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Penneo

Penneo

Penneo: Grant of warrants in connection with loan completion

14:30 / 8 December 2021 Penneo Press release

Company Announcement No. 27-2021
Copenhagen, 8 December 2021

Penneo and Vækstfonden have entered into a loan agreement of 10M DKK. As part of the loan agreement, the Board of Directors of Penneo has today exercised part of its current authorization to issue a total of 25,000 new warrants to Vækstfonden.

The loan will be disbursed to Penneo in one installment and will be made available to Penneo upon loan processing completion with the Land Registration Court. The interest rate CIBOR 3 + 8.4% is currently 8.2% pro annum and is payable quarterly. The loan is repayable in full on 4 January 2027.

The loan is taken to contribute to the capital structure of Penneo and in consideration of the Weighted Average Cost of Capital (WACC). The costs of the loan are expected to be surpassed by the value generated through investing the proceeds in continued ARR growth.

Warrants
The exercise price is fixed at 23.199 DKK per share corresponding to the average of the average share price for the five days prior to the date on which the Board of Directors resolved to grant the warrants. The warrants are fully vested upon loan completion.

The warrants can solely be exercised in connection with one of the following three events:
  • In a period of fourteen days following repayment of the loan
  • In a period of fourteen days from the due date of repayment in which repayment has not been completed
  • In a period of ten working days following the Company's announcement of delisting from Nasdaq First North with no simultaneous listing of the Company on Nasdaq Copenhagen Main Market

The theoretical market value of one warrant granted is 5.16 DKK (calculated using the Black Scholes model). The key assumptions for the calculation are a share price of 23.199 DKK, an exercise price of 23.199 DKK, volatility of 25%, and a risk-free interest rate of 0%.

The warrants are issued in accordance with section 4 of the Articles of Association.

About Penneo A/S

Penneo is a Software-as-a-Service (SaaS) provider originally established to help companies with digital document signatures. Penneo was founded by six Danish entrepreneurs, who joined forces with a shared ambition to reduce the "hassle of getting documents signed" by replacing pen and paper with a digital alternative. This new digital "pen" (Pen-neo) was launched in 2014. Today, Penneo has evolved into an eco-system of automation solutions that digitize company workflows in connection with onboarding of customers (KYC) and secure and easy signing and management of documents. The company offers a RegTech solution that gives companies an efficient and inexpensive tool for complying with regulatory requirements . Penneo holds a strong position in the Nordic countries. In Denmark alone, more than 620,000 individuals signed documents electronically with Penneo in 2020. 

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

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