Grant of warrants
August 15, 2019
Announcement no. 17
Grant of warrants
Today, the Board of Directors of BioPorto A/S ("BioPorto") (Nasdaq: BIOPOR) has decided to exercise part of the current authorization by issuing 1,500,000 new warrants to certain key employees in the Company’s U.S. organization.
The warrants are issued in accordance with the company's Remuneration policy and 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 2.88 per share corresponding to the last 10 days Weighted Average Price of BioPorto’s stock traded on Nasdaq Copenhagen A/S. The warrants will be exercisable in the period from August 16, 2021 – August 15, 2024. 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 e.g. a takeover bid, resolution and business transfer.
The theoretical market value of the allocations of warrants amounts to DKK 1,101,981. The calculation is based on the Black-Scholes formula using an interest rate of -0.87% and the historical volatility of BioPorto A/S' shares of 24 months calculated to 47.21%.
The detailed terms of all warrants issued by the Company can be found in the Articles of Association on under Investor Relations> Governance> Company Articles.
After this grant of warrants the total number of outstanding warrants is 16,532,500 as shown in the table below:
| 2016 program | 2017 program | Jun 2018 program | Aug 2018 program | Dec 2018 program | Apr 2019 program | Aug 2019 program | Total | |
| Number of warrants | ||||||||
| Granted | 6,368,696 | 4,350,000 | 900,000 | 4,100,000 | 2,500,000 | 5,100,000 | 1,500,000 | 24,818,696 |
| Cancelled | 3,936,196 | 4,350,000 | 0 | 0 | 0 | 0 | 0 | 8,286,196 |
| Outstanding | 2,432,500 | 0 | 900,000 | 4,100,000 | 2,500,000 | 5,100,000 | 1,500,000 | 16,532,500 |
| Specified as follows | ||||||||
| Corporate Management | 910,000 | 0 | 900,000 | 3,700,000 | 2,500,000 | 5,100,000 | 1,000,000 | 14,110,000 |
| Other employees | 1,522,500 | 0 | 0 | 400,000 | 0 | 0 | 500,000 | 2,422,500 |
| Total | 2,432,500 | 0 | 900,000 | 4,100,000 | 2,500,000 | 5,100,000 | 1,500,000 | 16,532,500 |
Due to the previously announced adjustment of the timeline for the expected FDA approval of The NGAL TestTM, the board of directors has resolved to amend the KPIs related to the August 2018 warrant grants, so that the deadline for obtaining 50 new hospital sites and the increase in NGAL turnover will be measured 12 months from the FDA approval. Further, the deadline for obtaining approval in relation to the December 2018 grant is amended to 30 June 2020.
For further information, please contact:
Thomas Magnussen, Chairman of the Board
Ole Larsen, CFO
Telephone , e-mail
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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