MapsPeople A/S | Grant of warrants

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Nasdaq First North Premier Growth Market, Copenhagen A/S                

MapsPeople A/S

Company Announcement No. 22-2023

Aalborg, June 30, 2023

In order to implement a retention and incentive program, the board of directors of MapsPeople today exercised part of its authorization in section 4.16 of MapsPeople’s articles of association to issue a total of 500,000 warrants.

The exercise price is fixed at DKK 2.80 per share corresponding to the latest offering of new shares with pre-emptive rights as informed in Company Announcement No. 20-2023 . The warrants will vest over 30 months, with 100,000 warrants vesting on December 31, 2023, and the remaining warrants vesting yearly in equal installments for a period of 24 months following December 31, 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 December 31, 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:

The theoretical market value of the warrants granted is DKK 1.70 per warrant (calculated using the Black Scholes Model). The key assumptions for the calculation are a share price of DKK 2.00, an exercise price of DKK 2.80, volatility of 95%, and a risk-free interest rate of 3.10%.

This Grant of warrants does not change MapsPeople's ARR guidance (Company Announcement No. 15-2023) which continues to be DKK 77-87M for 2023.


MapsPeople A/S

Morten Brøgger, CEO 

Mobile (+45) 31 23 48 72 


Stigsborgvej 60, 9400 Nørresundby


Certified Advisor

Grant Thornton

Jesper Skaarup Vestergaard

Mobile (+45) 31 79 90 00

Grant Thornton

Stockholmsgade 45 2100 Copenhagen Ø