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On March 5, 2024, IQ-AI Limited granted options over a total of 18,905,474 ordinary shares to its Directors and employees. Directors Trevor Brown, Mike Schmainda, Vinod Kaushal, and Brett Skelly received an aggregate of 18,130,474 of these options, exercisable for 10 years at an exercise price of £0.019 per option. Following this grant, the Company now has 19,680,474 options outstanding, representing 8.88% of its current issued share capital.
| Date | 5 Mar 2024 |
| Time | 07:00:11 |
| Category | Director/PDMR dealings |
| ID | 5260F |
IQ-AI Limited
("IQ-AI" or the "Company")
Grant of Options
IQAI Limited (the "Company" or "IQAI"), announces that, the Company has granted options over a total of 18,905,474 ordinary shares of £0.01 each in the Company ("Ordinary Shares") to the Directors and employees to the Company (the "Options"). All Options are exercisable for 10 years from the date of grant.
In aggregate, 18,130,474 Options have been granted to Directors of the Company, as follows:
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|
New options |
Percentage of the current issued share capital of the Company |
|
Trevor Brown |
3,000,000 |
1.35 |
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Mike Schmainda |
8,630,474 |
3.89 |
|
Vinod Kaushal |
6,000,000 |
2.71 |
|
Brett Skelly |
500,000 |
0.23 |
The options granted to employees will vest annually in four equal tranches with the first quarter vesting upon grant. Half of Mr Kaushal's options will vest immediately, 1,500,000 options will vest after one year, and the balance will vest after two years. Mr Brown, Mr Schmainda and Mr Skelly's options will vest immediately.
Following the grant of the Options and historic options held by employees, the Company now has options outstanding over a total of 19,680,474 Ordinary Shares, equivalent to 8.88% of the Company's current issued share capital.
Further details of the Options can be found in the Notification of Dealing Form below.
Notification and public disclosure of transactions by persons discharging managerial responsibilities and persons closely associated with them
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1
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Details of the person discharging managerial responsibilities / person closely associated
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a)
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Name
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2
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Reason for the notification
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a)
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Position/status
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See 1a) above |
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b)
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Initial notification /Amendment
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Initial Notification |
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3
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Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
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a)
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Name
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IQ-AI Limited |
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b)
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LEI
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213800SPW48XRJS2QH57 |
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4
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Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
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a)
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Description of the financial instrument, type of instrument
Identification code
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Ordinary shares of £0.01 pence each in IQ-AI Limited
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b)
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Nature of the transactions
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Grant of options over ordinary shares |
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c)
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Price(s) and volume(s)
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Price: Exercise price of £0.019 per option
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d)
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Aggregated information - Aggregated volume - Price - Principal amount
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N/A
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e)
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Dates of the transaction
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5 March 2024 |
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f) |
Place of transaction |
Outside a trading venue |
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The Directors of the Company accept responsibility for the contents of this announcement.
**ENDS**
For further information please contact:
IQ-AI Limited
Trevor Brown/Brett Skelly/Vinod Kaushal
Tel: 020 7469 0930
Peterhouse Capital Limited (Financial Adviser and Broker)
Lucy Williams/Heena Karani
Tel: 020 7220 9797