Aquaporin issues warrants under a new warrant program

Company announcement
No. 13/2025

Aquaporin A/S
Nymøllevej 78
DK-2800 Kongens Lyngby
aquaporin.com
Company registration no.: DK28315694
 

Kongens Lyngby, Denmark, July 7, 2025 – The Board of Directors of Aquaporin A/S (“Aquaporin” or the “Company”) has resolved to grant warrants to Aquaporin’s Executive Management under a newly established warrant program (the “2025 Warrant Program”) on the terms described below.

2025 Warrant Program

For the purpose of (i) incentivizing and retaining the Company’s Executive Management, (ii) creating long-term shareholder value, and (iii) ensuring further alignment of the interests of the Executive Management with the interests of the shareholders and the Company’s further development, the Board of Directors has deemed it appropriate to establish a new 2025 Warrant Program.

Warrants are granted pursuant to the authorization to the Board of Directors set out in section 4.15 of the Company’s Articles of Association and in accordance with the following terms:

• A total of 390,000 warrants are granted of which Ulrik Lund Jakobsen, Chief Executive Officer, receives 150,000 warrants, Klaus Juhl Wulff, Chief Financial Officer, receives 140,000 warrants, and Torsten Høybye Bak Regueira, Chief Technology Officer, receives 100,000 warrants.
• The 390,000 warrants granted give the holders the right to subscribe for a total of 390,000 shares of a nominal value of DKK 1 per share upon vesting, corresponding to approximately 1.68% of the Company’s current total outstanding share capital.
• Warrants granted under the program are subject to a successive vesting period, where after two (2) years, three (3) years, and four (4) years after the grant date, respectively, vesting will occur annually for 1/3 of the warrants granted.
• Exercise of the warrants may take place during open trading windows following publication of the Company’s annual report, the half-year interim report, and quarterly trading statements in the period from vesting of the warrants until two years after vesting.
• The warrants have been granted without consideration.
• The warrants granted under the 2025 Warrant Program are not subject to further satisfaction KPIs but contain customary leaver provisions.
• The exercise price for the warrants comprised by the 2025 Warrant Program has been determined to be DKK 10.83 per share corresponding to the volume-weighted average trading price (VWAP) of the Aquaporin shares on Nasdaq Copenhagen for a period of five (5) business days following June 27, 2025. 
• For the purpose of determining the fair value of share-based compensation, the Company applies the Black-Scholes pricing model. The calculated fair value and subsequent compensation expenses for the Group’s share-based compensation are subject to significant assumptions and estimates including expected volatility, market share price at year of grant, expected future dividend yield per share, expected life of warrants in years and annual risk-free interest rate. The calculated theoretical value of the 2025 Warrant Program based on a Black-Scholes pricing model is DKK 2.5 million.
• The actual value of warrants, which may be exercised by the Executive Management, is capped at a maximum value of the warrants at 400% of the annual fixed salary at the time of grant. If the cap is reached, the number of warrants that may be exercised will be adjusted downwards accordingly.

For further information, please contact:

Klaus Juhl Wulff, Chief Financial Officer

+45 53 55 55 19, investorrelations@aquaporin.com

About Aquaporin

Aquaporin is an innovative water technology company with operations in Denmark (HQ), Singapore, Turkey, the United States, and China. We are committed to rethinking water filtration with biotechnology to solve global water challenges. By combining three disciplines from the world of natural sciences: biology, chemistry, and physics, we have created the unique, nature-inspired Aquaporin Inside® technology which we embed into all our membranes and solutions. Our technology is based on Nobel Prize-winning research and is used to clean and reuse water in industries, in our homes, and even by NASA in space. We work with customers and partners around the globe to responsibly treat industrial wastewater, concentrate food and beverage products in a natural way, and enhance drinking water quality and accessibility.

Forward-looking statements
Matters discussed in this report may constitute forward-looking statements. Forward-looking statements are statements that are not historical facts and that can be identified by words such as “believe”, “expect”, “anticipate”, “intend”, “estimate”, “will”, “may”, “continue”, “should”, and similar expressions, as well as other statements regarding future events or prospects. Specifically, this report includes information with respect to projections, estimates, and targets that also constitute forward-looking statements. The forward-looking statements in this report are based upon various assumptions, many of which are based, in turn, upon further assumptions. Although the Company believes that these assumptions were reasonable when made, these assumptions are inherently subject to significant known and unknown risks, uncertainties, contingencies, and other important factors which are difficult or impossible to predict and are beyond its control. Such risks, uncertainties, and other important factors include, among others: Limited experience in commercialization of the Company’s products, failure to successfully implement strategies, dependence on third parties for manufacturing certain product components and the supply of certain raw materials, manufacturing disruptions, strategic collaboration, protection of the Company’s intellectual property rights and other risks disclosed in Aquaporin’s annual reports and company announcements. Such risks, uncertainties, contingencies, and other important factors could cause actual events to differ materially from the expectations, projections, estimates, and targets expressed or implied in this report by such forward-looking statements. The information, opinions, and forward-looking statements contained in this report speak only as at its date and are subject to change without notice. Aquaporin expressly disclaims any obligation to update or revise any forward-looking statements, except as required by law.