Company Announcement No. 28-2022
Copenhagen, 9 September 2022

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 2,192,494 warrants remain under this warrant scheme prior to the opening of the exercise window on 24 August 2022. 

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). Aforementioned lock-up obligations in the warrant scheme of May 2020 and for existing shareholders prior to the IPO in 2020 have expired in connection with the release of the 2022-H1 report on 24 August 2022.

Since 24 August 2022, instructions have been received to exercise warrants as follows: 

  • One individual has issued instructions to exercise 112,432 warrants at the agreed price of 4.33 DKK per share with a nominal value of 0.02 DKK
  • One individual has issued instructions to exercise 10,000 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 64,174 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 10,000 warrants at the agreed price of 4.28 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 3932.12 DKK from 638,400.82 DKK to 642,332.94 DKK through the issue of 196,606.00 shares. Following the closing of the exercise window, 1,995,888.00 remaining warrants are held by eleven individuals under the warrant scheme of May 2020.

Registration of the capital increase at the Danish Business Authority is expected to take place on 9 September 2022. Following the registration, the new shares are expected to be admitted to trading and official listing on NASDAQ Copenhagen on 15 September 2022 under the ISIN code of Penneo's existing shares (DK0061283009).

The number of votes increases from 31,920,041 to 32,116,647. The new shares will entail a dilution of approximately 0.62 % for existing shareholders of Penneo.

Further information

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

About Penneo A/S

Penneo is a provider of Software-as-a-Service (SaaS), and was initially established for the purpose of assisting businesses with digital document signing and digitising workflows. Today, the company has developed into an eco-system of digital solutions which automate work routines within for example anti-money laundering (AML) - a RegTech software that offers businesses an efficient and cost-saving way to comply with legislation. 

The original and widespread product "Penneo Sign", which helps customers secure easy online signing of documents, is still continuously developed by the company - while at the same time new products appear, such as Penneo KYC (Know Your Customer) - a product that digitises the work-flows in businesses and contributes to complying with legal requirements in connection with onboarding and identification of customers.  

Penneo holds a strong position in the Nordic countries, and in Denmark alone, more than 740,000 persons signed documents electronically with "Penneo Sign" in 2021. 

In April 2022, Penneo was listed on Nasdaq Copenhagen following a listing on Nasdaq First North in June 2020. This transition contributes to strengthening the company's focus on European expansion. 

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

https://news.cision.com/penneo/r/capital-increase-in-connection-with-exercise-of-warrants,c3628487

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