Exercise of Embellence Group’s warrant programs LTIP 2020 and the board program
Embellence Group AB (publ) (“Embellence Group” or the “Company”) announces that a total of 954,844 warrants in Embellence Group’s warrant programs for senior executives (LTIP 2020) and certain board members (the board program), which were resolved to be introduced at the extraordinary general meeting on 31 July 2020, have been exercised for subscription of 954,844 shares in the Company. Through the exercise of the warrants, Embellence Group will receive approximately SEK 26 million.
The majority of the warrants in Embellence Group’s warrant programs LTIP 2020 and the board program have been exercised for subscription of shares in the Company, which means that the number of shares in the Company increases by 954,844. The total number of shares in the Company will afterwards amount to 23,538,721. The Company's share capital increases by SEK 2,387,110.00 and thus amounts to SEK 58,846,802.50. The subscription price for the shares was SEK 27.60 per share. Embellence Group receives SEK 26,353,694.40 through the exercise of the warrants. The shares are expected to be admitted to trading on Nasdaq First North Premier Growth Market around 9 September, 2024.
LTIP 2020 covers a total of 969,584 warrants and underlying shares as well as five (5) senior executives, which includes the CEO, members of group management and other senior employees. The board program covers a total of 229,201 warrants and underlying shares as well as two (2) board members (existing and former).
A total of four (4) people, of which three (3) senior executives and one (1) board member, participated in the joint execution. The majority of the underlying shares in LTIP 2020 have been sold to finance the exercise of the warrants. These shares have been acquired by a number of buyers, including Magnus Welander, Chairman of the Board of Embellence Group. Through the exercise of the warrants under LTIP 2020 and the board program, the shareholdings in the Company of the participating senior executives and the board member will increase.
In connection with the execution of the warrant programs, Olle Svensk, CEO of Embellence Group, has acquired warrants from a participant of LTIP 2020 who is a UK resident and therefore, for regulatory reasons, could not participate in the placement. The proceeds of these acquired warrants will accrue to the original warrant holder.
90,909 warrants, corresponding to 90,909 new shares, have not yet been exercised in LTIP 2020. Furthermore, 153 032 warrants, corresponding to 153 032 new shares, have not yet been exercised in the board program. The last day for the exercise is October 31, 2024.
Pareto Securities has assisted in the joint execution and MAQS Advokatbyrå has acted as legal advisor to the Company in connection with the execution.