Grant of warrants
May 11, 2020
Announcement no. 14
Grant of warrants
Today, the Board of Directors of BioPorto A/S (BioPorto) (Nasdaq: BIOPOR) has exercised part of its current authorization by issuing 2,150,000 warrants to its US Corporate Management and certain of the company's key employees.
The warrants are issued in accordance with the company's Remuneration policy, its guidelines for incentive-based remuneration and the authorization in section 18 of the Articles of Association.
Each warrant grants the holder the right to subscribe for one share in the Company. The exercise price is fixed at DKK 2.72 per share corresponding to the last 10 days volume weighted average price of BioPorto's stock traded on Nasdaq Copenhagen A/S. The warrants will be exercisable in the period from May 11, 2022 - May 10, 2025. Within the exercise period, warrants can be exercised within ordinary trading windows.
The program includes conditions on claw-back in case of erroneous financial information and on accelerated vesting in case of change of control, e.g. a takeover bid, resolution and business transfer.
The theoretical market value of the allocations of warrants amounts to DKK 2,005,031. The calculation is based on the Black-Scholes formula using an interest rate of -0.60% and the historical volatility of BioPorto A/S' shares over 24 months, calculated to be 63.45.
The detailed terms of all warrants issued by the Company can be found in the Articles of Association on www.bioporto.com under Investor Relations> Governance> Company Articles.
After this grant of warrants the total number of outstanding warrants is 18,682,500 as shown in the table below:
| Number of warrants: | Specified as follows: | ||||||
| Warrant programs | Granted | Cancelled | Outstanding | Corporate Management | Other employees | Total | |
| 2016 | 6,368,696 | 3,936,196 | 2,432,500 | 910,000 | 1,522,500 | 2,432,500 | |
| Jun 2018 | 900,000 | 0 | 900,000 | 900,000 | 0 | 900,000 | |
| Aug 2018 | 4,100,000 | 0 | 4,100,000 | 3,700,000 | 400,000 | 4,100,000 | |
| Dec 2018 | 2,500,000 | 0 | 2,500,000 | 2,500,000 | 0 | 2,500,000 | |
| Apr 2019 | 5,100,000 | 0 | 5,100,000 | 5,100,000 | 0 | 5,100,000 | |
| Aug 2019 | 1,500,000 | 250,000 | 1,250,000 | 1,000,000 | 250,000 | 1,250,000 | |
| Dec 2019 | 250,000 | 0 | 250,000 | 0 | 250,000 | 250,000 | |
| May 2020 | 2,150,000 | 0 | 2,150,000 | 1,500,000 | 650,000 | 2,150,000 | |
| Total | 22,868,696 | 4,186,196 | 18,682,500 | 15,610,000 | 3,072,500 | 18,682,500 | |
For further information, please contact:
Thomas Magnussen, Chairman of the Board
Ole Larsen, CFO
Telephone +45 4529 0000, e-mail: investor@bioporto.com
About BioPorto
BioPorto is an in vitro diagnostics company that provides tests and antibodies to clinicians and researchers around the world. We use our antibody and assay expertise to transform novel research tools into clinically actionable biomarkers that can make a difference in patients' lives. BioPorto is headquartered in Hellerup, Denmark and is listed on the NASDAQ Copenhagen stock exchange [CPH:BIOPOR].
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