Annulment of shares and amendment of the terms of option rights

Company announcement, Helsinki, 25.1.2019 at 17:30

The Extraordinary General Meeting of Nexstim Plc (NXTMH:HEX, NXTMS:STO), the targeted neuromodulation company developing and marketing pioneering navigated personalised, non-invasive brain stimulation systems for the treatment of Major Depression Disorder (MDD), resolved on 21 November 2018 to reduce the quantity of Nexstim's shares without reducing share capital by way of issuing new shares and by redemption of Company's own shares, in such a way that each 30 shares of the Company corresponded to one share of the Company after the arrangements related to the reduction of the quantity of Company's shares were completed.

Pursuant to the reduction of the quantity of shares in the Company and due to an error in the calculation of the shares held by nominee shareholders by a certain custodial nominee account holder and respective correction of such error, in total 5 treasury shares remained in the possession of the Company of the total amount of 9,000 treasury shares which were issued to the Company without consideration on 21 November 2018 of which amount in total 7,724 treasury shares were already annulled by a resolution of the Board of Directors on 30 November 2018. It was hereby resolved to also annul such 5 treasury shares. The total amount of shares in the Company is after the annulment 3,253,746. The new quantity of shares is expected to be registered within the Trade Register approximately on 31.1.2019.

Furthermore, the Board of Directors resolved on annulment of in total 33,300 option rights 2016B and 16,700 option rights 2016C which are in the possession of the Company (employments terminated and the option rights returned to the Company prior to arrangements regarding the reduction of the quantity of shares). Pursuant to the annulment, no option rights 2016B or 2016C remain in the possession of the Company.

Pursuant to the reduction of the quantity of shares, the Board of Directors resolved on 23 November 2018 to amend the terms of the outstanding option rights under options schemes 2013A, 2016A-C, 2017 and 2018A-B in such way that the number of option rights received by each holder of option rights is divided by 30, and simultaneously the subscription price for one share against an option right is multiplied by 30, and that the possible rounding up in the number of option rights is be made downwards. Regarding the above-mentioned, the amended terms of the above-mentioned option rights have now been accepted.

The amended terms of the option rights are available on the company's website

Helsinki, 25.1.2019

The Board of Directors

Martin Jamieson, CEO

Further information is available on the website or by contacting:
Martin Jamieson, Chairman and CEO
+44 771 516 3942

Sisu Partners Oy (Certified Adviser)
Jussi Majamaa
+ 358 40 842 4479

Citigate Dewe Rogerson             
David Dible/Shabnam Bashir/ Sylvie Berrebi
+44 (0)207 2822949


About Nexstim Plc

Nexstim is a medical technology company focused on the development and commercialization of its world-leading SmartFocusTM TMS technology, a non-invasive brain stimulation system for the treatment of Major Depressive Disorder (MDD). The Company’s proprietary Navigated Brain Therapy (NBT®) system, a highly sophisticated 3D navigation, is the only personalised, navigated transcranial magnetic stimulation (TMS) approach providing accurate targeting of the TMS to the specific area of the brain associated with MDD.

Nexstim’s NBT® system has been launched in the US for the treatment of MDD following clearance from the FDA for marketing and commercial distribution for this indication. The NBT® system is CE marked in Europe for the treatment of major depression and chronic neuropathic pain.

In addition, Nexstim is commercialising its Navigated Brain Stimulation (NBS) system for diagnostic applications, based on the same technology. The NBS system is the only FDA cleared and CE marked navigated TMS system for pre-surgical mapping of the speech and motor cortices of the brain. Nexstim shares are listed on the Nasdaq First North Finland and Nasdaq First North Sweden.