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CORRECTION: Bioretec Ltd’s Board of Directors has decided on a new option program 2023-1 USA – English USA – English

TAMPERE, Finland, Oct. 20, 2023 /PRNewswire/ — “CORRECTION: Bioretec Ltd corrects the company announcement published today, 20 October 2023, at 1 p.m. There was an error in the English version of the release. According to the English version of the release, the subscription price for a share subscribed for with one option right was EUR 2.48. The correct subscription price is EUR 2.84 per share. This corrected subscription price has been updated to the below announcement and the attached option plan 2023-1 document.

 The Board of Directors of Bioretec Ltd has on 20 October 2023 decided, on the basis of the authorization received from the company’s Annual General Meeting on 26 May 2023, to establish a new option program as an incentive scheme for the employees and consultants and members of the company’s Key Opinion Leader group of the company and its subsidiaries. There is a weighty financial reason for issuing option rights, as the option program is part of the incentive and commitment scheme of the employees, consultants, and members of the Key Opinion Leader group of the company and its subsidiaries.

A maximum total of 1,000,000 option rights will be issued, and they will entitle their owners to subscribe for a maximum total of 1,000,000 new shares in the company. The option rights will be issued free of charge.  Shares can be subscribed to on the basis of the option rights as follows:

  • 25 % of the option rights given to the option right holder: The share subscription period begins upon the first anniversary of the Board of Directors’ resolution to allocate the option rights to the option right holder;
  • the remaining 75 % of the option rights given to the option right holder: The share subscription period begins monthly in installments of 1/36th per month on the last day of each month in such a way that the share subscription period for the first 1/36th installment shall begin on the last day of the next month following the first anniversary of the Board of Directors’ resolution to allocate the option rights to the option right holder.

The subscription period for the shares ends on 31 December 2029.

The shares that are subscribed with the option rights to be issued will account for a total maximum of approximately 4.9 % of all the company’s shares and votes after possible share subscriptions. As a result of the share subscriptions made with the option rights, the number of shares in the company may increase by a total maximum of 1,000,000 shares.  

The subscription price for a share subscribed for with one option right is EUR 2.84, which is the trade volume weighted average quotation of the share on Nasdaq Helsinki Ltd maintained Nasdaq First North Growth Market Finland marketplace from 19 July 2023 to 19 October 2023 increased by 10%.

The share subscription price will be credited to the company’s reserve for invested unrestricted equity. The amount of dividends and distribution of assets per share paid will be deducted from the share subscription price.

The theoretical market value of one option right is approximately EUR 1.283 and the theoretical market value of all option rights combined is approximately EUR 1,283,357. The theoretical market value of an option right has been calculated using the Black & Scholes stock option pricing model with the following input factors: valuation date 19 October 2023, share price EUR 2.45, share subscription price EUR 2.84, risk free interest rate 3.46 %, time to maturity of option rights 6.21 years and volatility 55.17 %.

The target group of the stock option plan includes approximately 35 persons. The terms and conditions of the option program are attached to this announcement.

Further enquiries

Timo Lehtonen, CEO, +358 50 433 8493
Johanna Salko, CFO, +358 40 754 8172

Certified adviser

Nordic Certified Adviser AB, +46 70 551 67 29

Information about Bioretec

Bioretec is a globally operating Finnish medical device company that continues to pioneer the application of biodegradable orthopedic implants. The company has built unique competencies in the biological interface of active implants to enhance bone growth and accelerate fracture healing after orthopedic surgery. The products developed and manufactured by Bioretec are used worldwide in approximately 40 countries. 

Bioretec is developing the new RemeOs product line based on a magnesium alloy and hybrid composite, introducing a new generation of strong biodegradable materials for enhanced surgical outcomes. The RemeOs implants are absorbed and replaced by bone, which eliminates the need for removal surgery while facilitating fracture healing. The combination has the potential to make titanium implants redundant and help clinics reach their Value-Based Healthcare targets while focusing on value for patients through efficient healthcare. The first RemeOs product market authorization has been received in the U.S. in March 2023, and in Europe, CE mark is expected to be received during the first quarter of 2024. Bioretec is positioning itself to enter the addressable over USD 7 billion global orthopedic trauma market and to become a game changer in surgical bone fracture treatment.

Better healing – Better life. www.bioretec.com

The following files are available for download:

Originally published at https://www.prnewswire.com/news-releases/correction-bioretec-ltds-board-of-directors-has-decided-on-a-new-option-program-2023-1-301963293.html
Images courtesy of https://pixabay.com

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