Announcement from the extra general meeting in ExpreS2ion Biotech Holding
The extra general meeting in ExpreS2ion Biotech Holding AB ("ExpreS2ion" or the "Company") was held today on 23 September 2020 and the following resolutions were passed by the meeting.
Amendments of the Company's articles of association
The extra general meeting resolved, in accordance with the board of directors' proposal, to amend the Company's articles of association regarding, e.g., the limits for the share capital to a minimum of SEK 3,000,000 and a maximum of SEK 12,000,000 and the limits for the number of shares to a minimum of 27,250,000 and a maximum of 109,000,000. It was further resolved on a minor linguistic adjustment of the articles of association clause regarding notice to general meetings and the item on participation at general meetings following changes in the Swedish Companies Act with respect to the record date. It was also resolved to update the central securities depositary clause.
Approval of rights issue of units
The extra general meeting resolved, in accordance with the board of directors' proposal, to approve the board of directors resolution regarding a rights issue of a maximum of 10,910,594 shares and a maximum of 10,910,594 warrants (divided on 5,455,297 warrants series 2020:1 and 5,455,297 warrants series 2020:2). The Company's share capital will increase with a maximum of SEK 1,212,288.222226 through the share issuance. At subscription of shares through exercise of all warrants, the Company's share capital may increase with an additional maximum of SEK 404,096.000002 (divided 202,048.000001 on each series) and the number of shares with an additional maximum of 3,636,864 shares.
The new shares and warrants are issued in units, where each unit consists of two shares and two warrants. The subscription price is SEK 24 per unit (equivalent to SEK 12 per share), which corresponds to a total of SEK 130,927,128.00 if all units are subscribed for. The warrants are issued at no consideration.
Three warrants series 2020:1 entitles to subscription of one new share in the Company at a subscription price equal to 70 percent of the volume weighted average price of the Company's shares at Nasdaq First North Growth Market during a period of 10 trading days immediately preceding 12 April 2021, however not less than SEK 6 and not more than SEK 22.
Three warrants series 2020:2 entitles to subscription of one new share in the Company at a subscription price equal to 70 percent of the volume weighted average price of the Company's shares at Nasdaq First North Growth Market during a period of 10 trading days immediately preceding 6 September 2021, however not less than SEK 6 and not more than SEK 25.
Subscription of a new share by exercise of warrants series 2020:1 shall take place during the period from 12 April 2021 up to and including 26 April 2021. Subscription of a new share by exercise of warrants series 2020:2 shall take place during the period 6 September 2021 up to and including 20 September 2021.
Further information about the rights issue will be available in the prospectus to be published following the Swedish Financial Supervisory Authority’s approval.
Warrant based incentive program for senior executives
The extra general meeting resolved, in accordance with the board of directors' proposal, to issue 1,000,000 warrants and to approve subsequent transfers of the warrants. If all issued warrants are exercised the share capital of the Company will increase with SEK 111,111.111112.
The warrants shall be subscribed for by senior executives, employees and key persons in the Company and company group and the subsidiary ExpreS2ion Biotechnologies ApS, with the right and obligation to, at one or several occasions, transfer the warrants to senior executives, employees and key persons, who are or will become employed by the Company or within the company group. The warrants may be acquired at no consideration or at a price that is not less than the fair market value of the warrant according to the Black & Scholes valuation model and otherwise on the same terms as in the issuance
Each warrant entitles to subscription of one new share in the Company during the period from 1 October 2024 up to an including 31 December 2024. The subscription price shall be determined to an amount equal to 140 percent of the volume weighted average price at Nasdaq First North Premier Growth Market during the period from 20 October 2020 up to and including 3 November 2020.
The purpose of the issuance of warrants and the deviation from the shareholders preferential rights is to implement incentive program 2020/2024. The purpose is to establish conditions to maintain and increase the motivation of senior executives, employees and other key persons within the Company and company group. The board of directors finds that it is in all shareholders interest that senior executives, employees and other key persons, which are considered important to the future development of the company group, have a long term interest in developing high value of the Company's share. A long term ownership engagement is expected to stimulate an increased interest for the business and result in a whole as well as to increase the motivation for the participants and to create a common interest for the Company's shareholders and the participant.
The maximum dilution of incentive program 2020/2024 is estimated to be a maximum of approximately 5.76 percent of the total number of shares and votes in the Company, assuming full subscription and exercise of all warrants offered.
Finally the extra general meeting resolved that the remuneration to the board of directors is increased where each director shall be entitled to SEK 75,000 and the chairman to SEK 150,000.
For detailed terms regarding the above resolution at the extra general meeting, reference is made to the notice that is available on the Company's website, www.expres2ionbio.com.
Svensk Kapitalmarknadsgranskning AB
Telefon: +46 11 32 30 732
For further information about ExpreS2ion, please contact:
Bent U. Frandsen, CEO
Telephone: +45 4256 6869
ExpreS2ion Biotechnologies ApS is a fully owned Danish subsidiary of ExpreS2ion Biotech Holding AB with company register number 559033-3729. ExpreS2ion has developed a unique technology platform, ExpreS2, for fast and efficient non-clinical development and production of complex proteins for new vaccines and diagnostics. ExpreS2 is regulatorily validated for clinical supply. The platform includes functionally modified glycosylation variants for enhanced immunogenicity and pharmacokinetics. Since 2010, the Company has produced more than 300 proteins and 40 virus-like particles (VLPs) in collaboration with leading research institutions and companies. Since 2017, ExpreS2ion develops novel VLP based vaccines through its joint venture AdaptVac ApS. For additional information, please visit www.expres2ionbio.com and www.adaptvac.com.
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