Stenocare A/S

Gemstone Capital acted as financial advisor in Stenocare’s warrant exercise. The exercise price was sat at 3.16 DKK per share using the 10-day volume-weighted average price from 24 May 2024 to 7 June 2024 (both days included) less 30% discount. Only owners of TO2 Warrants could benefit from that price. Each warrant entitled the holder to subscribe for one new share Stenocare, and upon full exercise of all warrants, Stenocare would receive approximately 5.4 mDKK before deduction of transaction related costs.  In total 88.3% Warrants were exercised for subscription of shares. One TO2 warrant gave the right to subscribe for one new share at a price of DKK 3.16 per share. Stenocare received approximately 4.8 mDKK in gross proceeds before transaction costs; and net proceeds of approximately 4.2 mDKK.