OSE Immunotherapeutics Announces a Successful Capital Increase of € 18.6 M by Private Placement - Seite 2

The Offering was carried out pursuant to the decision by the Board of Directors of 12 November 2020 and the decision by the CEO upon delegation from the Board of Directors, in accordance with the authority delegated by the nineteenth resolution approved by the Combined General Shareholders’ Meeting of June 16, 2020¹. The total amount of the capital increase amounts to € 18.6 m and corresponds to the issue of 2,517,589 New Ordinary Shares at a subscription price of € 7.40 per New Ordinary Share (including the issue premium), i.e. a dilution rate of 16.3 % of the capital before the Offering on a non-diluted basis and 14.0 % after the Offering. The subscription price of the New Shares was set at € 7.40, i.e. with a discount of 18.7 % to the last closing price (as of Friday November 13, 2020)². In comparison with the minimum amount of 10 million euros targeted by the Company, the placement has been close to 2.5 times oversubscribed.

The settlement-delivery of the Offering should take place on 20 November 2020, according to the indicative timetable. The New Ordinary Shares will carry current dividend rights and will be admitted to trading on Euronext Paris, on the same trading line as the existing shares, under the ISIN code FR0012127173 - OSE.

An application has been made to Euronext Paris for admission of the New Ordinary Shares to trading on the regulated market of Euronext Paris (the “Admission”). It is expected that Admission will take place on or around 9 am CET on November 20, 2020 (or such later time as the Banks may agree with the Company) and that unconditional dealings in the New Ordinary shares issued pursuant to the Offering will commence at the same time.

The share capital of the Company, which currently consists of 15,442,824 shares, will therefore consist of 17,960,413 shares after the transaction. As an indication, the stake of a shareholder owning 1% of the Company's share capital prior to the capital increase (calculated on the basis of the number of shares comprising the Company's share capital as at 17 November 2020) and who did not participate in the Offering, would be 0.86 % of the capital after the issuance.

As an indication, the proportion of shareholders' equity per share (calculated on the basis of shareholders' equity at 31 December 2019 as adjusted for the number of shares comprising the Company's share capital at 17 November 2020) will increase from € 3.65 to € 4.18 following Admission. As an indication, the net proceeds of the transaction should be of a minimum of € 17.5 million.