Published: 2021-10-01 11:16:50 CEST
Brain+ A/S
Changes in share capital and votes

Brain+ IPO 169% subscribed by 1,288 investors

The total subscription in the IPO was DKK 25.4 million from a total of 1,288 subscribers, translating into a subscription percentage of 169% counting all shares offered in the offering.

 Brain+ A/S [BRAINP]
Company Announcement No. 2-2021:
FRI, OCT 01, 2021

Brain+ A/S hereby announces the result of its offering of units in connection with its application for the admission of its shares and IPO warrants to trading on Nasdaq First North Growth Market Denmark with reference to the company announcement no. 1-2021 of 16 September 2021. As planned, the offer period ended on 30 September 2021 at 23.59 (CET).

The result

The IPO was concluded with a total subscription percentage of 169%. Therefore, Brain+ will receive gross proceeds of DKK 15 million and will convert all debt from the pre-IPO funding as described in the Company Description. Of the maximum IPO amount, 50.1% or DKK 7.5 million was pre-subscribed. This means that a total of DKK 7.5 million was offered for open public subscription.

A total of 1,288 subscribers contributed to a total subscription in the IPO of DKK 25.4 million, which translates into total subscription of 238% counting open public subscription only and 169% in relation to the total offering of DKK 15 million.

Due to the oversubscription, a reduction in the allocation to public subscribers will apply. The allocation will happen pro-rata, but with no subscribers receiving less than the minimum subscription of 700 units (equal to DKK 3.983). This means Brain+ will welcome 1,288 new shareholders at the first day of trading.

CEO of Brain+, Kim Baden-Kristensen comments:

“We are very thankful for the outcome of the IPO, and overwhelmed by the interest and trust shown by the investors. With the proceeds from the offering, we now have the fuel we need to pursue our plans of bringing Digital Medicine products to the market and creating an unrivalled suite of products for detecting and treating the cognitive decline from Alzheimer’s and dementia.

I am also happy that the investors have joined the first ever unit-IPO in Denmark, and also the first ever Nordnet-only IPO in Denmark. I am aware that this has excluded many investors that are not customers of Nordnet. I therefore also welcome additional, new shareholders that may join us after the IPO, given that trading from all banks will be possible from the sounding of the bell on October 7 at 9:00AM (expected timing). I would like to extend a big thank you and a warm welcome to all new shareholders”.

The details

Brain+ publicly offered up to 2,636,204 units against cash payment of DKK 5.69 per unit (equal to a subscription price of DKK 5.69 per share of nom. DKK 0.10 as the IPO warrants are delivered 1:1 and free of charge to all investors that receive allocation), and additionally 2,152,338 units in a private placement against cash payment or conversion of debt. Each unit consists of one new share of nom. DKK 0.10 and one IPO warrant. The IPO warrants are exercisable from 17 October 2022 to 31 October 2022.

After settlement of the offering and the conversion of debt as described above on 4 October 2021, the share capital of the Company will be increased from nominally DKK 702,737.00 distributed on 7,027,370 shares of DKK 0.10 to nominally DKK 1,181,591.20 divided into 11,815,912 shares of DKK 0.10. Registration of the capital increase at the Danish Business Authority (in Danish: Erhvervsstyrelsen) is expected to take place on or around 5 October 2020.
The first trading day on Nasdaq First North Growth Market Denmark for the shares (permanent ISIN: DK0061670205) and the IPO Warrants (ISIN: DK0061670551) is expected to be 7 October 2021. Brain+ will trade under the ticker 'BRAINP'.

About Brain+ [BRAINP]
The mission of Brain+ is to restore patients’ independence and quality of life by treating and detecting cognitive decline in Alzheimer’s disease and dementia through digital means.

Brain+ has developed a set of Digital Medicine technologies, which enables the company to create a unique and differentiated product offering; the technologies include computerized cognitive training, digital cognitive stimulation therapy, a specialized memory test for early detection of Alzheimer’s and an Alzheimer’s lifestyle risk assessment and lifestyle change engine. With these technologies, Brain+ has a strong foundation in place to become a market leader in this rapidly growing sector.

This announcement constitutes inside information that Brain+ A/S is obliged to make public pursuant to the EU Market Abuse Regulation 596/2014. The information was sent for publication, through the agency of the contact persons set out below, at the time stated by the Company’s news distributor, Cision, at the publication of this announcement.

Contact Information
Kim Baden-Kristensen, CEO & Co-Founder
Mobile: +45 31393317
E-mail: kim@brain-plus.com
Købmagergade 53, 3., 1150 Copenhagen, Denmark

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