Brain+ CEO and Board members exercise IPO warrants to subscribe for new shares in Brain+ A/S for DKK 0.5m

On October 17^th 2022, Kim Baden-Kristensen, CEO & Co-founder of Brain+ A/S (“Brain+) and members of the board of Brain+, Lars Terney, Vice Chairman, and Hanne Leth Hillman, Chair of the Audit Committee (collectively “the Investors”), chose to exercise all of their warrants of series TO 1 (BRAINP TO, ISIN: DK0061670551), to subscribe for newly issued shares in Brain+ A/S.

• In connection with Brain+’s IPO in October 2021, the company issued 4.8m publicly traded warrants, which can be exercised to subscribe for new shares in Brain+ A/S between October 17^thand October 31^st 2022, at an exercise price of DKK 1.638 per share.
• The Investors have collectively subscribed to 311.238 newly issued Brain+ shares (BRAINP, ISIN: DK0061670205) via exercise of their entire warrant holdings, at the exercise price of DKK 1.638 per share, for a total consideration of DKK 509.808.
• The collective market value of shares acquired to date by the Investors, including these newly subscribed shares, is DKK 8.5m based on the share price as of October 14^th Prior to exercise of these warrants, the investors collectively held ~29% of Brain+ shares outstanding.

Lars Terney has exercised 188.548 warrants, via investment of DKK 308.842. This brings his combined shareholdings in Brain+, including beneficial ownership, to 1.055.402 shares.

Hanne Leth Hillman has exercised 69.425 warrants, via investment of DKK 113.718. This brings her combined shareholdings in Brain+, including beneficial ownership, to 87.000 shares.

Kim Baden-Kristensen has exercised 53.265 warrants, via investment of DKK 87.248. This brings his combined shareholdings in Brain+, including beneficial ownership, to 2.630.416 shares.