Grant of warrants

MapsPeople A/S | Grants of warrants

Grant of warrants

In order to implement a retention and incentive program, the board of directors of MapsPeople today exercised part of its authorization pursuant to article 4.16 of the company's articles of association to issue a total of 1,096,008 warrants. The warrants were issued to 29 employees, including certain senior management employees.

The exercise price is fixed at DKK 2.27 per share corresponding to the average closing price the last five trading days prior to today. 

446,008 of the warrants will vest over 30 months, with a 6 month's cliff starting in June 2024. Hereafter, the warrants will vest in three instalments of 20, 40 and 40 per cent on 31 December 2024, 31 December 2025 and 31 December 2026. 

These warrants may be exercised in exercise windows of 14 days starting the day after the publication of the MapsPeople's annual report, half-year report or quarterly report. Warrants that have not been exercised 31 December 2028 at the latest will lapse automatically.

650,000 of the warrants will vest over 48 months, with a one year's cliff starting in June 2024. Hereafter, the warrants will vest with 25 per cent on 1 June 2025, and then the remaining 75 per cent will vest evenly on every 1^st of each subsequent month (2.08 per cent per month) until the last vesting date being 1 June 2028. 

These warrants may be exercised in exercise windows of 14 days starting the day after the publication of the MapsPeople's annual report, half-year report or quarterly report. Warrants that have not been exercised 1 June 2030 at the latest will lapse automatically.

The warrants include conditions on accelerated vesting in case of liquidation, dissolvement in connection with a merger, or delisting.

The specific terms of the warrants can be found in MapsPeople’s articles of association available on: https://www.mapspeople.com/investors.

The theoretical market value of the warrants granted is DKK 1.64 per warrant (calculated using the Black Scholes Model). The key assumptions for the calculation are a share price of DKK 2.26, an exercise price of DKK 2.27, volatility of 95%, and a risk-free interest rate of 2.22%.

 

IMPORTANT INFORMATION
This announcement is not an offer to sell or a solicitation of any offer to buy any securities issued by MapsPeople in any jurisdiction where such offer or sale would be unlawful and the announcement and the information contained herein are not for distribution or release, directly or indirectly, in or into such jurisdictions, including but not limited to, the United States, Australia, Canada or Japan.

This announcement does not constitute an offering circular, company description or other offer document and nothing herein contains an offering of securities. No one should purchase or subscribe for any securities in MapsPeople except as described in this company announcement.

Neither the existing shares of MapsPeople (the "Existing Shares") nor the New Shares have been, or will be, registered under the United States Securities Act of 1933, as amended ("Securities Act"). Neither the Existing Shares nor the New Shares may be offered or sold, directly or indirectly, in or into the United States or to persons residing there. Moreover, the Private Placement is not made to persons resident in Australia, Hong Kong, Japan, Canada, New Zealand, South Africa, Switzerland, or Singapore or to persons whose participation would require the publication up of a prospectus, registration or other measures.

Certain statements in this announcement constitute forward-looking statements. Forward-looking statements are statements (other than statements of historical fact) relating to future events and the Company's anticipated or planned financial and operational performance. The words "targets", "believes", "expects", "aims", "intends", "plans", "seeks", "will", "may", "might", "anticipates", "would", "could", "should", "continues", "estimates" or similar expressions or the negative forms thereof, identify certain of these forward-looking statements. Other forward-looking statements can be identified in the context in which the statements are made. MapsPeople has based these forward-looking statements on its current views with respect to future events and financial performance. By their nature, forward-looking statements are based on certain assumptions and projections on future events and financial performance, which involve a number of risks and uncertainties that could cause actual results or events to differ materially from those expressed or implied by the forward-looking statements. These risks, uncertainties and assumptions could adversely affect the outcome and financial consequences of the plans and events described herein. Actual results are likely to differ from those set forth in the forward-looking statements. Any forward-looking statements speak only as at the date of this document and neither the Company nor any of its respective affiliates, directors, officers, employees, advisors, or any other person is under any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. You should not and may not rely on these forward-looking statements.