Oslo, 12 May 2021
Reference is made to the resolutions at the Extraordinary General Meeting held on 19 August 2020 (the "EGM") whereby, the 2020 Subscription Rights Incentive program for employees ("2020 SR Plan") and the subscription rights program for the Board of Directors ("2020 Board Plan") were resolved. Due to the substantial number of warrants issued in connection with the two private placements in 2020, the maximum numbers of subscription rights issuable under the 2020 SR Plan and 2020 Board Plan were calculated based on a percentage of the share capital on a "Fully Diluted" basis, taking into account issued and outstanding warrants, but always limited to 10% and 2%, respectively, of the Company's share capital. Practically speaking, this provided that more incentive subscription rights can be issued, as anti-dilution grants, once warrants become exercised ("Anti-dilutive Grants").
Further to such EGM resolutions, Thin Film Electronics ASA ("Thinfilm" or the "Company") has on 12 May 2021 resolved to issue a total of 54,334,574 incentive subscription rights to employees in the Thinfilm group and 13,583,644 incentive subscription rights to members of the Board of Directors. The grants were made under the Company's 2020 SR Plan and 2020 Board Plan, respectively, as approved by the EGM. The exercise price of the subscription rights is NOK 0.7757 per share, provided however that the exercise price for European Board members is NOK 0.15 (as resolved by the EGM). The subscription rights will vest as set out in the 2020 SR Plan and 2020 Board Plan. Following the grants, there are 185,007,973 subscription rights issued and outstanding in Thinfilm.
The foregoing Anti-dilutive Grants remain subject to approval by the 2021 Annual General Meeting in accordance with the terms and conditions set out in Section 9 of the Notice of such Annual General Meeting (which Notice was published on Oslo Børs on 12 May 2021). Moreover, as the Anti-dilutive Grants assume 100% exercise of Warrants B and C, which expire on 20 August 2021 and 30 June 2021, respectively, a proportionate number of the Anti-dilutive Grants will be cancelled and forfeited to the extent Warrant B and C are not exercised within their respective expiration dates.
Contact:
Ståle Bjørnstad - Investor Relations
E-mail: stale.bjornstad@thinfilmsystems.com
Phone: +47 99 16 76 72
Kevin Barber - Chief Executive Officer
E-mail: kevin.barber@thinfilmsystems.com
This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.