Warrants

IMPORTANT NOTICE FOR THE READERS: This section relates to the warrants issued in December 2015 as part of the Capital Increase. The offer described in the related Prospectus was opened to the public in France exclusively. This documentation shall not be published, distributed or circulated, directly or indirectly, in or into the United States of America, Australia, Canada or Japan or any other country in which such publication, distribution or circulation would be unlawful. Each press release and documents details the applicable restrictions.The information contained herein do not constitute either an offer to sell or purchase or the solicitation of an offer to sell or purchase Warrants or existing shares of the Company.

Key information

As part of the share capital increase of December 2015 Parrot issued 2 class of warrants, the "BSA 1" and the "BSA 2" ("Bon de souscription d'action" in French or "Share subscription warrant" in English).

The prospectus filed with the AMF provides that the Warrants are non-transferable and therefore non-tradeable until December 15, 2020 (inclusive), subject to certain exceptions set out in the Prospectus, which include the right for any Warrant holder to sell and exercise all or part of their Warrants if Parrot’s shares are subject to a public offer (notably tender, exchange or mixed) by a third party, resulting in the AMF publishing, before December 16, 2020, an offer submission notice.

Following the cash tender offer initiated by Horizon on Parrot and pursuant to the provisions of the Prospectus, the Class 1 and Class 2 warrants have been admitted to trading on Euronext Paris, as from the trading session of February 6, 2019.

Main characteristics of the warrants:

The public’s attention is drawn to the fact that the strike prices of the Warrants are significantly higher than the Offer price per share (3.20 euros per share) and that, consequently, the Warrants are “out of the money” compared to the price offered per share.

Valuation:
- Class 1 : 0.00258 euro, rounded up to 0.01 euro
- Class 2: 0.00173 euro rounded up to 0.01 euro
  Given the technical impossibility to make a payment of less than 0.01 euro, the unit price of the warrants were rounded up to 0.01 euro.
Parity:
- BSA 1: 24 BSA 1 entitle the holder who decides to exercise it to subscribe to 2 new shares of Parrot for the payment of an exercise price of 32.66 euros per warrant 1 (ie a total exercise price EUR 65.32 to subscribe for 2 new shares);
- BSA 2: 28 BSA 2 entitle the holder who decides to exercise it to subscribe to 3 new shares of Parrot for the payment of an exercise price of 42.34 euros per warrant 2 (ie a strike price) total of 127.02 euros to subscribe for 3 new shares).
Maturity: December 15, 2022
Maxium Number of shares that may be issued upon exercise of the warrants:
- Class 1 Warrants: 1,464,606 shares
- Class 2 Warrants: 1,883,065 shares
ISIN code:
- Class 1 Warrants: FR0013054269
- Class 2 Warrants: FR0013054335
Trading update:
- Class 1 Warrants on Euronext Paris
- Class 2 Warrants on Euronext Paris

Admission to trading of Parrot share subscription warrants on Euronext Paris

Admission to trading of Parrot share subscription warrants on Euronext Paris on February 6, 2019 - 05/02/2019

Liquidity period of the warrants

English documents will be available shortly

The documents below provide information on the timing, modalities, pricing and results of the liquidity periods of the warrants prior to their admission on Euronext Paris.

6th liquidity period: Aug. 10, 2018 to Oct. 8, 2018 (included)

Ouverture de la sixième fenêtre de cessibilité des BSA 09/09/2018
Opinion indépendante sur la valeur des BSA (sixième fenêtre) 09/08/2018
Résultats définitifs de la sixième fenêtre de cessibilité des BSA 18/10/2018

5th liquidity period: March 23, 2018 to May 21, 2018 (included)

Ouverture de la cinquième fenêtre de cessibilité des BSA 22/03/2018
Opinion indépendante sur la valeur des BSA (cinquième fenêtre) 22/03/2018
Résultats définitifs de la cinquième fenêtre de cessibilité des BSA 31/05/2018

4th liquidity period: Aug. 8, 2017 to Oct. 6, 2017 (included)

Ouverture de la quatrième fenêtre de cessibilité des BSA 07/08/2017
Opinion indépendante sur la valeur des BSA (quatrième fenêtre) 07/08/2017
Résultats définitifs de la quatrième fenêtre de cessibilité des BSA 16/10/2017

3rd liquidity period: March 7, 2017 to May 5, 2017 (included)

Ouverture de la troisième fenêtre de cessibilité des BSA 06/03/2017
Opinion indépendante sur la valeur des BSA (troisième fenêtre) 06/03/2017
Résultats définitifs de la troisième fenêtre de cessibilité des BSA 15/05/2017

2nd liquidity period: Aug. 9, 2016 to Oct. 7, 2016 (included)

Ouverture de la seconde fenêtre de cessibilité des BSA 8 août 2016
Opinion indépendante sur la valeur des BSA (deuxième fenêtre) 8 août 2016
Résultats définitifs de la seconde fenêtre de cessibilité des BSA 14/10/2016

1st liquidity period: March 11, 2016 to May 9, 2016 (included)

Ouverture de la première fenêtre de cessibilité des BSA 10/03/2016
Opinion indépendante sur la valeur des BSA (première fenêtre) 10/03/2016
Résultats définitifs de la première fenêtre de cessibilité des BSA 19/05/2016