Share issue TO1 2023

The exercise period for the TO1 warrant is closed

The STENOCARE exercise of TO1warrants that started Dec 06, 2023 has been closed on Dec 19, 2023. Thereby, it is no longer possible to exercise the TO1 warrants. On Dec 21, 2023, the company announced the result of the exercise.


Exercise period: 6 – 19 December 2023.


Key Information


Every one (1) held TO1 warrant gives the holder the right to subscribe for one (1) new share in Stenocare for DKK 2.11 corresponding to a 30% discount to the 10-day volume weighted average price from 23 November to 5 December 2023.

Exercise period:

The warrants must be exercised no later than 19 December. Each holder is encouraged to check the deadline of their custodian bank.

Trading in warrants:

TO1 warrants can be traded until 15 December 2023 under the ticker STENO TO1.


In May 2023, Stenocare carried out a rights issue of units where the company raised gross proceeds of 13.8 mDKK with 127% subscription percentage against issuance of shares and warrants of series TO1 and series TO2. In the rights issue, a total of 1,712,999 warrants of series TO1 and 1,712,999 warrants series TO2 were issued.

The “TO1 Warrant” is a special tradeable unit, that gives the owner the right to subscribe for a new Stenocare stock at the 30% discounted price. When the “TO1 warrant” is used to purchase the new Stenocare stock it is technically called “that you exercise the warrant”.

For the warrants of series TO1, the exercise window is open during the period of 6 December to 19 December. Holders of warrants must take action during this exercise window, otherwise the TO1 warrants will laps without value.


Each holder of Series TO1 warrants is entitled to subscribe for one new share in Stenocare at a price of DKK 2.11 per share. If all warrants are exercised, Stenocare will receive proceeds of approximately mDKK 3.6 before issuing costs. Please take note that the final trading day for Series TO1 warrants is scheduled for 15 December 2023.


The warrants of series TO1 will be tradeable on First North Growth Market Denmark under the ticker code STENO TO1 until 15 December 2023. The warrants can be exercised for subscription of new shares until the final day of the exercise period, which is 19 December 2023. Please note that different banks may have varying rules regarding cut-off time for subscription of new shares and that warrants may be sold automatically if not used towards the end of the exercise period. Each holder is encouraged to check the deadline of their custodian bank.


A pre-condition for investors to participate in the warrant exercise, is that they have warrants in their deposit account. Investors who do not hold any warrant, can purchase warrants in the market until 15 December 2023.

Investors holding TO1 warrants can subscribe and pay for the subscription directly to the respective custodian bank. Detailed instructions on the warrant exercise procedures are typically available on the custodians’ webpages.

To get more information and instructions on how to exercise warrants, please reach out to your custodian bank well in advance before the exercise period’s final day. It’s important to note that banks and managers typically require advance notification of the use of warrants to subscribe for new shares before the exercise period ends.

Changes related to TO1 warrant

On the 29th of November, Stenocare announced changes related to the warrants of series TO1 and TO2. The background for the changes is that Stenocare, since the Unit Rights Issue has delivered favourably with record breaking sales and other positive news. However, despite this news flow the share price has fallen more than initially anticipated, below the minimum price of DKK 3.21.

All changes has been implemented without putting any party at a disadvantage, compared to the original offer. The following changes has been made:

  • The exercise period for the TO1 warrant was planned to take place between 1 – 14 December 2023 which now has been moved to take place between 6 – 19 December 2023.

  • The pricing period for the TO1 warrant which was planned to take place between 17-30 November is now between 23 November – 6 December.

  • The TO1 warrant previously had a minimum price of DKK 3.21 and maximum price of DKK 6.70 DKK. The maximum and minimum price is now eliminated. The formula for calculating the price is still based upon the 10 days volume weighted average price in the pricing window, less 30%. The maximum gross proceeds from the issue is subsequently expected to be 3.8 mDKK with 3,4 mDKK in net proceeds, assuming full subscription of all outstanding TO1 warrants.


Following the amendments, Stenocare is offering compensation to warrant holders who meet all the following criteria:  

  • The warrant holder must have sold warrants of TO1 between 20 June 2023, 9.00 AM (CEST) and 29 November 2023, 4.41 PM (CET) and provide bank trading documentation of the sale(s).

  • The warrant holder must have purchased warrants of TO 1 between 29 November 2023, 4.42 PM (CET) and 15 December 2023, 5.00 PM (CET) and provide bank trading documentation of the purchase(s).

  • Compensation is only given if the warrant holder has realized a loss (ie. purchase price minus sold price).

  • The warrant holder must have exercised warrants of series TO1 between 6 December 2023, 9.00 AM (CET) and 19 December 2023, 5.00 PM (CET) and provide bank trading documentation of the exercise.

  • The warrant holder will be compensated for any losses, calculated as the difference between the sold amount and the purchased amount. Compensation is only given up to the maximum units of TO1 warrants sold (before 29 Nov, 4,41 PM).

  • The warrant holder cannot be compensated for a higher number of warrants of series TO1 than what has been exercised.

  • Warrant holders must exercise warrants of series TO1 to be eligible for compensation.  


On the 29th of September A sells 10.000 TO1 warrants at a price of DKK 0.081 per warrant.

On the 30th of November A buys back 10.000 TO1 warrants at a price of DKK 0.180 per warrant.

During the exercise window A subscribes for all the 10.000 TO1 warrants.

After the exercise window, A sends both sales notes to Stenocare A/S, now being eligible for total compensation of DKK 990 .

During January 2024, A receives the entitled DKK 990 from Stenocare A/S.

After the exercise period ends, warrant holders who fulfill these requirements for compensation must send a request to with documentation proving their eligibility for compensation and the final compensation amount. Stenocare will process these compensation requests after the exercise period and expects to finalize them in January 2024. 

Summarized terms for the warrants of series TO1: 

  • Exercise price: 2.11 DKK
  • Exercise period: 6 December 2023 – 19 December 2023 

  • Last day of trading: 15 December 2023 

  • Issue volume: 1,712,999 warrants of series TO1

  • Dilution: Up to approximately 10.2 percent 


Additional information

Complete revised terms and conditions for the warrants of series TO1 can be found in the Press Release published by Stenocare on the 29Th of November (link).

For further information regarding the TO1 warrant, participation and other matters related to the offering, please contact:
Søren Jonas Bruun, Gemstone Capital
Telephone: +45 4056 1109

We are pleased to answer your questions

If you have any investor related questions regarding this Share Issue please use the form below.

Please note that Stenocare is not allowed to reply to medical questions. Issues of this nature should be discussed with your own doctor.

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