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Company Announcement
No. 3-2020

Copenhagen, May 26th, 2020

Today, Penneo A/S announces the result
of the offering of new shares in
connection with the listing of the Company on
Nasdaq First North Growth Market
Denmark cf. Company Announcement no.1 2020 of
May 7th and the Company
Description published on May 7th.
As planned, the offer
period was concluded on May 25th 11.59pm (CEST).
The Company’s offer of shares
in the range from 4,068,716 to 4,520,796 at an
offer price of 11.06 DKK per
share is fully subscribed. The final amount of
shares offered in the period
therefore amounts to 4,520,796. Hence, the gross
proceeds from the offering
amounts to DKK 50,000,003.76, and will be invested in
the Company’s Sales,
Marketing and Product Development activities.
In addition to the 3,252,690 new
shares that were allocated to investors in the
pre-subscription period, the
Company received 6,974 orders for a total of
25,829,637 new shares in
connection with the public offering. In total, this
amounts to an
oversubscription of the new shares offered of 4.7x of the total
offering, and
an oversubscription of 19.4x of the new shares available in the
public
offering.
The first day of trading at Nasdaq First North Growth Market Denmark
is expected
to be June 2nd under the ticker ‘PENNEO” under permanent
ISIN:DK0061283009.
Penneo’s CEO, Niels Henrik Rasmussen states about the offer
period “We are very
pleased with the result of the offering and in particular
we are humbled by the
interest and trust that investors have shown in us. We
are well aware of our
responsibility towards our shareholders and we will be
strongly focused on
building a positively developing equity story over the
course of time. The
positive development will particularly be fueled by our
internationalisation and
potential to become a de facto standard. We will
invest the proceeds from the
offering to hire more skilled developers to offer
new services to existing
customers and acquire new customers in new
markets.”
Penneo’s Certified Advisor, Jesper Skaarup Vestergaard, Partner at
Grant
Thornton echoes Niels Henrik Rasmussen’s takeaway on the offer period ”As
a
result Penneo’s very strong fundamentals and the strong awareness that
Grant
Thornton, together with the management of Penneo, have created in the
Danish
investment community, we envisage that both the equity story and the
liquidity
in the stock will be strong. This will most likely enable a
transparent and
market driven share price, where the future positive
development of the business
case will be reflected in the share price
development (NASDAQ ticker: "PENNEO”).
In other words, we believe that we with
the work that has been performed have
created the perfect launch ramp for both
the company’s growth ambitions and for
its current and future
shareholders.”
Summary of the offering

  ·
The Company issues 4,520,796 shares
as a result of the offering at a share price
of DKK 11.06 per share.

  ·
The
gross proceeds from the offered shares amount to DKK
50,000,003.76
corresponding to an offer price per share of DKK 11.06

  ·
72%
of the maximum offer of DKK 50,000,003.76 have been signed before the
offer
period.

  ·
Shares have been allocated to a total of 1759 investor
depositaries.

  ·
The ‘free float’ which is the amount of the share capital
held by public
investors, constitutes 16% of the share capital after the
completion of the
offering.

  ·
As a result of the significant interest for
the shares, all subscription orders
between 3,350 shares and 22,603 shares have
been allocated 362 shares,
corresponding to the minimum subscription.

  ·
All
subscription orders below 3,350 shares have not received allocation
of
shares.

  ·
All subscription orders above DKK 250,000 corresponding to
22,604 shares have
been allocated on the basis of the Company’s individual
assessment.

  ·
The 30 investors that pre-subscribed for 3,252,690 shares
before the publication
of the Company Description, have all been allocated full
subscription of shares.

  · After completion of the offering the share capital
of the Company will be
increased from nominally DKK 412,198.64 distributed on
20,609,932 shares of DKK
0.02 to nominally DKK 502,614.56 distributed on
25,130,728 shares of DKK 0.0.

  · Registration of the capital increase at the
Danish Business Authority (in
Danish: Erhvervsstyrelsen) is expected to take
place on May 28th 2020.


Proceedings at the extraordinary general
meetingToday, an extraordinary general
meeting was held in accordance with the
company announcement previously made on
May 11th 2020. The resolutions proposed
by the Company’s board of directors in
the notice of May 11th to issue warrants
and to amend the Company’s articles of
association were adopted at the general
meeting.

Updated articles of association will be made available
at
https://penneo.com/da/investors/ as soon as possible.
Additional
informationThe first trading day of the Company’s shares at Nasdaq
First North
Growth Market Denmark is expected to be June 2nd 2020 under the
ticker PENNEO
under permanent ISIN:DK0061283009.
As a prerequisite to trade, Nasdaq First
North Growth Market Denmark, must
formally approve the spread of Penneo’s
shares. The Company’s Certified Advisor
and book runner is Grant Thornton. The
Company is additionally advised by Elmann
Advokatpartnerselskab and Deloitte
Statsautoriseret Revisionspartnerselskab. The
Company has chosen Danske Bank as
settlement agent in relation to the offering.

Further Information
CEO, Niels
Henrik Rasmussen

Mobile (+45) 2123 4634
Email nhr@penneo.com
PENNEO A/S VEGA,
Enghavevej 40, 4th floor, 1674 Copenhagen V Denmark


Certified Advisor

Grant
Thornton
Jesper Skaarup Vestergaard Direct
(+45) 35 27 50 11,  Mobile (+45) 31
79 90 00
Grant Thornton Stockholmsgade 45 2100 Copenhagen Ø Denmark

About
Penneo A/S

Penneo A/S (Penneo) is a Software-as-a-Service (SaaS) company
originally founded
to help companies digitally sign documents. Penneo was
founded by 6 Danish
entrepreneurs, who got together with a shared ambition to
reduce the “hassle to
get documents signed” by replacing pen and paper with a
digital alternative.
This new digital “pen” (Pen-neo) was launched in 2014
where Penneo was
officially established.Today, Penneo has evolved into an
eco-system of
automation solutions that digitizes company workflows related to
onboarding of
customers (KYC), and signing and management of documents in a
secure and easy
way. The Company offers a RegTech solution that helps companies
comply with
regulations in an efficient and inexpensive way.
Important
information

This notice does not constitute a business description or
prospectus. No person
should buy or subscribe for shares in Penneo A/S, unless
this is done on the
basis of information in the company description published
by Penneo in
connection with the offering and admission of shares to trading on
Nasdaq First
North Growth Market Denmark. The company description is available
on the
Company's website. This notice does not constitute an offer to sell or
an
invitation to offer to purchase shares issued by the Company in any
jurisdiction
where such offer or sale would be illegal and the notice and
information
contained therein may not be directly or indirectly distributed or
disclosed in
or to such jurisdictions. The offering is carried out in
accordance with Danish
law and the new shares are only offered in Denmark.
Relationships dealt with in
this Communication may constitute forward-looking
statements that do not
constitute historical facts. The forward-looking
statements in this announcement
are based on a number of assumptions, many of
which are based on additional
assumptions. Although Penneo estimates that these
assumptions were reasonable as
they were made, they are inherently associated
with significant known and
unknown risks, uncertainties, unforeseen events, and
other material issues that
are difficult or impossible to predict or beyond the
control of the Company.
Such risks, uncertainties, unforeseen events, and other
material matters may
cause actual events to differ materially from the
expectations expressed or
implied in the forward-looking statements contained
herein. The information,
views and forward-looking statements contained in this
notice apply only to the
date of publication of this notice and are subject to
change without notice.