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BIOPOR - Bioporto A/S News Story

DKK5.21 -0.2  -3.0%

Last Trade - 13/04/21

Sector
Industrials
Size
Small Cap
Market Cap £167.6m
Enterprise Value £156.3m
Revenue £2.71m
Position in Universe 759th / 1830

Incentive warrants

Wed 10th February, 2021 5:51pm
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February 10, 2021
Announcement no. 2
 
 
Incentive warrants

Today, the Board of Directors of BioPorto A/S ("BioPorto") (Nasdaq: BIOPOR)
has exercised the remaining part of its current authorization by issuing
350,000 warrants to certain key employees of the company and its subsidiaries.

The warrants are issued in accordance with BioPorto’s Remuneration Policy
and the authorization in section 18a of the Articles of Association.

Each warrant grants the holder the right to subscribe for one share in
BioPorto. The exercise price is fixed at DKK 6.11 per share corresponding to
the last 10 days weighted average price of BioPorto’s stock traded on Nasdaq
Copenhagen. The warrants will be exercisable in the period from February 11,
2023 to February 10, 2026, within ordinary trading windows.

The warrant program includes claw-back conditions in case of erroneous
financial information as well as accelerated vesting in case of change of
control, e.g., a takeover bid, resolution and business transfer.

The theoretical market value of the allocation of new warrants is DKK 714,560.
The calculation is based on the Black-Scholes formula using an interest rate
of -0.58% and the historical volatility of BioPorto A/S' shares over 24
months, calculated to be 61.78.

After this grant of warrants the total number of outstanding warrants is
19,032,500, 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   
 Feb 2021          350,000     0          350,000        0                     350,000          350,000     
 Total             23,218,696  4,186,196  19,032,500     15,610,000            3,422,500        19,032,500  



Due to the unforeseen impact of the COVID-19 pandemic on the timeline for the
expected FDA approval of The NGAL Test, the Board of Directors has further
resolved to extend the vesting period of the June 2018, August 2018 and
December 2018 programs by 12 months. The exercise period is correspondingly
reduced (i.e., by 12 months), leaving the expiration dates unchanged.

The Key Performance Indicator (KPI) deadline for obtaining FDA clearance for
The NGAL Test shall, for all 2018 Grants, be aligned with the commencement of
the adjusted exercise period, extending the deadline similarly.  

The detailed terms of all warrants issued by the Company, including adjusted
exercise prices due to the rights issue completed in second half of 2020, can
be found in the Articles of Association on www.bioporto.com under Investor
Relations > Governance > Company Articles, following registration with the
Danish Business Authorities.

For further information, please contact:

Thomas Magnussen, Chairman of the Board of Directors

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 .


Attachment
*     2021 02 10 Announcement no. 2
(https://ml-eu.globenewswire.com/Resource/Download/861ed171-4671-40d8-a1db-86675f00f9ca)
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