Trophy Games Development

Company Announcement No. 7-2023 

Copenhagen, 17 October 2023

*Contains Inside Information*

The board of directors of Trophy Games Development A/S (the “Company”) has approved a new warrant program and issued warrants to CFO Mariana Chucri and COO Theis Dinesen and employees.

The program aims to maintain the employment of professional and valuable resources in the Company and incentivize them to make a special effort to create value. The board of directors has used the authorization in section 3.4 of the Company’s articles of association, granted at the annual general meeting as announced in company announcement no. 3-2023, to issue 372,600 warrants, which, in accordance with the terms of the warrant program, provide the holders with the right to subscribe for up to 372,600 shares in the Company at a nominal value of DKK 0.02 per share corresponding to a total nominal capital increase of up to DKK 7,452.

The warrants are granted as a one-time grant and will vest annually over a three-year period from the grant date. Warrants can be exercised at a strike price of DKK 4.00 per share of nominally DKK 0.02 in ordinary exercise periods four weeks after the Company announces annual and interim financial reports. Moreover, warrants can be exercised in connection with a removal from trading of the Company’s shares from Nasdaq First North Growth Market Denmark if the Company is liquidated, dissolved, becomes bankrupt, or if the board of directors discretionarily decides that warrants can be exercised. Warrants not used within 41 months after granting will automatically lapse without further notice and compensation to the holders.

If fully vested and exercised, the issued warrants will increase the Company’s share pool by 1.35 % from 27,600,000 shares to 27,972,600 shares and increase the Company’s share capital from nominally DKK 552,000 to nominally DKK 559,452.

The full terms and conditions of the warrant program are attached to the Company’s articles of association as Appendix 1.

The key assumptions for the calculation are:

• Theoretical market value of a warrant granted: DKK 1.2018 calculated using the Black-Scholes model. 

• Share price: DKK 3.49 (Nasdaq First North closing price on Tuesday, the 17th of October 2023).

• Exercise price: DKK 4.00

• Duration: 3 years 5 months

• Volatility: 50.00 %

• Interest rate: 2.93 %

Contact Information

TROPHY GAMES Development A/S

Søren Gleie, CEO

Office (+45) 7172 7573

Email: soren@trophy-games.com

Mikkel Bryggers Gade 4, 2. sal, 1460 Copenhagen K, Denmark

Certified Adviser

Norden CEF

John Norden

Email: jn@nordencef.dk 

A/S Kongevejen 365, 2840 Holte, Denmark

About Trophy Games

Trophy Games is an innovative, Denmark-based game studio who develops and publishes mobile and PC games.