THE SHARE

CHECK CURRENT SHARE PRICE (BRAINP)

LISTING ON NASDAQ FIRST NORTH COPENHAGEN

Brain+ has applied for listing on Nasdaq First North Growth Market, Copenhagen. Management estimates that Brain+ will reach operational cash-flow break-even by 2025.

Brain+ aims to a full Digital Medicine market access process (pivotal trials, regulatory approvals, reimbursement) for one to two of its products in one to two European markets by the end of 2026, depending on clinical results and partnering.

With total net proceeds of DKK 45.5 million, comprising of:

  • The Pre-IPO funding: Convertible loans of DKK 10.2 million (net DKK 9.2 million)
  • The Offering: assuming full cash subscription of 15 million (net DKK 12 million), and
  • The exercise of all IPO Warrants after 12 months at a net price equal to the Offer Price (1), leading to further estimated gross proceeds of about DKK 25 million, assuming that all IPO Warrants are exercised (net DKK 23 million) and that the Offer was fully subscribed. Should the Offer be subscribed at the minimum level, gross proceeds from full exercise of warrants would be approximately DKK 21 million.
    • oThe use of the Offer Price in the calculations above is by way of example. The actual exercise price will be set at 70% of the volume weighted average price per Brain+ share traded on Nasdaq First North Growth Market during the 10-day period leading up to the Exercise Window.

the business is expected to be funded well into 2023 in time for a number of value inflection points, namely Phase 2a and 2b trial results, and pivotal trial/Phase 3 ready products. To the extent that not all IPO Warrants are fully subscribed, the Company may consider a further capital increase, though it should be noted that this would partially replace an exercise of some of the IPO Warrants and thus not result in further dilution beyond that set out in section 7.1.8 of the memorandum.

HEAR MORE ABOUT THE UNIT MODEL (IN DANISH)
OFFER SUMMARY

Size of the issue: The Company is offering a minimum of 1,581,722 and a maximum of 2,636,204 Units consisting of an equal number of Offer Shares and IPO Warrants, corresponding to gross proceeds between DKK 9.0 to 15 million from the Offering.
Price pr. unit: DKK 5,69 (consisting of one Offer Share and one IPO Warrant)
Valuation (pre-money): DKK 40 million
Subscription period: 17-30 September, 2021
Preliminary first day of trading: 7 October, 2021
Minimum subscription: 700 units
Listing on Nasdaq First North GM: Prior to the Offering, the Shares have not been publicly traded. The Company has applied for admission to trading of all Shares and the IPO Warrants on Nasdaq First North Growth Market Denmark (“First North Growth Market”) under the ticker “BRAINP”. First day of trading of the Shares (Permanent ISIN: DK0061670205) and the IPO Warrants (ISIN: DK0061670551) is expected to be on 7 October, 2021. All Shares will have the same rights and will rank pari passu in every respect.