Capital increase in connection with exercise of warrants

Company Announcement No. 28-2022
Copenhagen, 9 September 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 2,192,494 warrants remain under this warrant scheme prior to the opening of the exercise window on 24 August 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). Aforementioned lock-up obligations in the warrant scheme of May 2020 and for existing shareholders prior to the IPO in 2020 have expired in connection with the release of the 2022-H1 report on 24 August 2022.

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

• 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 10,000 warrants at the agreed price of 4.67 DKK per share with a nominal value of 0.02 DKK
• One individual has issued instructions to exercise 64,174 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 10,000 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 3932.12 DKK from 638,400.82 DKK to 642,332.94 DKK through the issue of 196,606.00 shares. Following the closing of the exercise window, 1,995,888.00 remaining warrants are held by eleven individuals under the warrant scheme of May 2020.

Registration of the capital increase at the Danish Business Authority is expected to take place on 9 September 2022. Following the registration, the new shares are expected to be admitted to trading and official listing on NASDAQ Copenhagen on 15 September 2022 under the ISIN code of Penneo’s existing shares (DK0061283009).

The number of votes increases from 31,920,041 to 32,116,647. The new shares will entail a dilution of approximately 0.62 % for existing shareholders of Penneo.