Penneo: Capital increase in connection with exercise of warrants

Company Announcement No. 29-2021
Copenhagen, 13 December 2021

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 2,559,650 warrants remain under this warrant scheme prior to the opening of the exercise window on 25 November 2021. 

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 25 November 2021 in connection with the release of the 2021-Q3 financial report.

Since 25 November 2021, 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 17,523 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 35,727 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 1,105.00 DKK from 541,473.62 DKK to 542,578.62 DKK through the issue of 55,250 shares. Following the closing of the exercise window, 2,504,400 remaining warrants are held by twelve individuals under the warrant scheme of May 2020.

Registration of the capital increase at the Danish Business Authority is expected to take place on 13 December 2021. Following the registration, the new shares are expected to be admitted to trading and official listing on NASDAQ First North Growth Market Denmark on 16 December 2021 under the ISIN code of Penneo's existing shares (DK0061283009).

As a consequence of the capital increase, the nominal share capital of Penneo increases from 541,473.62 DKK to 542,578.62 DKK which is made up of 27,128,931 shares each of a nominal value of DKK 0.02. The number of votes increases from 26,714,840 to 26,770,090. The new shares will entail a dilution of approximately 0,2% for existing shareholders of Penneo.