Grant of warrants

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Company Announcement No. 6-2021
Copenhagen, 22 March 2021

In connection with the appointment of Christian Stendevad as new CEO, the Board of Directors of Penneo has today exercised part of its current authorization to issue a total of 630,000 new warrants to Christian Stendevad.

The exercise price is fixed at DKK 58.94 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 36 months starting from the first day of employment, Warrants that have not been exercised before 22 March 2029 will lapse automatically. Warrants can be exercised in periods of four weeks starting the day after the publication of the Company's annual report, half-year report or quarterly report, respectively. 

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.

The theoretical market value of one warrant granted is DKK 16.29 (calculated using the Black Scholes model). The key assumptions for the calculation are a share price of DKK 58.94, an exercise price of DKK 58.94, volatility of 25%, and a risk-free interest rate of 0%.

Further information

Morten Elk 
Chairman of the Board 
Tel.: +45 20 29 75 05

Interim CEO, Nicolaj Højer Nielsen
Mobile (+45) 25 46 25 80

Certified Advisor
Grant Thornton, Jesper Skaarup Vestergaard
Direct (+45) 35 27 50 11, Mobile (+45) 31 79 90 00

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 620.000 people used Penneo’s workflow in 2020.

For information about Penneo visit