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CORRECTION: The Board of Directors of Bioretec Ltd has decided on a new option program 2023-1

ByMokhtar

 

TAMPERE, Finland, October 20, 2023 /PRNewswire/ — “CORRECTION: Bioretec Ltd is correcting the company announcement published today, October 20, 2023, at 1:00 PM. There was an error in the English version of the release. According to the English version of the press release, the subscription price for a share subscribed with one option right was EUR 2.48. The correct subscription price is 2.84 euros per share. This corrected subscription price has been updated to the announcement below and the attached option plan document 2023-1.

The Board of Directors of Bioretec Ltd decided on October 20, 2023, based on the authorization received from the annual general meeting of the company on May 26, 2023, to introduce a new option program as an incentive scheme for the employees, consultants and members of Bioretec Ltd. the Key Opinion Leader group of the company and its subsidiaries. There is a compelling financial reason for issuing option rights, as the option program is part of the incentive and commitment program of the employees, consultants and members of the Key Opinion Leader group of the company and its subsidiaries.

A total of up to 1,000,000 option rights will be issued, entitling their owners to subscribe to a total of up to 1,000,000 new shares of the company. The option rights are issued free of charge. Based on the option rights, shares can be subscribed as follows:

  • 25% of the option rights granted to the holder of the option right: The subscription period for shares starts on the first anniversary of the decision of the Board of Directors to grant the option rights to the holder of the option right;
  • the remaining 75% of the option rights given to the option right holder: The share subscription period begins monthly in installments of 1/36th per month on the last day of each month, such that the share subscription period for the first 1/3 The 36th installment commences on the last day of the month following the first anniversary of the decision of the Board of Directors to grant the option rights to the holder of the option right.

The subscription period for the shares ends on December 31, 2029.

After any subscriptions to shares, the shares subscribed for with option rights to be issued will amount to a maximum of approximately 4.9% of all shares and votes of the company. As a result of the subscriptions for shares with option rights, the number of shares in the company can increase by a total of up to 1,000,000 shares.

The subscription price for a share subscribed with one option right is EUR 2.84, which is the trading volume weighted average quotation of the share on Nasdaq Helsinki Ltd, maintained Nasdaq First North Growth Market Finland marketplace from July 19, 2023 to 19 October 2023, increased by 10%.

The subscription price for the shares will be added to the company’s reserve for invested unrestricted equity. The amount of dividends and distribution of assets per share paid will be deducted from the subscription price of the shares.

The theoretical market value of one option right is approximately €1,283 and the theoretical market value of all option rights together is approximately €1,283,357. The theoretical market value of an option right has been calculated using the Black & Scholes valuation model for stock options with the following input factors: valuation date October 19, 2023, share price EUR 2.45, share subscription price EUR 2.84, risk-free interest rate 3.46%, term of option rights 6.21 years and volatility 55.17%.

The target group of the stock option plan includes approximately 35 people. The terms and conditions of the option program are attached to this announcement.

Other questions

Timo Lehtonen, CEO, +358 50 433 8493
Johanna Salko, CFO, +358 40 754 8172

Certified advisor

Nordic certified advisor AB, +46 70 551 67 29

Information about Bioretec

Bioretec is a global Finnish medical device company that continues to pioneer the use of biodegradable orthopedic implants. The company has built up unique competencies at the biological interface of active implants to improve bone growth and accelerate fracture healing after orthopedic surgery. The products developed and manufactured by Bioretec are used in approximately 40 countries worldwide.

Bioretec is developing the new RemeOs™ product line based on magnesium alloy and hybrid composite, introducing a new generation of strong biodegradable materials for improved surgical results. The RemeOs™ implants are absorbed and replaced by bone, eliminating the need for removal surgery and facilitating fracture healing. The combination has the potential to eliminate the need for titanium implants and help clinics achieve their Value-Based Healthcare goals while focusing on value for patients through efficient healthcare delivery. The first market authorization for the RemeOs™ product was received in the US in March 2023, and in Europe the CE mark is expected to be received in the first quarter of 2024. Bioretec is positioning itself to enter the over $7 billion addressable global orthopedic trauma space. market and become a game changer in the surgical treatment of bone fractures.

Better Healing – Better Living. www.bioretec.com

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