In October 2019, Hofseth BioCare ASA (the "Company") entered into a consultancy agreement with James Berger. Under the terms of the consultancy agreement, Berger was granted 4,862,800 share options. The vesting of the share options is, inter alia, subject to the market price of the Company's shares reaching and maintaining various levels over periods of 45 trading days for each level. In addition, 810,800 share options vests at the date falling 9 months from the date of the consultancy agreement, and 810,800 share options vests when the Company reaches a valuation that facilitates that the Company successfully completes a US listing.
James Berger has now exercised a total of 1,135,120 share options, as 324,320 share options are exercisable due to the volume weighted average price of the Company's shares having been at least NOK 8.00 over a period of 45 trading days and 810,800 share options are exercisable as the 9 month anniversary of the date of the consultancy agreement has passed. The exercise price of the share options is NOK 0.01 per share option.
On this background, the Board of Directors of the Company has now resolved to issue 1,135,120 new shares to James Berger, at a price of NOK 0.01 per share. The new shares are expected to be delivered to Berger during the middle of September 2020.
Following this, James Berger holds 3,267,955 shares in the Company and 5,349,280 share options.
The issuance of the new shares imply that the Company's share capital will increase with NOK 11,351.20. Following completion of the share capital increase, the Company's share capital will be NOK 3,302,090.01 divided by 330,209,001 shares, each with a par value of NOK 0.01.
For further information, please contact:
Jon Olav Ødegård, CFO of Hofseth BioCare ASA
Phone: +47 936 32 966
This information is subject to the disclosure requirements pursuant to Section 5-12 of the Norwegian Securities Trading Act