Capital increase in connection with exercise of warrants

Company Announcement No. 13-2023
Copenhagen, 17 March 2023

Penneo issued a total of 4,502,603 warrants in May 2020 prior to the IPO.

Prior to the opening of the exercise window on 28 February 2023 a total of 1,965,888 warrants remained under the warrant scheme of May 2020.

Since 28 February 2023, instructions have been received to exercise warrants as follows: 

• One individual has issued instructions to exercise 300,000 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 23,182 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 283,167 warrants at the agreed price of 4.74 DKK per share with a nominal value of 0.02 DKK
• One individual has issued instructions to exercise 28,000 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 78,560 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 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 4.67 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
• One individual has issued instructions to exercise 20.000 warrants at the agreed price of 4.67 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 17,206.82 DKK from 642,932.94 DKK to 660,139.76 DKK through the issue of 860,341 shares. Following the closing of the exercise window, 1,125,335 remaining warrants are held by nine individuals under the warrant scheme of May 2020.

Registration of the capital increase at the Danish Business Authority is expected to take place on March 17, 2023. Following the registration, the new shares are expected to be admitted to trading and official listing on NASDAQ Copenhagen on 22 March 2023 under the ISIN code of Penneo’s existing shares (DK0061283009).

The number of votes increases from 32,146,647 to 33,006,988. The new shares will entail a dilution of approximately 2.68 % for existing shareholders of Penneo.