The value of the warrants depends primarily on the subscription price, the residual lifespan of the warrant, the share price and the volatility of the share. The table below highlights the theoretical value of Warrants #1, determined on the basis of a post-transaction equilibrium price and a volatility assumption, according to the Blake & Scholes model; three Warrants #1 would entitle the holder to subscribe to four additional shares at a €3.12 strike price per share.

As such, the holder of an existing share will receive one Warrant #1, whose theoretical valuation, for instance, will be €0.48 on the basis of an equilibrium price of €2.00 and a volatility of 50%. It should be noted, however, that this valuation will not necessarily correspond to the actual market rate of Warrants #1, which will depend on supply and demand for that security.