tonies SE
Notes to the annual accounts for year ended 31 December 2022
(Expressed in EUR)
Other reserves
A. Available reserves
During the year, the amount of other reserves available for distribution increased by EUR 26.936,24
due to the reissuance of treasury shares for the settlement of employee options (see Note 15).
B. Non-available reserves
Non-available reserves refer to the class A and B warrants.
Class A warrants
On 29 April 2021, the Company had issued 10.000.000 class A warrants (the “Class A warrants”)
together with the class A shares (together, as “Unit”) for an aggregate price of EUR 10,00 per Unit,
each unit comprising one class A share and one third of a Class A Warrant. The nominal subscription
price per Class A warrant was EUR 0,01. Class A warrants has ISIN code of LU2333564099. Each
Class A warrants entitles its holder to subscribe for one class A share, with a stated exercise price
of EUR 11,50, subject to customary anti-dilution adjustments. Holders of Class A warrants can
exercise the warrants on a cashless basis unless the Company elects to require exercise against
payment in cash of the exercise price.
As at 31 December 2022, the value of the other reserves related to class A warrants is
EUR 100.000,00 (2021: EUR 100.000,00).
Class A warrants may only be exercised for a whole number of class A shares. Class A warrants will
become exercisable 30 days after the completion of a business combination. Class A warrants expire
five years from the date of the consummation of the business combination (26 November 2026), or
earlier upon redemption or liquidation. The Company may redeem Class A warrants upon at least 30
days’ notice at a redemption price of EUR 0,01 per Class A warrant if (i) the closing price of its class
A shares for any 20 out of the 30 consecutive trading days following the consummation of the
business combination equals or exceeds EUR 18,00 or (ii) the closing price of its class A shares for
any 20 out of the 30 consecutive trading days following the consummation of the business
combination equals or exceeds EUR 10,00 but is below EUR 18,00, adjusted for adjustments as
described in the section of redemption of warrants in the prospectus. Holders of Class A warrants
may exercise them after the redemption notice is given.
Class B warrants
On 16 April 2021, the sponsor and co-sponsors have subscribed for an aggregate of 5.500.000 class
B warrants at a price of EUR 1,5 per warrant (the “Sponsor Capital At Risk”) and an aggregate price
of EUR 8.250.000,00. The sponsor agreed to set off EUR 45.500,00 of the shareholder loan against
the subscription price of the class B warrants. The proceeds from the class B warrants were intended
to be used to finance the Company’s working capital requirements, private placement, and listing
expenses (except for fixed deferred underwriting fee which shall be paid from the escrow account),
and due diligence cost in connection with the business combination.
On the same date, the sponsor and co-sponsors have additionally subscribed for 900.000 class B
warrants (together with the 5.500.000 class B warrants representing the Sponsor Capital At Risk, the
“Class B Warrants”), at a price of EUR 1,5 per warrant and for an aggregate price of
EUR 1.350.000,00 (the “Additional Sponsor Subscription”). The proceeds from this Additional
Sponsor Subscription were intended to be used to cover the negative interest, if any on the cash
held in escrow. For any excess portion of the Additional Sponsor Subscription remaining after the
consummation of the business combination and any redemption of class A shares, the sponsor and
co-sponsors had the option to:
i) elect to either request repayment of the remaining cash portion under the Additional Sponsor
Subscription by redemption of the corresponding number of class B warrants subscribed for under
the Additional Sponsor Subscription; or
- 25 -