STORE ELECTRONIC SYSTEMS (SES) (EPA:SESL) The extraordinary general meeting of SES-Imagotag approves the issue of 1,761,200 warrants to Walmart Inc.
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The extraordinary general meeting of SES-Imagotag approves the issue of 1,761,200 warrants to Walmart Inc.
- The extraordinary general meeting approved by a very large majority the issue of warrants reserved for Walmart Inc.
- This issue is part of the commercial agreement announced on April 27, 2023 between the Company and Walmart Inc.
- One warrant will entitle to one SES-Imagotag share at a price of €112.19 per new share issued.
The extraordinary general meeting of SES-Imagotag (the “Company”), which met on 2 June 2023, approved at nearly 99% the issue of 1,761,200 warrants (“Warrant”), without shareholders' preferential subscription rights, to Walmart Inc. (“Walmart”). The Warrants entitle Walmart to subscribe for shares representing up to 10% of the Company's share capital, subject to certain conditions being met[1]. The main terms and conditions of the Warrants are described in the press release published by the Company on April 27, 2023 and available on its website (https://www.SES-Imagotag.com/fr/investisseurs/press-releases-documents/#).
Pursuant to the delegation of powers granted by the Company's extraordinary general meeting, the Company's board of directors decided, at the date hereof, to authorize the issue of the Warrants, which will be settled and delivered within the next few days.
[1] In particular, the Warrants may only be exercised by Walmart from the date on which the payments made to the Company by Walmart or its affiliates pursuant to the commercial agreement or other contracts or orders (the “Payments”) reach an amount of USD 700 million (the “Initial Vesting Condition”). Upon the occurrence of the Initial Vesting Condition, the Warrants will automatically vest in a proportion corresponding to the ratio of the total amount of the Payments to USD 3 billion, it being understood that (i) this amount will be assessed on a quarterly basis as long as the commercial agreement is in force and (ii) the Warrants will vest on a linear basis until full vesting when the total amount of the Payments reaches USD 3 billion.
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Full and original press release in PDF: https://www.actusnews.com/news/80273-ses-imagotag_extraordinary_general_meeting_2-june-2023.pdf