKK
• One individual has issued instructions to exercise 161,000 warrants at the agreed price of 4.33 DKK per share with a nominal value of 0.02 DKK
• One individual has issued instructions to exercise 112,432 warrants at the agreed price of 4.33 DKK per share with a nominal value of 0.02 DKK
• One individual has issued instructions to exercise 5,000 warrants at the agreed price of 4.28 DKK per share with a nominal value of 0.02 DKK

Today, the Board of Directors decided to carry out the capital increase relating to the exercised warrants. As a result of the capital increase, the share capital of Penneo will be increased by a nominal amount of 5608.64 DKK from 632,792.18 DKK to 638,400.82 DKK through the issue of 280,432 shares. Following the closing of the exercise window, 2,192,494 remaining warrants are held by 12 individuals under the warrant scheme of May 2020.

Registration of the capital increase at the Danish Business Authority is expected to take place on 10 June 2022. Following the registration, the new shares are expected to be admitted to trading and official listing on NASDAQ Copenhagen on 15 June 2022 under the ISIN code of Penneo’s existing shares (DK0061283009).

The number of votes increases from 31,410,140 to 31,690,572. The new shares will entail a dilution of approximately 0.9% for existing shareholders of Penneo.