Grant of warrants

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Company Announcement No. 10-2020

Copenhagen, October 13th, 2020

Today, in continuation of the recent acquisition of the software activities of CLA Reply ApS the Board of Directors of Penneo A/S has exercised part of its current authorization to issue a total of 37,500 new warrants to the two founders and key employees of CLA Reply ApS, Henrik Asbak Boensvang and Shum Stra, to complete the transfer of their employment to Penneo A/S.

The exercise price is fixed at DKK 32.93 per share corresponding to the average of the average share price for the 5 days prior to the date on which the Board of Directors decided to grant the warrants. The warrants will vest over 5 tranches starting from October 13th 2020 provided that specific targets related to customer acquisition and internationalization are met. Warrants that have not been exercised will lapse automatically 14 days after the publication of the third quarterly report in 2023. Warrants can be exercised in a period of 14 days after the Company’s announcements of the annual report and interim reports.

The warrants include conditions on accelerated vesting in case of change of control, e.g. a takeover bid, merger or delisting. The warrants are issued in accordance with section 4 of the Articles of Association.

For more information on the transaction with CLA Reply ApS, see: Company Announcement no.8

The specific terms of warrants issued by the Company can be found in the Articles of Association on

Further information
Interim CEO, Nicolaj Højer Nielsen
Mobile (+45) 25 46 25 80
VEGA, Enghavevej 40, 4th floor, 
1674 Copenhagen V, Denmark

Certified Advisor
Grant Thornton, Jesper Skaarup Vestergaard

Direct (+45) 35 27 50 11, Mobile (+45) 31 79 90 00
Grant Thornton 
Stockholmsgade 45 2100 Copenhagen Ø, Denmark 

About Penneo A/S

Penneo A/S (Penneo) is a Software-as-a-Service (SaaS) company, originally focused on delivering the digital pen (Penneo = new pen) back in 2014. Today, Penneo has evolved into an eco-system of automation solutions that digitizes company workflows related to onboarding of customers (KYC), and signing and management of documents in a secure and easy way. The Company offers a RegTech solution that helps companies comply with regulations in an efficient and inexpensive way. Penneo has a strong position in the Nordics and in Denmark, where more than 550.000 people used Penneo’s workflow in 2019.