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The Netherlands
(State or other jurisdiction of incorporation or organization) |
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3711
(Primary Standard Industrial Classification Code Number) |
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N/A
(IRS Employer Identification Number) |
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Copies of all communications, including communications
sent to agent for service, should be sent to: |
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Krystian Czerniecki
Clemens Rechberger Sullivan & Cromwell LLP Neue Mainzer Straße 52 60311 Frankfurt, Germany +49 (69) 4272 5200 |
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Paul van der Bijl
NautaDutilh N.V. Beethovenstraat 400 1082 PR Amsterdam The Netherlands +31 (20) 717-1000 |
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James McDonald
Skadden, Arps, Slate, Meagher & Flom (UK) LLP 40 Bank Street, Canary Wharf London E14 5DS United Kingdom +44 (20) 7519 7000 Andrea Nicolas Skadden, Arps, Slate, Meagher & Flom LLP One Manhattan West, New York New York 10001 +1 (212) 735-3000 |
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Title of each class of securities
to be registered |
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Amount of securities
to be registered |
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Proposed maximum
offering price per share |
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Proposed maximum
aggregate offering price(1) |
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Amount of
registration fee(2) |
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Common Shares, par value €0.06 per share
|
| | | | | — | | | | |
—
|
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$184,000,000.00
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| | |
$17,056.80
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Page
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| | | | ii | | | |
| | | | iii | | | |
| | | | iii | | | |
| | | | v | | | |
| | | | v | | | |
| | | | 1 | | | |
| | | | 14 | | | |
| | | | 16 | | | |
| | | | 21 | | | |
| | | | 66 | | | |
| | | | 70 | | | |
| | | | 72 | | | |
| | | | 74 | | | |
| | | | 76 | | | |
| | | | 79 | | |
| | |
For the year
ended December 31, |
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For the six months
ended June 30, |
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2020
|
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2019(1)
|
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2021
|
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2020
|
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(in € millions)
|
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(in € millions)
|
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Revenue
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Cost of sales
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Gross profit
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Cost of research and development
|
| | | | (30.5) | | | | | | (4.9) | | | | | | (13.5) | | | | | | (6.4) | | |
Selling and distribution expenses
|
| | | | (9.1) | | | | | | (2.1) | | | | | | (1.6) | | | | | | (1.1) | | |
General and administrative expenses
|
| | | | (14.4) | | | | | | (2.4) | | | | | | (8.3) | | | | | | (1.5) | | |
Other operating income/expenses
|
| | | | (0.0) | | | | | | 0.2 | | | | | | 0.4 | | | | | | 0.1 | | |
Impairment losses on financial assets
|
| | | | (0.0) | | | | | | — | | | | | | (0) | | | | | | (0) | | |
Operating loss
|
| | | | (54.0) | | | | | | (9.3) | | | | | | (23.0) | | | | | | (8.9) | | |
Other interest and similar income
|
| | | | 0.0 | | | | | | — | | | | | | — | | | | | | 0 | | |
Interest and other expenses
|
| | | | (2.0) | | | | | | (0.7) | | | | | | (2.6) | | | | | | (0.9) | | |
Loss before tax
|
| | | | (56.0) | | | | | | (10.0) | | | | | | (25.6) | | | | | | (9.8) | | |
Tax on income
|
| | | | — | | | | | | — | | | | | | 0 | | | | | | 0 | | |
Deferred taxes on expense
|
| | | | — | | | | | | — | | | | | | (0) | | | | | | — | | |
Loss for the period
|
| | |
|
(56.0)
|
| | | |
|
(10.0)
|
| | | |
|
(25.7)
|
| | | |
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(9.8)
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Other comprehensive loss
|
| | | | (0) | | | | | | — | | | | | | (0.1) | | | | | | — | | |
Total comprehensive loss for the period
|
| | | | (56.0) | | | | | | (10.0) | | | | | | (25.8) | | | | | | (9.8) | | |
Earnings / (loss) per share in € | | | | | | | | | | | | | | | | | | | | | | | | | |
Basic/diluted
|
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(1.66)/(1.66)
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(0.30)/(0.30)
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(0.79)/(0.79)
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(0.29)/(0.29)
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Weighted average number of share for calculation of earnings per share
|
| | | | | | | | | | | | | | | | | | | | | | | | |
Basic/diluted
|
| | | | 33,733,462 | | | | | | 33,251,883 | | | | | | 32,367,901 | | | | | | 33,588,000 | | |
Pro forma earnings (loss) per share in € | | | | | | | | | | | | | | | | | | | | | | | | | |
Basic/diluted(2)
|
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(0.97)/(0.97)
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(0.18)/(0.18)
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(0.46)/(0.46)
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(0.17)/(0.17)
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Pro forma weighted average number of shares for calculation of earnings per share
|
| | | | | | | | | | | | | | | | | | | | | | | | |
Basic/diluted(2)
|
| | | | 57,684,220 | | | | | | 56,860,719 | | | | | | 55,349,120 | | | | | | 57,435,480 | | |
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For the year
ended December 31, |
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For the six months
ended June 30, |
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2020
|
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2019(1)
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2021
|
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2020
|
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(in € millions)
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(in € millions)
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Net cash flows from operating activities
|
| | | | (1.2) | | | | | | (8.8) | | | | | | (17.8) | | | | | | 11.9 | | |
Net cash flows from investing activities
|
| | | | (0) | | | | | | (1.1) | | | | | | (0.5) | | | | | | (0) | | |
Net cash flows from financing activities
|
| | | | 44.1 | | | | | | 8.8 | | | | | | 1.2 | | | | | | 3.1 | | |
Net (decrease) increase in cash and cash equivalents
|
| | | | 42.9 | | | | | | (1.1) | | | | | | (17.1) | | | | | | 15.0 | | |
Cash and cash equivalents at the beginning of the financial year
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| | | | 0.4 | | | | | | 1.5 | | | | | | 43.3 | | | | | | 0.4 | | |
Cash and cash equivalents at end of year
|
| | | | 43.3 | | | | | | 0.4 | | | | | | 26.1 | | | | | | 15.4 | | |
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As of
December 31, |
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As of
June 30, |
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2020
|
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2019(1)
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2021
|
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(in € millions)
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(in € millions)
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Total noncurrent assets
|
| | | | 4.1 | | | | | | 4.8 | | | | | | 4.1 | | |
Total current assets
|
| | | | 49.2 | | | | | | 0.9 | | | | | | 34.6 | | |
Total assets
|
| | | | 53.3 | | | | | | 5.7 | | | | | | 38.6 | | |
Total equity
|
| | | | (5.0) | | | | | | (18.6) | | | | | | (28.1) | | |
Total liabilities
|
| | | | 58.4 | | | | | | 24.3 | | | | | | 66.8 | | |
Total equity and liabilities
|
| | | | 53.3 | | | | | | 5.7 | | | | | | 38.6 | | |
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As of June 30, 2021
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Actual
|
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Pro forma
|
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Pro forma as
adjusted(1) |
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(in € millions)
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Cash and cash equivalents
|
| | | | 26.1 | | | | | | 26.1 | | | | | | 143.5 | | | | ||
Long-term debt (including current portion)
|
| | | | 14.4 | | | | | | 5.9 | | | | | | 5.9 | | | | ||
Equity: | | | | | | | | | | | | | | | | | | | | | ||
Subscribed capital
|
| | | | 6.5 | | | | | | 8.1 | | | | | | 8.7 | | | | ||
Capital and other reserves
|
| | | | 74.2 | | | | | | 81.1 | | | | | | 197.9 | | | | ||
Accumulated deficit
|
| | | | (108.8) | | | | | | (108.8) | | | | | | (108.8) | | | | ||
Total equity
|
| | | | (28.1) | | | | | | (19.6) | | | | | | 97.8 | | | | ||
Total capitalization
|
| | |
|
(13.7)
|
| | | |
|
(13.7)
|
| | | |
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103.7
|
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No exercise
|
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Full exercise
|
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in €
|
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(in $)
|
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in €
|
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(in $)
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Assumed initial public offering price per common share
|
| | | | 13.02 | | | | | | 15.00 | | | | | | 13.02 | | | | | | 15.00 | | |
Historical net tangible book value as of June 30, 2021 per common share
|
| | | | (0.79) | | | | | | (0.91) | | | | | | (0.79) | | | | | | (0.91) | | |
Pro forma net tangible book value as of June 30, 2021 per common
share after giving effect to the issuance of 25,468,644 additional common shares to our existing shareholders and the full conversion of the mandatory convertible senior notes |
| | | | (0.32) | | | | | | (0.37) | | | | | | (0.32) | | | | | | (0.37) | | |
Increase in pro forma net tangible book value attributable to new investors purchasing common shares in this offering
|
| | | | 1.67 | | | | | | 1.93 | | | | | | 1.89 | | | | | | 2.18 | | |
Pro forma as adjusted net tangible book value as of June 30, 2021 per
common share after giving effect to the issuance of 25,468,644 additional common shares to our existing shareholders and the full conversion of the mandatory convertible senior notes and the offering |
| | | | 1.35 | | | | | | 1.56 | | | | | | 1.57 | | | | | | 1.81 | | |
Dilution to new investors per common share
|
| | | | 11.67 | | | | | | 13.44 | | | | | | 11.45 | | | | | | 13.19 | | |
Percentage of dilution to new investors per common share
|
| | | | 89.60% | | | | | | 89.60% | | | | | | 87.92% | | | | | | 87.92% | | |
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Shares
|
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Total consideration
|
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Average
price per Share (in $) |
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Number
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Percent
|
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Amount (in $ million)
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Percent
|
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Existing shareholders
|
| | | | 62,081,903 | | | | | | 86.13% | | | | | | 57.6 | | | | | | 27.75% | | | | | | 0.93 | | |
New investors
|
| | | | 10,000,000 | | | | | | 13.75% | | | | | | 150.0 | | | | | | 72.25% | | | | | | 15.00 | | |
Total | | | | | 72,081,903 | | | | | | 100.00% | | | | | | 207.6 | | | | | | 100.00% | | | | | | 2.88 | | |
| | |
For the year ended
December 31, |
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For the six month ended
June 30, |
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| | |
2020
|
| |
2019(1)
|
| |
2021
|
| |
2020
|
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| | |
(in € millions)
|
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(in € millions)
|
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Revenue
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Cost of sales
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Gross profit
|
| | |
|
—
|
| | | | | — | | | | | | — | | | | | | — | | |
Cost of research and development
|
| | | | (30.5) | | | | | | (4.9) | | | | | | (13.5) | | | | | | (6.4) | | |
Selling and distribution expenses
|
| | | | (9.1) | | | | | | (2.1) | | | | | | (1.6) | | | | | | (1.1) | | |
General and administrative expenses
|
| | | | (14.4) | | | | | | (2.4) | | | | | | (8.3) | | | | | | (1.5) | | |
Other operating income/expenses
|
| | | | (0.0) | | | | | | 0.2 | | | | | | 0.4 | | | | | | 0.1 | | |
Impairment losses on financial assets
|
| | | | (0.0) | | | | | | — | | | | | | (0) | | | | | | (0) | | |
Operating loss
|
| | | | (54.0) | | | | | | (9.3) | | | | | | (23.0) | | | | | | (8.9) | | |
Other interest and similar income
|
| | | | 0.0 | | | | | | — | | | | | | — | | | | | | 0 | | |
Interest and other expenses
|
| | | | (2.0) | | | | | | (0.7) | | | | | | (2.6) | | | | | | (0.9) | | |
Loss before tax
|
| | | | (56.0) | | | | | | (10.0) | | | | | | (25.6) | | | | | | (9.8) | | |
Tax on income
|
| | | | — | | | | | | — | | | | | | 0 | | | | | | 0 | | |
Deferred taxes on expense
|
| | | | — | | | | | | — | | | | | | (0) | | | | | | — | | |
Loss for the period
|
| | | | (56.0) | | | | | | (10.0) | | | | | | (25.7) | | | | | | (9.8) | | |
Other comprehensive loss
|
| | | | (0) | | | | | | — | | | | | | (0.1) | | | | | | — | | |
Total comprehensive loss for the period
|
| | | | (56.0) | | | | | | (10.0) | | | | | | (25.8) | | | | | | (9.8) | | |