MapsPeople A/S: Grant of warrants
MapsPeople A/S | Grant of warrants
Company Announcement No. 17 - 2022
Aalborg, November 2, 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 900,000 warrants.
The exercise price is fixed at DKK 5.03 per share corresponding to the average share closing price of the last 30 days as of November 2, 2022. The warrants will vest over 48 months, with 225,000 warrants vesting on November 2, 2023, and the remaining warrants vesting quarterly in equal installments for a period of 36 months following November 2, 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 November 2, 2028 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 2.95 per warrant (calculated using the Black Scholes Model). The key assumptions for the calculation are a share price of DKK 5.03, an exercise price of DKK 5.03, volatility of 71%, and a risk-free interest rate of 1,25%.
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.
CONTACT INFORMATION
MapsPeople A/S
Lars Brammer, Chairman of the Board
Mobile (+45) 28 44 68 04
Email [email protected]
Stigsborgvej 60, 9400 Nørresundby
Denmark
Certified Advisor
Grant Thornton
Jesper Skaarup Vestergaard
Mobile (+45) 31 79 90 00
Grant Thornton
Stockholmsgade 45 2100 Copenhagen Ø
Denmark