Spinnova Plc: Spinnova’s Board of Directors decided to issue stock options
SPINNOVA PLC, COMPANY RELEASE, 31 May 2022 at 3:30 p.m. EEST
Spinnova Plc: Spinnova's Board of Directors decided to issue stock options
In accordance with the authorization given by the Annual General Meeting on May 5, 2022, Spinnova Plc’s Board of Directors has decided to issue stock options to Sari Pohjonen, a member of the company's Board of Directors. The purpose of the stock options is to align the goals of the company's shareholders and members of the Board of Directors to increase the company's value in the long term and to secure the best possible expertise to support the company's growth.
A total of 40,000 stock options were issued and they were issued free of charge. The stock options entitle the holder to subscribe for a maximum of 40,000 new or treasury shares in the company. This corresponds to a maximum of approximately 0.078 percent of all the company's shares and votes after a possible share subscription if the subscription consist solely of new shares.
The subscription price for the shares to be subscribed for on the basis of the stock options is EUR 7.7097 per share, which corresponds to the volume-weighted average price of the thirty-day share during the review period, which ended on 20 May 2022. The subscription price is recorded in the company's invested unrestricted equity fund.
The subscription period for the shares to be subscribed for on the basis of the stock options starts from the issuance of the stock options and ends on 31 December 2030. Share subscriptions based on options are conditional on vesting conditions, which are tied to time and the development of the share value.
The stock options consist of two types: A options and B options. A stock options vest over a period of 4 years, with the first 25% vesting on the first anniversary of the issuance of the options and the remaining 75% vesting will vest in six equal instalments every six months following the following the first anniversary of the issuance date.
B stock options vest based on the company’s share price exceeding certain thresholds.
- 20% of the B stock options will vest on the date when the price for the company’s share for the first time reaches or exceeds EUR 10.79.
- Another 25% of the B stock options will vest when the price reaches or exceeds EUR 14.65.
- Another 25% of the B stock options will vest when the price for the company’s share reaches or exceeds EUR 20.05.
- The last 30% of the B stock options will vest when the price for the company’s share reaches or exceeds EUR 28.54.
There is a compelling financial reason for the company to issue stock options, as the stock options are intended as part of the company's Board of Directors' commitment system.
The main terms and conditions of the granted stock options are available on the company's website at www.spinnovagroup.com/remuneration.
For further information, please contact:
Janne Poranen, CEO
Tel. +358 400 138711
Aktia Alexander Corporate Finance Oy
Tel. +358 50 520 4098
SPINNOVA – Sustainable textile materials, naturally
Spinnova transforms the way textiles are manufactured globally. Based in Finland, Spinnova has developed breakthrough technology for making textile fibre out of wood or waste, such as leather, textile or agricultural waste, without harmful chemicals.
The patented SPINNOVA® fibre creates zero waste and side streams or microplastics, and its CO2 emissions and water use are minimal. SPINNOVA® materials are quickly biodegradable and circular. Spinnova is committed to using only sustainable raw materials such as FSC certified wood and waste. SPINNOVA® fibre is produced without harmful or complex chemical processes, and has the touch and feel of natural fibres such as cotton and linen.
Spinnova has received awards from e.g. the Fast Company, ISPO, Scandinavian Outdoor, ANDAM, Monocle and Marie Claire UK.
Spinnova’s shares (SPINN) are listed on the Nasdaq Helsinki First North Growth Market.
SPINNOVA® home: www.spinnova.com
Corporate & IR site: www.spinnovagroup.com