Capital increase in connection with exercise of warrants

Company Announcement No. 21-2021
Copenhagen, 13 September 2021

Penneo issued a total of 4,502,603 warrants in May 2020 prior to the IPO. Each warrant entitles the holder to subscribe for one ordinary share in Penneo with a nominal value of 0.02 DKK per share. The total nominal value of the warrants equals 90,052.06 DKK. Fifteen individuals hold warrants in Penneo under the warrant scheme of May 2020.

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 27 August 2021 in connection with the release of the 2021-H1 financial report.

Since 27 August 2021, instructions have been received to exercise warrants as follows: 

  •  One individual has issued instructions to exercise:
    • 1,166,660 warrants at the agreed price of 4.74 DKK per share with a nominal value of 0.02 DKK
    • 388,790 warrants at the agreed price of 7.89 DKK per share with a nominal value of 0.02 DKK
  • One individual has issued instructions to exercise 125,901 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 174,627 warrants at the agreed price of 0.34 DKK per share with a nominal value of 0.02 DKK
  • One individual has issued instructions to exercise 6,000 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 8,781 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 22,573 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 20,000 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 24,500 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 5,121 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 38,859.06 DKK from 502,614.56 DKK to 541,473.62 DKK through the issue of 1,942,953 shares. Following the closing of the exercise window, 2,559,650 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 September 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 September 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 502,614.56 DKK to 541,473.62 DKK which is made up of 27,073,681 shares each of a nominal value of DKK 0.02. The number of votes increases from 24,771,887 to 26,714,840. The new shares will entail a dilution of approximately 7.18% for existing shareholders of Penneo. 

Further information
CEO, Christian Stendevad
Mobile (+45) 27 29 50 02

Certified Advisor
Grant Thornton, Jesper Skaarup Vestergaard 
Direct (+45) 35 27 50 11

About Penneo A/S
Penneo is a Software-as-a-Service (SaaS) provider originally established to help companies with digital document signatures. Penneo was founded by six Danish entrepreneurs, who joined forces with a shared ambition to reduce the “hassle of getting documents signed” by replacing pen and paper with a digital alternative. This new digital “pen” (Pen-neo) was launched in 2014. Today, Penneo has evolved into an eco-system of automation solutions that digitize company workflows in connection with onboarding of customers (KYC) and secure and easy signing and management of documents. The company offers a RegTech solution that gives companies an efficient and inexpensive tool for complying with regulatory requirements . Penneo holds a strong position in the Nordic countries. In Denmark alone, more than 620,000 people signed documents electronically with Penneo in 2020. 

For more information about Penneo, please visit: https://penneo.com/investors/ 
 

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