The Board of Directors of Initiator Pharma A/S, company reg. (CVR) no. 37663808, (“Initiator” or the “Company”) has today resolved to carry out a capital increase directed at members of executive management and key management under the long term incentive program for 2022 (“LTI2022-program”) and to conduct a buyback of shares in order to sell shares to the board of directors under the LTI2022-program.
Issuance of new shares
Today the Company’s share capital has been increased by a total of nominally DKK 11,550 divided into 110,000 shares (the “New Shares”) as a result of a share issue to certain members of executive management and key management under LTI2022-program. The shares have been issued subject to the board authorisation in article 4e in the Company’s articles of association.
The capital increase in connection with the subscription of shares by certain members of executive management and key management amounts to DKK 11,550 corresponding to 110,000 shares of nominally DKK 0.105. The 110,000 shares have been subscribed for by cash contribution at a price of DKK 0,105 per share and as a result the Company’s gross proceeds amounts to a total of DKK 11,550.
The New Shares are subject to the same rights as existing shares under the Company’s articles of association and is expected to be admitted to trading on Nasdaq First North Growth Market under the existing ISIN code DK0060775872 within a few days.
After the capital increase, the total nominal value of the Company’s share capital amounts to nominally DKK 5,509,548.135 divided into 52,471,887 shares of nominally DKK 0.105 each corresponding to 52,471,887 votes.
The Company’s updated articles of association will be made available on the Company’s website.
Share buyback
Today the Board of Directors in the Company also resolved to conduct a share buy-back in order for the Company to be able to sell treasury shares to certain members of the Board of Directors under the LTI2022-program. The total number of shares that the Company intends to sell to certain members of the Board of Directors is 19,500. Each share will be sold at a price of DKK 0.105 per share corresponding to par value.
The share buy-back will be conducted subject to the authorisation to the Board of Directors to acquire treasury shares under section 198 of the Danish Companies Act. The authorisation was granted at the Annual General Meeting held on 26 May 2023.
According to the contemplated share buy-back the Company will buy back 19,500 shares at market value on Nasdaq First North Growth Market. The Company expects that the shares will be bought in a period of maximum 15 business days, starting June 26. In connection with this share buy back the Company will not purchase shares exceeding 25% of the average daily trading volume of the Company on Nasdaq First North Growth Market on each trading day in the buyback period.
Further the Company will not, when executing transactions under the share buy-back programme, purchase shares at a price higher than the higher of the price of the last independent trade and the highest current independent purchase bid on the trading venue where the purchase is carried out.
The Company will publish an announcement when the share buy-back of 19,500 shares have been finalized.