Execution of reverse share split
The Board of Directors has decided to execute on the decision taken on the extraordinary general meeting of SPENN Technology A/S held on 25 January 2023 to do a reverse share split of the company’s ordinary shares of DKK 0.1 through a reverse share split at a consolidation rate of 100:1. This includes an amendment of the nominal denomination of the company’s technical shares from nominally DKK 0.1 to nominally DKK 10 (consolidation ratio of 100:1).
Company Announcement No. 99
Consequently, shareholders will receive one (1) new share of nominally DKK 10 for each previous hundred (100) shares of nominally DKK 0,1. Please note, that the consolidation will thereby have an effect on the share price of the company. For the number of shares not dividable by one hundred, shareholders will receive DKK 0.16 per share from the Company, which will buy back these shares.
The share capital before the reverse split was: DKK 248.183.620 divided into shares of DKK 0,1 each (i.e. 2.481.836.200 shares of DKK 0,1 each). The share capital after the reverse split is: DKK 248.183.620 divided into shares of DKK 10 (i.e. 24.818.362 of DKK 10 each).
The planed timeline of the execution of the reverse split is as follows:
- Friday 10 February 2023: Instruction to Euronext to do the reverse split
- Monday 20 February 2023: Last day of trading of the old share (of DKK 0,1)
- Tuesday 21 February: First day of trading with the new share (of DKK 10)
- Wednesday 22 February: Switch of the old share with the new share
- Thursday 23 February 2023: First settlement day for trading of the new share (DKK 10,00)
As a result of the reverse split, the ISIN code is changed:
Current ISIN code (before reverse split): DK0060827269
New ISIN code (after reverse split): DK0062268686
For further information please contact:
Jens B. Glaso, CEO SPENN Technology A/S, Phone: + 47 40 40 47 50, E-mail: [email protected], Certified Adviser: Baker Tilly Corporate Finance P/S, Att.: Gert Mortensen, Partner. Phone: +45 33 45 10 00, www.bakertilly.dk/
SPENN Technology A/S
CVR nr.: 26518199
Njalsgade 76, 4.
2300 København S
Tel: +45 8830 0000
About SPENN Technology A/S
In a world where 1.7 billion people are still unbanked, SPENN Technology has democratized access to financial markets by bridging the crypto sphere with traditional finance. By utilizing blockchain technology Blockbonds has created a robust real-time payment system in which everyone can manage their savings, payments, investments and loans in an honest, transparent and secure way through the SPENN App platform. Although SPENN Technology A/S is a purpose-driven company with our vision to empower people, we are also a commercial player that always strives to develop new services for our customers.
The SPENN app is an innovative and unique digital banking platform for the unbanked as well as the banked to be able to send and receive money completely cost-free, in markets where the cost of financial services is the highest in the world. SPENN is disrupting the existing mobile payment distribution channels. SPENN has recently launched new integrated services in the platform and expects to launch more crypto services going forward.
SPENN is a technology provider to banks and governments based on a Software as a Service (SaaS) solution and has grown to become a key partner for their bank partners to drive deposits and to stay in front of innovation. SPENN is helping governments regulate the unregulated utilizing new technology and visionary ideas which have ultimately solved the biggest issue within financial inclusion.
SPENN Technology A/S is listed on the Nasdaq First North Growth Market Denmark. Ticker code: SPENN