MapsPeople A/S: Grant of warrants
MapsPeople A/S | Grant of warrants
Company Announcement No. 12 - 2022
Aalborg, August 30, 2022
Grant of warrants
In order to implement a retention and incentive program, the board of directors of MapsPeople today exercised part of its authorization in section 4.3 of MapsPeople’s articles of association to issue a total of 450,000 warrants.
The exercise price is fixed at DKK 5.26 per share corresponding to the opening share price on August 30, 2022. The warrants will vest over 36 months, with 150,000 warrants vesting on August 30, 2023, 100,000 warrants vesting on August 30, 2023, and the remaining warrants vesting quarterly in equal installments for a period of 24 months following August 30, 2023.
Warrants can be exercised in exercise windows of 14 days starting the day after the publication of the MapsPeople's annual report, half-year report or quarterly report. Warrants that have not been exercised August 30, 2027 at the latest, will lapse automatically.
The warrants include conditions on accelerated vesting in case of liquidation, dissolvement in connection with a merger, or delisting.
The specific terms of the warrants can be found in MapsPeople’s articles of association available on: https://investors.mapspeople.com/overview/default.aspx.
The theoretical market value of the warrants granted is DKK 2.66 per warrant (calculated using the Black Scholes Model). The key assumptions for the calculation are a share price of DKK 5.26, an exercise price of DKK 5.26, volatility of 61%, and a risk-free interest rate of 0%.
This Grant of warrants does not change MapsPeople's ARR guidance (Company Announcement No. 1-2022) which continues to be DKK 75-85M for 2022.
