As filed with the Securities and Exchange Commission
on August 25, 2023.
Registration No. 333-
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM F-3
REGISTRATION STATEMENT UNDER THE SECURITIES ACT
OF 1933
Immatics
N.V.
(Exact name of registrant as specified in its charter)
| The Netherlands |
|
|
Not Applicable |
| (State or other jurisdiction of incorporation or organization) |
|
|
(I.R.S. Employer Identification Number) |
Paul-Ehrlich-Straße 15
72076 Tübingen, Federal Republic of Germany
+49 (7071) 5397-0
(Address and telephone number of registrant’s principal executive offices)
Edward A. Sturchio
Immatics US, Inc.
2130 W. Holcombe Blvd., Suite 900
Houston, Texas 77030
(281) 810-7545
(Name, address and telephone number of agent for service)
Copies to:
Yasin Keshvargar
Davis Polk & Wardwell LLP
450 Lexington Avenue
New York, NY 10017
(212) 450-4000 |
Paul van der Bijl
NautaDutilh N.V.
Beethovenstraat 400
1082 PR Amsterdam
T +31 20 71 71 000 |
Approximate date of commencement of proposed sale to the public:
From time to time after the effectiveness of this registration statement.
If only securities being registered on this Form are being offered
pursuant to dividend or interest reinvestment plans, please check the following box. ☐
If any of the securities being registered on this Form are to be offered
on a delayed or continuous basis pursuant to Rule 415 under the Securities Act of 1933, check the following box. ☒
If this Form is filed to register additional securities for an offering
pursuant to Rule 462(b) under the Securities Act, check the following box and list the Securities Act registration statement number of
the earlier effective registration statement for the same offering. ☐
If this Form is a post-effective amendment filed pursuant to Rule 462(c)
under the Securities Act, check the following box and list the Securities Act registration statement number of the earlier effective
registration statement for the same offering. ☐
If this Form is a registration statement pursuant to General Instruction
I.C. or a post-effective amendment thereto that shall become effective upon filing with the Commission pursuant to Rule 462(e) under
the Securities Act, check the following box. ☐
If this Form is a post-effective amendment to a registration statement
filed pursuant to General Instruction I.C. filed to register additional securities or additional classes of securities pursuant to Rule
413(b) under the Securities Act, check the following box. ☐
Indicate by check mark whether the registrant is an emerging growth
company as defined in Rule 405 of the Securities Act of 1933. Emerging growth company ☒
If an emerging growth company that prepares its financial
statements in accordance with U.S. GAAP, indicate by check mark if the registrant has elected not to use the extended transition
period for complying with any new or revised financial accounting standards† provided pursuant to Section 7(a)(2)(B) of the
Securities Act. ☐
† The term “new or revised financial accounting standard”
refers to any update issued by the Financial Accounting Standards Board to its Accounting Standards Codification after April 5, 2012.
The registrant hereby amends this registration statement on such
date or dates as may be necessary to delay its effective date until the registrant shall file a further amendment which specifically
states that this registration statement shall thereafter become effective in accordance with Section 8(a) of the Securities Act,
or until the registration statement shall become effective on such date as the Securities and Exchange Commission, acting pursuant to
said Section 8(a), may determine.
The information in this prospectus is not complete and
may be changed. The selling securityholder may not sell these securities until the registration statement filed with the Securities and
Exchange Commission is effective. This prospectus is not an offer to sell these securities and is not soliciting an offer to buy these
securities in any state where the offer or sale is not permitted.
SUBJECT TO COMPLETION, DATED AUGUST
25, 2023
PROSPECTUS
IMMATICS N.V.
2,419,818 Ordinary Shares
This prospectus relates to the offer and sale from time to time by Bristol-Myers
Squibb Company (the “selling securityholder”) of up to 2,419,818 of our ordinary shares, €0.01 nominal value per share.
This prospectus also covers any additional securities that may become issuable by reason of share splits, share dividends or other similar
transactions.
The securities covered by this prospectus were issued to the selling
securityholder on July 21, 2023 in a private placement transaction. We are registering the offer and sale of the securities described
above to satisfy certain registration rights we have granted to the selling securityholder in connection with such transaction. The selling
securityholder may offer the securities from time to time if and to the extent as it may determine as described in the section entitled
“Plan of Distribution” at prevailing market prices, at prices different than prevailing market prices or at privately negotiated
prices.
All of the securities offered by the selling securityholder pursuant
to this prospectus will be sold by the selling securityholder for its account. We will not receive any of the proceeds from such sales.
We will pay certain expenses associated with the registration of the securities covered by this prospectus. If any securities are sold,
the selling securityholder will pay any brokerage commissions and/or similar charges incurred for the sale of such securities.
Our ordinary shares are listed on The Nasdaq Stock Market LLC (“Nasdaq”)
under the symbol “IMTX.” On August 24, 2023, the last reported sale price of our ordinary shares as reported on Nasdaq
was $12.23 per share.
We are an “emerging growth company” as defined under U.S.
federal securities laws and, as such, may elect to comply with reduced public company reporting requirements for this and future filings.
See “Our Company—Implications of Being an Emerging Growth Company.”
Investing in our securities involves a high degree of risk. See the
“Risk Factors” section beginning on page 5 of this prospectus and, if applicable, any risk factors described in any applicable
prospectus supplement and in our Securities and Exchange Commission (“SEC”) filings that are incorporated by reference in
this prospectus.
Neither the Securities and Exchange Commission nor any state securities
commission has approved or disapproved of these securities or determined if this prospectus is truthful or complete. Any representation
to the contrary is a criminal offense.
Prospectus dated , 2023.
TABLE OF CONTENTS
ABOUT THIS PROSPECTUS
This prospectus is a part of a registration statement that we filed
with the SEC using a “shelf” registration process. Under this shelf registration process, the selling securityholder may,
from time to time, offer the securities described in this prospectus for resale in one or more offerings. This prospectus provides you
with a general description of us and the securities that may be offered by the selling securityholder. Because the selling securityholder
may be deemed to be an “underwriter” within the meaning of the Securities Act, each time securities are offered by the selling
securityholder pursuant to this prospectus, the selling securityholder may be required to provide you with this prospectus and, in certain
cases, a prospectus supplement that will contain specific information about the selling securityholder and the terms of the securities
being offered at that time. We may also provide you with a free writing prospectus that contains information about the specific terms
of that offering, including the prices at which the securities will be sold. Any prospectus supplement and any free writing prospectus
may also add, update or change information contained in this prospectus.
Before buying any of the securities that the selling securityholder
may offer, you should carefully read both this prospectus, any prospectus supplement and any free writing prospectus with all of the information
incorporated by reference in this prospectus, as well as the additional information described under the heading “Where You Can Find
More Information” and “Information Incorporated by Reference.” These documents contain important information that you
should consider when making your investment decision. We have filed or incorporated by reference exhibits to the registration statement
of which this prospectus forms a part. You should read the exhibits carefully for provisions that may be important to you.
To the extent there is a conflict between the information contained
in this prospectus, on the one hand, and the information contained in any prospectus supplement, any free writing prospectus or in any
document incorporated by reference in this prospectus, on the other hand, you should rely on the information in this prospectus, provided
that if any statement in one of these documents is inconsistent with a statement in another document having a later date—for example,
a prospectus supplement, a free writing prospectus or a document incorporated by reference in this prospectus—the statement in the
document having the later date modifies or supersedes the earlier statement.
The information contained in this prospectus, any applicable prospectus
supplement, any applicable free writing prospectus or any document incorporated by reference in this prospectus is accurate only as of
their respective dates, regardless of the time of delivery of this prospectus, any applicable prospectus supplement, any applicable free
writing prospectus or the documents incorporated by reference in this prospectus or the sale of any securities. Our business, financial
condition, results of operations and prospects may have changed materially since those dates.
Neither we, the selling securityholder nor any underwriters, dealers
or agents have authorized anyone to provide you with information that is different from that contained in this prospectus, any amendment
or supplement to this prospectus, or any free writing prospectus we may authorize to be delivered or made available to you. Neither we,
the selling securityholder nor any underwriters, dealers or agents take responsibility for, or provide assurance as to the reliability
of, any other information that others may give you. This prospectus does not constitute an offer to sell or the solicitation of an offer
to buy any securities other than the securities described in this prospectus or an offer to sell or the solicitation of an offer to buy
such securities in any circumstances in which such offer or solicitation is unlawful.
For investors outside the United States: Neither we, the selling securityholder
nor any underwriters, dealers or agents have taken any action that would permit the offering or possession or distribution of this prospectus
in any jurisdiction where action for that purpose is required, other than in the United States. Persons outside the United States who
come into possession of this prospectus must inform themselves about, and observe any restrictions relating to, the offering of the securities
described herein and the distribution of this prospectus outside the United States.
Unless otherwise indicated or the context otherwise requires, (i) all
references to the “company,” “we,” “our” or “us” or similar terms refer to Immatics N.V.,
together with its subsidiaries, including Immatics
Biotechnologies GmbH; (ii) references to “Immatics” refer solely to Immatics
N.V.; and (iii) references to “Immatics OpCo” refer solely to Immatics Biotechnologies GmbH. Immatics N.V. is a Dutch
public limited liability company (naamloze vennootschap) incorporated on March 10, 2020 and the holding company of Immatics
Biotechnologies GmbH, a German biopharmaceutical company incorporated in 2000 focused on the development of T cell receptor-based immunotherapies
for the treatment of cancer. Immatics Biotechnologies GmbH holds all material assets and conducts all business activities and operations
of Immatics N.V.
Trademarks
We own various trademark registrations and applications, and unregistered
trademarks, including Immatics®, XPRESIDENT®, ACTengine®, ACTallo®, ACTolog®,
XCEPTOR®, TCER®, AbsQuant®, IMADetect® and our corporate logo. All other trade
names, trademarks and service marks of other companies appearing in this prospectus are the property of their respective owners. Solely
for convenience, the trademarks and trade names in this prospectus may be referred to without the ® and ™ symbols,
but such references should not be construed as any indicator that their respective owners will not assert, to the fullest extent under
applicable law, their rights thereto. We do not intend to use or display other companies’ trademarks and trade names to imply a
relationship with, or endorsement or sponsorship of us by, any other companies.
Presentation of Financial Information
Our consolidated financial statements are presented in euros and have
been prepared in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board
(“IFRS”). None of the consolidated financial statements were prepared in accordance with generally accepted accounting principles
in the United States (“U.S. GAAP”). The terms “dollar,” “USD” or “$” refer to the U.S.
dollar and the term “euro,” “EUR” or “€” refer to the euro, unless otherwise indicated. The exchange
rate used for conversion between U.S. dollars and euros is based on the ECB euro reference exchange rate published by the European Central
Bank. We have made rounding adjustments to some of the figures included in this prospectus. Accordingly, any numerical discrepancies in
any table between totals and sums of the amounts listed are due to rounding.
Market and Industry Data
This prospectus contains industry, market and competitive position data
that are based on general and industry publications, surveys and studies conducted by third parties, some of which may not be publicly
available, and our own internal estimates and research. Third-party publications, surveys and studies generally state that they have obtained
information from sources believed to be reliable, but do not guarantee the accuracy and completeness of such information. These data involve
a number of assumptions and limitations and contain projections and estimates of the future performance of the industries in which we
operate that are subject to a high degree of uncertainty.
OUR COMPANY
Overview
We are a clinical-stage biotechnology company dedicated to the development
of T cell receptor (“TCR”)-based immunotherapies for the treatment of cancer. Our purpose is to deliver a meaningful impact
on the lives of cancer patients by developing novel TCR-based immunotherapies that are designed to achieve effect beyond an incremental
clinical benefit. Our focus is the development of product candidates for the treatment of patients with solid tumors, who are inadequately
served by existing treatment modalities. We strive to become an industry leading, fully integrated global biopharmaceutical company engaged
in developing, manufacturing and commercializing TCR immunotherapies for the benefit of cancer patients, our employees, our shareholders
and our partners.
By utilizing TCR-based therapeutics, we are able to direct T cells to
intracellular cancer targets that are not accessible through classical antibody-based or CAR-T therapies. We believe that by identifying
what we call true cancer targets and the right TCRs, we are well positioned to transform current solid tumor treatment paradigms
by delivering cellular and bispecific product candidates that have the potential to substantially improve the lives of cancer patients.
We are developing our targeted immunotherapy product candidates through
two distinct treatment modalities: TCR-engineered autologous (“ACTengine”) or allogeneic (“ACTallo”) Adoptive
Cell Therapies (“ACT”) and antibody-like Bispecifics, also called T cell Engaging Receptors (“TCER”). Each modality
is designed with distinct attributes and mechanisms of action to produce the desired therapeutic effect for a variety of cancer patient
populations with different unmet medical needs. Our current pipeline shown below comprises several proprietary TCR-based product candidates
in clinical and preclinical development. In addition to our proprietary pipeline, we are collaborating with industry-leading partners,
including Bristol-Myers Squibb Company (“BMS”), Editas Medicine and Genmab, to develop multiple additional therapeutic programs
covering ACT and Bispecifics.
Company and Corporate Information
We were incorporated as a Dutch private limited liability company (besloten
vennootschap met beperkte aansprakelijkheid) under the name Immatics B.V. on March 10, 2020 solely for the purpose of effectuating
the business combination (the “Business Combination”) between us, ARYA Sciences Acquisition Corp., a Cayman Islands exempted
company (“ARYA”), Immatics Biotechnologies GmbH, a German limited liability company, Immatics Merger Sub 1, a Cayman Islands
exempted company, and Immatics Merger Sub 2, a Cayman Islands exempted company. Upon the closing of the Business Combination on July 1,
2020, we converted into a Dutch public limited liability company (naamloze vennootschap) and changed our name to Immatics N.V.
We are registered in the Commercial Register of the Chamber of Commerce
(Kamer van Koophandel) in the Netherlands under number 77595726. We have our corporate seat in Amsterdam, the Netherlands and our
registered office is at Paul-Ehrlich-Straße 15, 72076 Tübingen, Federal Republic of Germany, and our telephone number is +49
(7071) 5397-0. Our executive office in the United States is located at Immatics US, Inc., 2130 W. Holcombe Boulevard, Houston,
Texas, 77030 and our telephone number is +1 (346) 204-5400. Our website is www.immatics.com. The reference to our website
is an inactive textual reference only, and information contained therein or connected thereto is not incorporated into this prospectus
or the registration statement of which it forms a part.
Implications of Being an Emerging Growth Company
We qualify as an “emerging growth company” as defined in
the Jumpstart our Business Startups Act of 2012 (the “JOBS Act”). As an emerging growth company, we may take advantage of
specified reduced reporting and other burdens that are otherwise applicable generally to public companies. These provisions include:
| · | an exemption from the auditor attestation requirement in the assessment of
our internal control over financial reporting pursuant to Section 404 of the Sarbanes-Oxley Act of 2002; and |
| · | to the extent that we no longer qualify as a foreign private issuer, (i) reduced
disclosure obligations regarding executive compensation in our periodic reports and proxy statements and (ii) exemptions from the requirements
of holding a non-binding advisory vote on executive compensation, including golden parachute compensation. |
We may take advantage of these exemptions until such time as we are
no longer an emerging growth company. We would cease to be an emerging growth company upon the earliest to occur of (i) the last day of
the fiscal year during which the market value of our ordinary shares held by non-affiliates equals or exceeds $700 million as of any June
30, (ii) the last day of the fiscal year following the fifth anniversary of the date of the first sale of common equity securities pursuant
to an effective registration statement, (iii) the last day of the fiscal year during which we had total annual gross revenues of $1.235
billion or more, (iv) the date on which we have issued more than $1.0 billion in non-convertible debt during the previous three-year period.
We may choose to take advantage of some but not all of these reduced burdens. For example, Section 107 of the JOBS Act also provides that
an emerging growth company can take advantage of an extended transition period for complying with new or revised accounting standards
applicable to public companies. This provision allows an emerging growth company to delay the adoption of certain accounting standards
until those standards would otherwise apply to private companies. This transition period is only applicable under U.S. GAAP. As a result,
we will adopt new or revised accounting standards on the relevant dates on which adoption of such standards is required or permitted by
the International Accounting Standards Board.
Implications of Being a Foreign Private Issuer
We are also considered a “foreign private issuer.” Accordingly,
we report under the Exchange Act of 1934, as amended (the “Exchange Act”), as a non-U.S. company with foreign private issuer
status. This means that, even after we no longer qualify as an emerging growth company, as long as we qualify as a foreign private issuer
under the Exchange Act, we will be exempt from certain provisions of the Exchange Act that are applicable to U.S. domestic public companies,
including:
| · | the sections of the Exchange Act regulating the solicitation of proxies, consents
or authorizations in respect of a security registered under the Exchange Act; |
| · | the sections of the Exchange Act requiring insiders to file public reports
of their stock ownership and trading activities and liability for insiders who profit from trades made in a short period of time; and
|
| · | the rules under the Exchange Act requiring the filing with the SEC of quarterly
reports on Form 10-Q containing unaudited financial and other specified information, or current reports on Form 8-K, upon the occurrence
of specified significant events. |
We may take advantage of these exemptions until such time as we are
no longer a foreign private issuer. We would cease to be a foreign private issuer at such time as more than 50% of our outstanding voting
securities are held by U.S. residents and any of the following three circumstances applies: (i) the majority of our executive officers
or directors are U.S. citizens or residents, (ii) more than 50% of our assets are located in the United States or (iii) our
business is administered principally in the United States.
In this prospectus and in the documents incorporated by reference in
this prospectus, we have taken advantage of certain of the reduced reporting requirements as a result of being an emerging growth company
and a foreign private issuer. Accordingly, the information contained in this prospectus and in the documents incorporated by reference
in this prospectus may be different than the information you receive from other public companies in which you hold equity securities.
RISK FACTORS
Investing in our securities involves risk. Before making a decision
to invest in our securities, you should carefully consider the risks described under “Risk Factors” in any applicable prospectus
supplement and in our then-most recent Annual Report on Form 20-F, and any updates to those risk factors in our reports on Form 6-K incorporated
by reference in this prospectus, together with all of the other information appearing or incorporated by reference in this prospectus
and any applicable prospectus supplement, in light of your particular investment objectives and financial circumstances. Although we discuss
key risks in our discussion of risk factors, new risks may emerge in the future, which may prove to be significant. We cannot predict
future risks or estimate the extent to which they may affect our business, results of operations, financial condition and prospects.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING
STATEMENTS
This prospectus and the documents incorporated by reference in this
prospectus contain statements that constitute forward-looking statements within the meaning of Section 21E of the Exchange Act and Section
27A of the Securities Act of 1933, as amended (the “Securities Act”). All statements other than statements of historical facts,
including statements regarding our future results of operations and financial position, business and commercial strategy, potential market
opportunities, products and product candidates, research pipeline, ongoing and planned preclinical studies and clinical trials, regulatory
submissions and approvals, research and development costs, timing and likelihood of success, as well as plans and objectives of management
for future operations are forward-looking statements. Many of the forward-looking statements contained in this prospectus can be identified
by the use of forward-looking words such as “anticipate,” “believe,” “could,” “expect,”
“should,” “plan,” “intend,” “estimate,” “will” and “potential,”
among others.
Forward-looking statements are based on our management’s beliefs
and assumptions and on information available to our management at the time such statements are made. Such statements are subject to risks
and uncertainties, and actual results may differ materially from those expressed or implied in the forward-looking statements due to various
factors, including, but not limited to, those identified under the “Risk Factors” section of this prospectus and in the documents
incorporated by reference in this prospectus. Forward-looking statements speak only as of the date on which they were made. Because forward-looking
statements are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified and some of which are beyond
our control, you should not rely on these forward-looking statements as predictions of future events. Moreover, we operate in an evolving
environment. New risk factors and uncertainties may emerge from time to time, and it is not possible for management to predict all risk
factors and uncertainties. Except as required by applicable law, we do not plan to publicly update or revise any forward-looking statements,
whether as a result of any new information, future events, changed circumstances or otherwise. You should read this prospectus, the documents
incorporated by reference in this prospectus and the documents that we have filed as exhibits to the registration statement of which this
prospectus is a part completely and with the understanding that our actual future results may be materially different from what we expect.
In addition, statements that “we believe” and similar statements
reflect our beliefs and opinions on the relevant subject. These statements are based upon information available to us as of the date of
such statements, and while we believe such information forms a reasonable basis for such statements, such information may be limited or
incomplete, and our statements should not be read to indicate that we have conducted an exhaustive inquiry into, or review of, all potentially
available relevant information. These statements are inherently uncertain and investors are cautioned not to unduly rely upon these statements.
USE OF PROCEEDS
We will not receive any proceeds from the sale of securities by the
selling securityholder from time to time pursuant to this prospectus. If any securities are sold, the selling securityholder will pay
any brokerage commissions and/or similar charges incurred for the sale of such shares. We will bear all other costs, fees and expenses
incurred in effecting the registration of the securities covered by this prospectus, including all registration and filing fees and fees
and expenses of our counsel and accountants.
DIVIDEND POLICY
We have never declared or paid any cash dividends and have no plan to
declare or pay any dividends on our ordinary shares in the foreseeable future. We currently intend to retain any earnings for future operations
and expansion of our business.
We will be able to make distributions to our shareholders only to the
extent that our equity exceeds the aggregate amount of issued share capital and reserves that must be maintained pursuant to Dutch law
or under our articles of association. We may not make any distribution of profits on shares held as treasury shares and such treasury
shares will not be taken into account when determining the profit entitlement of our shareholders. Our articles of association prescribe
that profits in any financial year will be distributed first to holders of our financing preferred shares, if any are outstanding. Any
remaining profits may be reserved by our board of directors. Any profits remaining thereafter and reserves may be distributed as dividends
to the holders of our ordinary shares, subject to the appropriate record date. The general meeting is authorized to declare distributions
upon the proposal of our board of directors. Our board of directors determines whether and how much of the profits shown in the adopted
annual accounts will be reserved and the manner and date of any dividend. In addition, our board of directors is permitted, subject to
certain requirements, to declare interim dividends without the approval of our shareholders. We may reclaim any distributions, whether
interim or not interim, made in contravention of certain restrictions of Dutch law from shareholders that knew or should have known that
such distribution was not permissible. In addition, on the basis of Dutch case law, if after a distribution we are not able to pay our
due and collectable debts, then our shareholders or directors who at the time of the distribution knew or reasonably should have foreseen
that result may be liable to our creditors.
Since we are a holding company, our ability to pay dividends will be
dependent upon the financial condition, liquidity and results of operations of, and the receipt of dividends, loans or other funds from,
our subsidiaries. Our subsidiaries are separate and distinct legal entities and have no obligation to make funds available to us. In addition,
there are various statutory, regulatory and contractual limitations and business considerations on the extent, if any, to which our subsidiaries
may pay dividends, make loans or otherwise provide funds to us.
DESCRIPTION OF SHARE CAPITAL AND ARTICLES OF
ASSOCIATION
The Company
We were incorporated on March 10, 2020 as a private limited liability
company (besloten vennootschap met beperkte aansprakelijkheid) under Dutch law, and upon the consummation of the Business Combination,
we converted into a Dutch public limited liability company (naamloze vennootschap).
We are registered in the Commercial Register of the Chamber of Commerce
(Kamer van Koophandel) in the Netherlands under number 77595726. We have our corporate seat in Amsterdam, the Netherlands and our
registered office is at Paul-Ehrlich-Straße 15, 72076 Tübingen, Federal Republic of Germany.
Share Capital
Authorized Share Capital
Our authorized share capital consists of 285,000,000 ordinary shares,
nominal value of €0.01 per share, and 15,000,000 financing preferred shares. The financing preferred shares are divided into five
series, each consisting of 3,000,000 financing preferred shares. As of December 31, 2022, there were 76,670,699 ordinary shares outstanding
and no preferred shares outstanding, whereas as of December 31, 2021, there were 62,926,816 ordinary shares outstanding and no preferred
shares outstanding.
The financing preferred shares may, at the request of the holder, be
converted into ordinary shares pursuant to a resolution of our board of directors. The conditions for conversion and the further terms
and conditions related to the financing preferred shares will be determined by our board of directors, our general meeting and the meeting
of holders of the series of financing preferred shares concerned, if such series of financing preferred shares have been issued and are
held by persons other than us. The preceding sentence applies by analogy to any adjustment to the conditions.
Changes in Our Share Capital
In this section, share amounts are presented as of the date of the relevant
transaction. Since the completion of the Business Combination, our share capital has changed as follows:
| · | On October 12, 2022, we completed an SEC-registered equity offering, pursuant
to which we issued and sold 10,905,000 ordinary shares, resulting in increases in share capital of €109 thousand and share premium
of €106.1 million; |
| · | During the year ended December 31, 2022, we issued and sold approximately
2.8 million ordinary shares under the sales agreement with Leerink Partners LLC, resulting in increases in share capital of €28 thousand
and share premium of €20.2 million; |
| · | Since January 1, 2023, we issued and sold approximately 5.5 million ordinary
shares under the sales agreement with Leerink Partners LLC, resulting in increases in share capital of €55 thousand and share premium
of €57.0 million; and |
| · | On July 21, 2023, we issued and sold 2,419,818 ordinary shares to BMS, resulting
in increases in share capital of €24 thousand and share premium of €32.2 million. |
Issuance of Ordinary Shares
Under Dutch law, shares are issued and rights to subscribe for shares
are granted pursuant to a resolution of our general meeting. Our articles of association provide that the general meeting may only resolve
to issue shares upon the proposal of our board of directors. The general meeting may authorize our board of directors to issue new ordinary
shares or grant rights to subscribe for ordinary shares. The authorization can be granted and extended, in each case for a period not
exceeding five years. For as long as, and to the extent, that such authorization is effective, our general meeting will not have
the power to issue ordinary shares.
Pursuant to a resolution of the general meeting dated June 30,
2020, our board of directors is irrevocably authorized for a period of five years from July 1, 2020, to issue ordinary shares
or financing preferred shares up to the amount of the authorized share capital (from time to time).
Preemptive Rights
Subject to restrictions in our articles of association, holders of ordinary
shares have preemptive rights in relation to newly issued ordinary shares under Dutch law.
Under our articles of association, the preemptive rights in respect
of newly issued ordinary shares may be restricted or excluded by a resolution of our general meeting upon the proposal of our board of
directors, which resolution requires a two-thirds majority of the votes cast if less than half of the issued share capital is present
or represented at the meeting. The general meeting may authorize our board of directors to limit or exclude the preemptive rights in respect
of newly issued ordinary shares, which resolution requires a two-thirds majority of the votes cast if less than half of the issued share
capital is present or represented at the meeting. Such authorization for our board of directors can be granted and extended, in each case
for a period not exceeding five years.
Pursuant to a resolution of the general meeting dated June 30,
2020, our board of directors is irrevocably authorized for a period of five years from July 1, 2020 to limit or exclude preemptive
rights on ordinary shares up to 100% of the number of ordinary shares in our authorized share capital (from time to time).
Preemptive rights do not exist with respect to (a) the issuance
of ordinary shares or grant of rights to subscribe for ordinary shares to our employees or a “group” company of ours, and
(b) the issuance of ordinary shares against a contribution in kind. Preemptive rights do not exist with respect to the issuance of
financing preferred shares and holders of financing preferred shares have no preemptive right to acquire newly issued ordinary shares.
Transfer of Ordinary Shares
Under Dutch law, transfers of ordinary shares (other than in book-entry
form) require a written deed of transfer and, unless the company is a party to the deed of transfer, and acknowledgement by or proper
service upon the company to be effective.
Under our articles of association, if one or more ordinary shares are
admitted to trading on Nasdaq or any other regulated foreign stock exchange located in the United States, we may, by resolution of our
board of directors, determine that the laws of the State of New York will apply to the property law aspects of the ordinary shares included
in the part of the register of shareholders kept by the relevant transfer agent. Such resolution, as well as the revocation thereof, will
be made public as required by law and will be made available for inspection at our office and the Dutch trade register. Our management
has adopted such resolution effective as of July 1, 2020.
Form of Ordinary Shares
Pursuant to our articles of association, the ordinary shares are registered
shares.
Purchase and Repurchase of Ordinary Shares
Under Dutch law, we may not subscribe for newly issued ordinary shares.
We may acquire ordinary shares, subject to applicable provisions and restrictions of Dutch law and our articles of association, to the
extent that:
| · | such ordinary shares are fully paid up; |
| · | such repurchase would not cause our shareholders’ equity to fall below
an amount equal to the sum of the paid-up and called-up part of the issued share capital and the reserves we are required to maintain
pursuant to Dutch law or our articles of association; and |
| · | immediately after the acquisition of such ordinary shares, we and our subsidiaries
would not hold, or would not hold as pledgees, shares having an aggregate nominal value that exceeds 50% of our then-current issued share
capital. |
Other than ordinary shares acquired for no valuable consideration or
under universal title of succession (onder algemene titel) (e.g., through a merger or spin-off) under statutory Dutch or other
law, we may acquire ordinary shares only if our general meeting has authorized our board of directors to acquire ordinary shares. An authorization
by our general meeting for the acquisition of ordinary shares can be granted for a maximum period of 18 months. Such authorization
must specify the number of ordinary shares that may be acquired, the manner in which these shares may be acquired and the price range
within which the shares may be acquired. No authorization of our general meeting is required if ordinary shares are acquired by us on
Nasdaq with the intention of transferring such ordinary shares to our employees or employees of a group company pursuant to an arrangement
applicable to them. We cannot derive any right to any distribution from ordinary shares, or voting rights attached to ordinary shares,
acquired by us.
Pursuant to a resolution of the general meeting dated June 20,
2023, our board of directors is irrevocably authorized for a period of 18 months from June 20, 2023 to resolve for us to acquire
fully paid-up ordinary shares or depositary receipts thereof up to the maximum number of ordinary shares permitted pursuant to applicable
law and our articles of association from time to time, through repurchases negotiated in the open market or privately, in self-tender
offers, or through accelerated repurchase arrangements, at prices ranging from the nominal value of the ordinary shares up to 110% of
the market price of the ordinary shares, provided that: (i) for open market or privately negotiated repurchases, the market price
shall be the price for ordinary shares on Nasdaq at the time the transaction is agreed upon by us, (ii) for self-tender offers, the
market price shall be the volume weighted average price for the ordinary shares on Nasdaq during a period, determined by our board of
directors, of no less than one and no more than five consecutive trading days immediately prior to the expiration of the tender offer,
and (iii) for accelerated repurchase arrangements, the market price shall be the volume weighted average price of the ordinary shares
on Nasdaq over the term of the arrangement; the volume weighted average price for any number of trading days shall be calculated as the
arithmetic average of the daily volume weighted average price on those trading days.
Capital Reduction
At a general meeting, our shareholders may resolve on the proposal of
our board of directors to reduce our issued share capital by (i) cancelling ordinary shares or (ii) reducing the nominal value
of the ordinary shares by amending our articles of association. In either case, this reduction would be subject to applicable statutory
provisions. A resolution to cancel ordinary shares may only relate to (i) ordinary shares held by us or in respect of which we hold
the depository receipts, or (ii) all financing preferred shares of a class if approved by the holders of all shares of that class.
In order to be approved by our general meeting, a resolution to reduce the capital requires a two-thirds majority of the votes cast if
less than half of the issued share capital is present or represented at the meeting. A reduction of the nominal value of ordinary shares
without repayment and without release from the obligation to pay up the ordinary shares must be effectuated proportionally on shares of
the same class (unless all affected shareholders agree to a disproportional reduction).
A resolution that would result in a reduction of capital requires approval
by a majority of the votes cast of each group of shareholders of the same class whose rights are prejudiced by the reduction. In addition,
a reduction of capital involves a two-month waiting period during which creditors have the right to object to a reduction of capital under
specified circumstances.
General Meeting of Shareholders and Voting Rights
General Meeting of Shareholders
General meetings are held in Amsterdam, Rotterdam, The Hague, Arnhem,
Utrecht, or in the municipality of Haarlemmermeer (Schiphol Airport), the Netherlands. All of our shareholders and others entitled to
attend our general meetings are authorized to address the meeting and, in so far as they have such right, to vote, either in person or
by proxy.
We will hold at least one general meeting each year, to be held within
six months after the end of our financial year. A general meeting will also be held within three months after our board of directors
has determined it to be likely that our equity has decreased to an amount equal to or lower than half of its paid-up and called-up capital,
in order to discuss the measures to be taken if so required. If our board of directors fails to hold such general meeting in a timely
manner, each shareholder and other person entitled to attend our general meeting may be authorized by the Dutch court to convene our general
meeting.
Our board of directors may convene additional extraordinary general
meetings of shareholders at its discretion, subject to the notice requirements described below. Pursuant to Dutch law, one or more shareholders
and/or others entitled to attend general meetings of shareholders, alone or jointly representing at least 10% of our issued share capital,
may on their application be authorized by the Dutch court to convene a general meeting. The Dutch court will disallow the application
if (i) the applicants have not previously requested in writing that our board of directors convenes a shareholders’ meeting,
(ii) our board of directors convenes a shareholders’ meeting or (iii) our board of directors has taken the necessary steps
so that the shareholders’ meeting could be held within six weeks after such request.
The general meeting is convened by a notice, which includes an agenda
stating the items to be discussed and the location and time of our general meeting. For the annual general meeting, the agenda will include,
among other things, the adoption of our annual accounts, the appropriation of its profits or losses and proposals relating to the composition
of and filling of any vacancies on our board of directors. In addition, the agenda for a general meeting includes such additional items
as determined by our board of directors. Pursuant to Dutch law, one or more shareholders and/or others entitled to attend general meetings
of shareholders, alone or jointly representing at least 3% of the issued share capital, have the right to request the inclusion of additional
items on the agenda of shareholders’ meetings. Such requests must be made in writing, and may include a proposal for a shareholder
resolution, and must be received by us no later than on the sixtieth (60th) day before the day the relevant shareholders’ meeting
is held. No resolutions will be adopted on items other than those which have been included in the agenda. Under our articles of association,
certain items can only be put on the agenda as a voting item by our board of directors. Shareholders meeting the relevant requirements
may still request the inclusion of such items on the agenda as a discussion item.
In accordance with the Dutch Corporate Governance Code, or DCGC, shareholders
who have the right to put an item on the agenda for our general meeting or to request the convening of a general meeting shall not exercise
such rights until after they have consulted our board of directors. If exercising such rights may result in a change in our strategy (for
example, through the dismissal of one or more of our directors), our board of directors must be given the opportunity to invoke a reasonable
period of up to 180 days to respond to the shareholders’ intentions. If invoked, our board of directors must use such response
period for further deliberation and constructive consultation, in any event with the shareholder(s) concerned and exploring alternatives.
At the end of the response time, our board of directors shall report on this consultation and the exploration of alternatives to our general
meeting. The response period may be invoked only once for any given general meeting and shall not apply (i) in respect of a matter
for which a response period has been previously invoked or (ii) if a shareholder holds at least 75% of our issued share capital as
a consequence of a successful public bid.
Moreover, our board of directors can invoke a cooling-off period of
up to 250 days when shareholders, using their right to have items added to the agenda for a general meeting or their right to request
a general meeting, propose an agenda item for our general meeting to dismiss, suspend or appoint one or more directors (or to amend any
provision in our articles of association dealing with those matters) or when a public offer for our company is made or announced without
our support, provided, in each case, that our board of directors believes that such proposal or offer materially conflicts with the interests
of our company and its business. During a cooling-off period, our general meeting cannot dismiss, suspend or appoint directors (or amend
the provisions in our articles of association dealing with those matters) except at the proposal of our board of directors. During a cooling-off
period, our board of directors must gather all
relevant information necessary for a careful decision-making process and at least consult
with shareholders representing 3% or more of our issued share capital at the time the cooling-off period was invoked, as well as with
our Dutch works council (if we or, under certain circumstances, any of our subsidiaries would have one). Formal statements expressed by
these stakeholders during such consultations must be published on our website to the extent these stakeholders have approved that publication.
Ultimately one week following the last day of the cooling-off period, our board of directors must publish a report in respect of its policy
and conduct of affairs during the cooling-off period on our website. This report must remain available for inspection by shareholders
and others with meeting rights under Dutch law at our office and must be tabled for discussion at the next general meeting. Shareholders
representing at least 3% of our issued share capital may request the Enterprise Chamber for early termination of the cooling-off period.
The Enterprise Chamber must rule in favor of the request if the shareholders can demonstrate that:
| · | our board of directors, in light of the circumstances at hand when the cooling-off
period was invoked, could not reasonably have concluded that the relevant proposal or hostile offer constituted a material conflict with
the interests of our company and its business; |
| · | our board of directors cannot reasonably believe that a continuation of the
cooling-off period would contribute to careful policy-making; or |
| · | other defensive measures, having the same purpose, nature and scope as the
cooling-off period, have been activated during the cooling-off period and have not since been terminated or suspended within a reasonable
period at the relevant shareholders’ request (i.e., no ‘stacking’ of defensive measures). |
We will give notice of each general meeting by publication on our website
and, to the extent required by applicable law, in a Dutch daily newspaper with national distribution, and in any other manner that we
may be required to follow in order to comply with Dutch law and applicable stock exchange and SEC requirements. We will observe the statutory
minimum convening notice period for a general meeting. Holders of registered shares may further be provided notice of the meeting in writing
at their addresses as stated in its shareholders’ register.
Pursuant to our articles of association and Dutch law, our board of
directors may determine a record date (registratiedatum) of 28 calendar days prior to a general meeting to establish which shareholders
and others with meeting rights are entitled to attend and, if applicable, vote at our general meeting. The record date, if any, and the
manner in which shareholders can register and exercise their rights will be set out in the notice of our general meeting. Our articles
of association provide that a shareholder must notify us in writing of his or her identity and his or her intention to attend (or be represented
at) our general meeting, such notice to be received by us on the date set by our board of directors in accordance with our articles of
association and as set forth in the convening notice. If this requirement is not complied with or if upon request no proper identification
is provided by any person wishing to enter our general meeting, the chairman of our general meeting may, in his or her sole discretion,
refuse entry to the shareholder or his or her proxy holder.
Pursuant to our articles of association, our general meeting is chaired
by the chairman of our board of directors, who, nevertheless, may charge another person to preside over the meeting in his place even
if he himself is present at the meeting. If the chairman of our board of directors is absent and he has not charged another person to
preside over the meeting in his place, our directors present at the meeting will appoint one of them to be chairman. In the absence of
all directors, our general meeting will appoint its chairman.
Voting Rights and Quorum
In accordance with Dutch law and our articles of association, each ordinary
share, irrespective of which class it concerns, confers the right on the holder thereof to cast one vote at our general meeting. The voting
rights attached to any ordinary shares held by us or our direct or indirect subsidiaries are suspended, unless the ordinary shares were
encumbered with a right of usufruct or a pledge in favor of a
party other than us or a direct or indirect subsidiary before such ordinary
shares were acquired by us or such a subsidiary, in which case, the other party may be entitled to exercise the voting rights on the ordinary
shares. We may not exercise voting rights for ordinary shares in respect of which we or a direct or indirect subsidiary has a right of
usufruct or a pledge.
Voting rights may be exercised by shareholders or by a duly appointed
proxy holder (the written proxy being acceptable to the chairman of our general meeting) of a shareholder, which proxy holder need not
be a shareholder. The holder of a usufruct or pledge on shares will have the voting rights attached thereto if so provided for when the
usufruct or pledge was created.
Under our articles of association, blank votes (votes where no choice
has been made), abstentions and invalid votes will not be counted as votes cast. However, shares in respect of which a blank vote or invalid
vote has been cast and shares in respect of which the person with meeting rights who is present or represented at the meeting has abstained
from voting are counted when determining the part of the issued share capital that is present or represented at a general meeting. The
chairman of our general meeting will determine the manner of voting and whether voting may take place by acclamation.
Resolutions of the shareholders are adopted at a general meeting by
a majority of votes cast, except where Dutch law or our articles of association provide for a special majority in relation to specified
resolutions. Our articles of association do not provide for a quorum requirement, subject to any provision of mandatory Dutch law.
Subject to certain restrictions in our articles of association, the
determination during our general meeting made by the chairman of that general meeting with regard to the results of a vote will be decisive.
Our board of directors will keep a record of the resolutions passed at each general meeting.
Amendment of Articles of Association
At a general meeting, at the proposal of our board of directors, our
general meeting may resolve to amend the articles of association. A resolution by the shareholders to amend the articles of association
requires a majority of the votes cast.
Merger, Demerger and Dissolution
At the proposal of our board of directors, our general meeting may resolve
with a majority of the votes cast (subject to certain exceptions), or with at least two-thirds of the votes cast if less than half of
the issued capital is present or represented at our general meeting, to legally merge or demerge the company within the meaning of Title
7, Book 2 of the Dutch Civil Code.
Our shareholders may at a general meeting, based on a proposal by our
board of directors, by means of a resolution passed by a majority of the votes cast, resolve that the company will be dissolved. In the
event of dissolution of the company, the liquidation will be effected by our executive directors, under the supervision of our non-executive
directors, unless our general meeting decides otherwise.
Squeeze-Out
A shareholder who for its own account (or together with its group companies)
holds at least 95% of our issued share capital may institute proceedings against the other shareholders jointly for the transfer of their
shares to the shareholder who holds such 95% majority. The proceedings are held before the Enterprise Chamber of the Amsterdam Court of
Appeal (Ondernemingskamer van het Gerechtshof Amsterdam) (the “Enterprise Chamber”) and can be instituted by means
of a writ of summons served upon each of the minority shareholders in accordance with the provisions of the Dutch Code of Civil Procedure
(Wetboek van Burgerlijke Rechtsvordering). The Enterprise Chamber may grant the claim for squeeze-out in relation to all minority
shareholders and will determine the price to be paid for the shares, if necessary, after appointment of one or three experts who will
offer an opinion to the Enterprise Chamber on the value of the shares of the minority shareholders. Once the order to transfer by the
Enterprise Chamber becomes final and irrevocable, the majority shareholder that instituted the squeeze-
out proceedings will give written
notice of the date and place of payment and the price to the holders of the shares to be acquired whose addresses are known to the majority
shareholder. Unless the addresses of all minority shareholders are known to the majority shareholder acquiring the shares, the majority
shareholder is required to publish the same in a newspaper with a national circulation.
A shareholder that holds a majority of our issued share capital, but
less than the 95% required to institute the squeeze-out proceedings described above, may seek to propose and implement one or more restructuring
transactions with the objective of obtaining at least 95% of our issued share capital so the shareholder may initiate squeeze-out proceedings.
Those restructuring transactions could, among other things, include a merger or demerger involving the company, a contribution of cash
and/or assets against issuance of ordinary shares, the issuance of new ordinary shares to the majority shareholder without preemptive
rights for minority shareholders or an asset sale transaction.
Depending on the circumstances, an asset sale of a Dutch public limited
liability company (naamloze vennootschap) is sometimes used as a way to squeeze out minority shareholders, for example, after a
successful tender offer through which a third party acquires a supermajority, but less than all, of the company’s shares. In such
a scenario, the business of the target company is sold to a third party or a special purpose vehicle, followed by the liquidation of the
target company. The purchase price is distributed to all shareholders in proportion to their respective shareholding as liquidation proceeds,
thus separating the business from the company in which minority shareholders had an interest.
Any sale or transfer of all of our assets and our dissolution or liquidation
is subject to approval by a majority of the votes cast in our general meeting. Our articles of association provide that our general meeting
may only adopt such resolution upon a proposal of our board of directors.
Certain Other Major Transactions
Our articles of association and Dutch law provide that resolutions of
our board of directors concerning a material change in our identity, character or business are subject to the approval of our general
meeting. Such changes include:
| · | a transfer of all or materially all of our business to a third party; |
| · | the entry into or termination of a long-lasting alliance of the company or
of a subsidiary either with another entity or company, or as a fully liable partner of a limited partnership or partnership, if this alliance
or termination is of significant importance to the company; and |
| · | the acquisition or disposition of an interest in the capital of a company
by the company or by its subsidiary with a value of at least one-third of the value of our assets, according to the balance sheet with
explanatory notes or, if the company prepares a consolidated balance sheet, according to the consolidated balance sheet with explanatory
notes in our most recently adopted annual accounts. |
Dividends and Other Distributions
We may only make distributions to our shareholders if our equity exceeds
the aggregate amount of the issued share capital and the reserves that must be maintained pursuant to Dutch law or our articles of association.
We may not make any distribution of profits on shares held by the company as treasury shares and such treasury shares will not be taken
into account when determining the profit entitlement of our shareholders, unless such treasury shares are encumbered with a right of usufruct
or a right of pledge. Under our articles of association, any profits or distributable reserves must first be applied to pay a dividend
on the financing preferred shares, if outstanding.
Any remaining profits may be reserved by our board of directors. After
reservation by our board of directors of any distributable profits, our general meeting will be authorized to declare distributions on
the proposal of our board of directors. Our board of directors is permitted, subject to certain requirements, to declare interim dividends
without the approval of the shareholders. Interim dividends may be declared as
provided in our articles of association and may be distributed
to the extent that the shareholders’ equity, based on interim financial statements, exceeds the paid-up and called-up share capital
and the reserves that must be maintained under Dutch law or our articles of association. We may reclaim any distributions, whether interim
or not interim, made in contravention of certain restrictions of Dutch law from shareholders that knew or should have known that such
distribution was not permissible. In addition, on the basis of Dutch case law, if after a distribution we are not able to pay its due
and collectable debts, then our shareholders or directors who at the time of the distribution knew or reasonably should have foreseen
that result may be liable to its creditors.
Upon proposal of our board of directors, the general meeting may determine
that distributions will be made in whole or in part in a currency other than the euro. We shall announce any proposal for a distribution
and the date when and the place where the distribution will be payable to all shareholders by electronic means of communication with due
observance of the applicable law and stock exchange rules. Claims for payment of dividends and other distributions not made within five years
from the date that such dividends or distributions became payable will lapse, and any such amounts will be considered to have been forfeited
to the company (verjaring).
Notices
We will give notice of each general meeting by publication on our website
and, to the extent required by applicable law, in a Dutch daily newspaper with national distribution, and in any other manner that we
may be required to follow in order to comply with Dutch law and applicable stock exchange and SEC requirements. Holders of registered
shares may further be provided notice of the meeting in writing at their addresses as stated in our shareholders’ register.
Registration Rights
Investor Rights and Lock-Up Agreement
We have granted to certain of our securityholders registration rights
pursuant to an Investor Rights and Lock-Up Agreement, dated July 1, 2020, among us and the investors party thereto. Such securityholders
are entitled to the following rights with respect to the registration of their ordinary shares for public resale under the Securities
Act.
Shelf Registration. We
are obligated to file and keep effective a shelf registration statement pursuant to Rule 415 under the Securities Act with respect
to all securities subject to registration rights, subject to certain exceptions.
Demand Registration. Upon
the demand of certain securityholders, we are obligated to effect a resale registration under the Securities Act with respect to all or
any portion of their shares subject to registration rights, subject to certain exceptions. Demand registration rights will not be triggered
if there is an effective resale shelf registration statement.
Piggyback Registration. In
the event that we propose to register any of our securities under the Securities Act, either for our account or for the account of our
other securityholders, holders will be entitled to certain piggyback registration rights allowing each to include its shares in the registration,
subject to certain marketing and other limitations. As a result, whenever we propose to file a registration statement under the Securities
Act, other than with respect to a demand registration, a registration statement on Form S-4, F-4 or S-8 and or a registration of convertible
debt securities, these holders will be entitled to notice of the registration and will have the right to include their registrable securities
in the registration, subject to certain limitations. Piggyback registration rights will not be triggered if there is an effective resale
shelf registration statement, the registration is solely for an offering of securities by us and no other securityholder is entitled to
participate in such registration.
Expenses; Indemnification. We
must pay all registration expenses in connection with effecting any demand registration, piggyback registration or shelf registration.
We are also subject customary indemnification and contribution provisions.
Securities Purchase Agreement
On July
19, 2023, we entered into a securities purchase agreement (the “Securities Purchase Agreement”) with BMS, pursuant to which
we agreed to issue and sell to BMS and BMS agreed to purchase from us 2,419,818 ordinary shares at $14.4639 per share. We agreed to file,
within 60 calendar days of the closing date of the private placement, a registration statement on Form F-3 that registers for resale under
the Securities Act the ordinary shares sold under the securities purchase agreement. We are required to keep such registration statement
effective until the earlier of the date on which all such ordinary shares have been sold pursuant to such registration statement or Rule
144 under the Securities Act, are eligible to be immediately sold to the public without registration or restriction, are no longer outstanding
or July 21, 2024.
We are
filing this registration statement to register the resale of the ordinary shares held by the selling securityholder to satisfy our obligations
under the Securities Purchase Agreement.
Stock Exchange Listing
Our ordinary shares are listed on Nasdaq under the symbol “IMTX.”
Transfer Agent
Continental Stock Transfer & Trust Company serves as our agent in
New York to maintain our shareholders’ register on behalf of our board of directors and acts as transfer agent and registrar for
the ordinary shares.
Exchange Controls
Under Dutch law, there are no exchange controls applicable to the transfer
to persons outside of the Netherlands of dividends or other distributions with respect to, or of the proceeds from the sale of, shares
of a Dutch company, subject to applicable restrictions under sanctions and measures, including those concerning export control, pursuant
to applicable resolutions adopted by the United Nations, regulations of the European Union, the Dutch Sanctions Act 1977 (Sanctiewet
1977), national emergency legislation, or other legislation, applicable anti-boycott regulations and similar rules and provided that,
under certain circumstances, payments of such dividends or other distributions must be reported to the Dutch Central Bank at their request
for statistical purposes. There are no special restrictions in our articles of association or Dutch law that limit the right of shareholders
who are not citizens or residents of the Netherlands to hold or vote shares. The European Directive Mandatory Disclosure Rules (2011/16/EU)
in relation to cross-border tax arrangements can provide for future notification requirements.
Under German law, there are no exchange controls restricting the transfer
of funds between Germany and other countries or individuals, subject to applicable restrictions concerning import or export control or
sanctions and measures against certain persons, entities and countries subject to embargoes in accordance with German law and applicable
resolutions adopted by the United Nations and the European Union.
Under German foreign trade regulation, with certain exceptions, every
corporation or individual residing in Germany must report to the German Central Bank on any payment received from or made to a non-resident
corporation or individual if the payment exceeds €12,500 (or the equivalent in a foreign currency). Additionally, corporations and
individuals residing in Germany must report to the German Central Bank on any claims of a resident against, or liabilities payable to,
a non-resident corporation or individual exceeding an aggregate of €5 million (or the equivalent in a foreign currency) at the
end of any calendar month. Resident corporations and individuals are also required to report annually to the German Central Bank on any
stakes of 10% or more they hold in the equity of non-resident corporations with total assets of more than €3 million. Corporations
residing in Germany with assets in excess of €3 million must report annually to the German Central Bank on any stake of 10%
or more in the company held by an individual or a corporation located outside Germany.
TAXATION
Material U.S. Federal Income Tax Considerations for U.S. Holders
In the opinion of Davis Polk & Wardwell LLP, the following is a
description of the material U.S. federal income tax consequences to the U.S. Holders, as defined below, of owning and disposing of our
ordinary shares. It does not describe all tax considerations that may be relevant to a particular person’s decision to acquire ordinary
shares.
This discussion applies only to a U.S. Holder that acquires ordinary
shares registered for offer and sale pursuant to this prospectus and holds ordinary shares as capital assets for U.S. federal income tax
purposes (generally, property held for investment). In addition, it does not describe any tax consequences other than U.S. federal income
tax consequences, including state and local tax consequences and estate tax consequences, and does not describe all of the U.S. federal
income tax consequences that may be relevant in light of the U.S. Holder’s particular circumstances, including alternative minimum
tax consequences, the potential application of the provisions of the Internal Revenue Code of 1986, as amended (the “Code”)
known as the Medicare contribution tax and tax consequences applicable to U.S. Holders subject to special rules, such as:
| · | certain banks, insurance companies and other financial institutions; |
| · | brokers, dealers or traders in securities who use a mark-to-market method
of tax accounting; |
| · | persons holding ordinary shares as part of a straddle, wash sale, conversion
transaction or other integrated transaction or persons entering into a constructive sale with respect to the ordinary shares; |
| · | persons whose functional currency for U.S. federal income tax purposes is
not the U.S. dollar; |
| · | entities or arrangements classified as partnerships or S corporations for
U.S. federal income tax purposes; |
| · | tax-exempt entities, including an “individual retirement account”
or “Roth IRAs” and governmental entities; |
| · | real estate investment trusts or regulated investment companies; |
| · | corporations that accumulate earnings to avoid U.S. federal income tax; |
| · | persons that own or are deemed to own 10% or more of the voting power or value
of our shares; or |
| · | persons holding ordinary shares in connection with a trade or business conducted
outside of the United States or in connection with a permanent establishment or other fixed place of business outside of the United States.
|
If an entity or arrangement that is classified as a partnership for
U.S. federal income tax purposes holds ordinary shares, the U.S. federal income tax treatment of a partner will generally depend on the
status of the partner and the activities of the partnership. Partnerships holding ordinary shares and partners in such partnerships should
consult their tax advisers as to the particular U.S. federal income tax consequences of owning and disposing of the ordinary shares.
This discussion is based on the Code, administrative pronouncements,
judicial decisions, final, temporary and proposed Treasury regulations, and the income tax treaty between Germany and the United States
(the “Treaty”), all as of the date hereof, any of which is subject to change or differing interpretations, possibly with retroactive
effect.
A “U.S. Holder” is a beneficial owner of our ordinary shares
who, for U.S. federal income tax purposes, is eligible for the benefits of the Treaty and who is:
| · | a U.S. citizen (other than a resident of the Netherlands or Germany) or individual
resident of the United States; |
| · | a corporation, or other entity taxable as a corporation, created or organized
in or under the laws of the United States, any state therein or the District of Columbia; or |
| · | an estate or trust the income of which is subject to U.S. federal income taxation
regardless of its source. |
Certain Treasury regulations (the “Foreign Tax Credit Regulations”)
may in some circumstances prohibit a U.S. person from claiming a foreign tax credit with respect to certain non-U.S. taxes that are not
creditable under applicable income tax treaties. The U.S. Internal Revenue Service (the "IRS") recently released a notice which
indicates that the Treasury Department and the IRS are considering amendments to the Foreign Tax Credit
Regulations and provides temporary relief from certain of their provisions until December 31, 2023. The rules governing the calculation
and timing of foreign tax credits and the deduction of foreign taxes are complex and depend upon a U.S. Holder’s particular circumstances.
Accordingly, U.S. investors that are not eligible for Treaty benefits should consult their tax advisors regarding the creditability or
deductibility of any non-U.S. taxes imposed on dividends on, or dispositions of, ordinary shares. This discussion does not apply to investors
in this special situation.
U.S. Holders should consult their tax advisers concerning the U.S. federal,
state, local and non-U.S. tax consequences of owning and disposing of the ordinary shares in their particular circumstances.
Taxation of Distributions
Subject to the discussion under “—Passive Foreign Investment
Company Rules” below, distributions (if any) paid on ordinary shares, other than certain pro rata distributions of ordinary
shares, will generally be treated as dividends to the extent paid out of our current or accumulated earnings and profits (as determined
under U.S. federal income tax principles). Because we do not maintain calculations of our earnings and profits under U.S. federal income
tax principles, we expect that distributions generally will be reported to U.S. Holders as dividends. Dividends paid to certain non-corporate
U.S. Holders may be eligible for taxation as “qualified dividend income” and therefore, subject to applicable limitations,
may be taxable at long-term capital gain rates. Dividends may constitute qualified dividend income if (a) the ordinary shares with
respect to which the dividends are paid are listed on Nasdaq or are otherwise considered “readily tradable” on an established
securities market for U.S. federal income tax purposes or we are eligible for benefits under the Treaty and (b) we are not a PFIC
in the year in which the dividend is paid or the prior taxable year. However, there can be no assurance that our ordinary shares will
remain listed or otherwise be considered readily tradable on an established securities market in the future, nor (as discussed under “Passive
Foreign Investment Company Rules” below) that we will not be a PFIC for any future taxable year. U.S. Holders should consult their
tax advisers regarding the availability of the reduced tax rate on dividends in their particular circumstances.
As described below under “—Material Dutch Tax Considerations”
and “—Material German Tax Considerations,” it is expected that any dividends we pay to a U.S. Holder will be subject
to German withholding tax (and will not be subject to Dutch withholding tax). The amount of a dividend will include any amounts withheld
in respect of German income taxes. The amount of the dividend will be treated as foreign-source dividend income to U.S. Holders and will
not be eligible for a dividends-received deduction generally available to U.S. corporations under the Code. Dividends will be included
in a U.S. Holder’s income on the date of the U.S. Holder’s receipt of the dividend. The amount of any dividend income paid
in euros will be the U.S. dollar amount calculated by reference to the exchange rate in effect on the date of actual or constructive receipt,
regardless of whether the payment is in fact converted into U.S. dollars at that time. If the dividend is converted into U.S. dollars
on the date of receipt, a U.S. Holder should not be required to recognize foreign currency gain or loss in respect of the dividend income.
A U.S. Holder
may have foreign currency gain or loss if the dividend is converted into U.S. dollars after the date of receipt.
Subject to applicable limitations, some of which vary depending upon
the U.S. Holder’s particular circumstances, and the discussion below regarding the Foreign Tax Credit Regulations, German taxes
withheld from dividends on ordinary shares (at a rate not exceeding the rate provided by the Treaty, in the case of a U.S. Holder eligible
for a reduced rate under the Treaty) will be creditable against the U.S. Holder’s U.S. federal income tax liability. As discussed
under “—Material German Tax Considerations” below, Germany requires special procedures to be followed by U.S. Holders
eligible for a reduced rate under the Treaty to obtain the benefit of such reduced rate. The rules governing foreign tax credits are complex.
For example, the Foreign Tax Credit Regulations provide that, in the absence of an election to apply the benefits of an applicable income
tax treaty, in order for foreign income taxes (including foreign withholding taxes treated as income taxes) to be creditable, the relevant
foreign jurisdiction’s income tax rules must be consistent with certain U.S. federal income tax principles, and we have not determined
whether the German income tax system meets these requirements. However, under the temporary relief in the notice described above, certain
of the requirements for making this determination would not apply until January 1, 2024. U.S. Holders should consult their tax advisers
regarding the creditability of any German taxes in their particular circumstances. In lieu of claiming a foreign tax credit, a U.S. Holder
may be able to elect to deduct foreign taxes, such as the German withholding tax, in computing its taxable income, subject to generally
applicable limitations under U.S. law. An election to deduct otherwise creditable non-U.S. taxes instead of claiming foreign tax credits
applies to all creditable non-U.S. taxes paid or accrued in the taxable year.
Sale or Other Disposition of Ordinary Shares
Subject to the discussion under “—Passive Foreign Investment
Company Rules” below, gain or loss realized by a U.S. Holder on the sale or other disposition of ordinary shares will be capital
gain or loss, and will be long-term capital gain or loss if the U.S. Holder’s holding period for such ordinary shares was more than
one year as of the date of the sale or other disposition. The amount of the gain or loss will equal the difference between the U.S. Holder’s
tax basis in the ordinary shares disposed of and the amount realized on the disposition, in each case as determined in U.S. dollars. Long-term
capital gain recognized by a non-corporate U.S. Holder is subject to U.S. federal income tax at rates lower than the rates applicable
to ordinary income and short-term capital gains, while short-term capital gains are subject to U.S. federal income tax at the rates applicable
to ordinary income. This gain or loss will generally be U.S.-source gain or loss for foreign tax credit purposes. The deductibility of
capital losses is subject to various limitations.
Passive Foreign Investment Company Rules
Under the Code, we will be a PFIC for any taxable year in which either
(i) 75% or more of our gross income consists of “passive income” or (ii) 50% or more of the average quarterly value of our
assets consist of assets that produce, or are held for the production of, “passive income.” For purposes of the above calculations,
we will be treated as if we hold our proportionate share of the assets of, and receive directly our proportionate share of the income
of, any other corporation in which we directly or indirectly own at least 25%, by value, of the shares of such corporation. Passive income
generally includes interest, dividends, certain non-active rents and royalties (other than certain rents and royalties derived in an active
conduct of a trade or business), and capital gains. Cash is generally a passive asset for these purposes. In addition, intangible assets,
such as intellectual property and goodwill (the value of which may be determined by reference to the excess of the sum of a corporation’s
market capitalization and liabilities over the value of its assets) are generally characterized as an active asset to the extent it is
attributable to activities that produce active income.
We believe that we were not a PFIC for our 2022 taxable year. However,
whether we will be a PFIC in the current or any future year is uncertain because, among other things, (i) we currently own, and likely
will continue to own, a substantial amount of passive assets, including cash, (ii) the valuation of our assets that generate non-passive
income for PFIC purposes, including our intangible assets, is uncertain and may be determined in substantial part by our market capitalization,
which may vary substantially over time
and (iii) the timing of our recognition of active income for U.S. federal income tax purposes,
which may differ from the timing of the recognition of such income for financial accounting purposes, may result in our recognizing lesser
amounts of active income for U.S. federal income tax purposes in certain taxable years. Accordingly, there can be no assurance that we
will not be a PFIC for any taxable year.
If we are a PFIC for any year during which a U.S. Holder holds ordinary
shares, we will continue to be treated as a PFIC with respect to that U.S. Holder for all succeeding years during which the U.S.
Holder holds ordinary shares, even if we cease to meet the threshold requirements for PFIC status, unless the U.S. Holder elects to recognize
gain, if any, as if it sold its ordinary shares as of the last day of the last tax year in which we are a PFIC (a “Purging Election”).
In addition, we may, directly or indirectly, have held or hold equity interests in other PFICs (collectively, “Lower-tier PFICs”).
Under attribution rules, if we are a PFIC, U.S. Holders will be deemed to own their proportionate shares of the stock of Lower-tier PFICs
and will be subject to U.S. federal income tax according to the rules described in the following paragraphs on (i) certain distributions
by a Lower-tier PFIC and (ii) a disposition of shares of a Lower-tier PFIC, in each case as if the U.S. Holder held those shares
directly, even though it will not have received the proceeds of those distributions or dispositions directly. U.S. Holders should consult
their tax advisers about the consequences to them if we own one or more Lower-tier PFICs.
If we are a PFIC for any taxable year during which a U.S. Holder holds
ordinary shares (assuming the U.S. Holder has not made one of certain elections, as described below), gain recognized by the U.S. Holder
on the sale or other disposition (including certain pledges) of ordinary shares (including any gain recognized as a consequence of a Purging
Election) will be allocated ratably over the U.S. Holder’s holding period for the ordinary shares. The amounts allocated to the
taxable year of the sale or other disposition and to any year before we became a PFIC will be taxed as ordinary income. The amount allocated
to each other taxable year will be subject to tax at the highest rate in effect for individuals or corporations, as appropriate, for that
taxable year, and an interest charge will be imposed on the resulting tax liability. Further, to the extent that any distribution received
by a U.S. Holder on its ordinary shares exceeds 125% of the average of the annual distributions on the ordinary shares received during
the preceding three years or the U.S. Holder’s holding period, whichever is shorter, that distribution will be subject to taxation
in the same manner as gain.
If we were a PFIC and a U.S. Holder made either (a) an election
to treat our ordinary shares as stock of a “qualified electing fund,” or “QEF”, or (b) a “mark-to-market”
election with respect to our ordinary shares, that election would alleviate some of the adverse tax consequences of PFIC status and would
result in an alternative treatment of the ordinary shares. If we determine that we are a PFIC for any taxable year, we intend to provide
the information for U.S. Holders to make or maintain a QEF election, including information necessary to determine the appropriate income
inclusion amounts for purposes of the QEF election. However, we cannot give any assurance that we will have timely knowledge of our status
as a PFIC in the future or that we will provide the information necessary for U.S. Holders to make “QEF elections.” Furthermore,
the availability of a “mark-to-market election” with respect to the ordinary shares is a factual determination that will depend
on the manner and quantity of trading of our ordinary shares. A mark-to-market election cannot be made with respect to the stock of any
of our subsidiaries. U.S. Holders should consult their tax advisers regarding whether any of these elections for alternative treatment
would be available and, if so, what the consequences of the alternative treatments would be in their particular circumstances.
If we are a PFIC (or, with respect to a particular U.S. Holder, are
treated as a PFIC) for a taxable year in which we pay a dividend or for the prior taxable year, the preferential dividend rates discussed
above with respect to dividends paid to certain non-corporate U.S. Holders will not apply.
If we are a PFIC for a taxable year during which a U.S. Holder holds
ordinary shares, the U.S. Holder will generally be required to file an annual report on IRS Form 8621 with its annual U.S. federal income
tax returns, subject to certain exceptions. The failure to file IRS Form 8621 could result in the imposition of penalties and the extension
of the statute of limitations with respect to U.S. federal income tax.
Prospective U.S. Holders should consult their tax advisers regarding
the potential PFIC rules to an investment in ordinary shares.
Information Reporting and Backup Withholding
Payments of dividends and sales proceeds that are made within the United
States or through certain U.S.-related financial intermediaries generally are subject to information reporting, and may be subject to
backup withholding, unless (i) the U.S. Holder is a corporation or other exempt recipient or (ii) in the case of backup withholding,
the U.S. Holder provides a correct taxpayer identification number and certifies that it is not subject to backup withholding.
The amount of any backup withholding from a payment to a U.S. Holder
will be allowed as a credit against the U.S. Holder’s U.S. federal income tax liability and may entitle it to a refund, provided
that the required information is timely furnished to the IRS.
Material Dutch Tax Considerations
Scope of Discussion
The section only outlines certain material Dutch tax consequences of
the acquisition, holding and disposal of the ordinary shares. This section does not purport to describe all possible tax considerations
or consequences that may be relevant to a holder or prospective holder of ordinary shares and does not purport to deal with the tax consequences
applicable to all categories of investors, some of which (such as trusts or similar arrangements) may be subject to special rules. In
view of its general nature, this section should be treated with corresponding caution.
For the purposes of this discussion, it is assumed that we are a tax
resident of Germany under German national tax laws since we intended to have, from our incorporation and on a continuous basis, our place
of effective management in Germany.
Except as otherwise indicated, this section is based on and only addresses
the tax laws of the Netherlands, published regulations thereunder and published authoritative case law, all as in effect on the date hereof,
including, for the avoidance of doubt, the tax rates applicable on the date hereof, and all of which are subject to change, possibly with
retroactive effect. Where this section refers to “the Netherlands” or “Dutch” it refers only to the part of the
Kingdom of the Netherlands located in Europe. The applicable tax laws or interpretations thereof may change, or the relevant facts and
circumstances may change, and such changes may affect the contents of this section, which will not be updated to reflect any such changes.
This section is intended as general information only and is not Dutch
tax advice or a complete description of all Dutch tax consequences relating to the acquisition, holding and disposal of the ordinary shares.
Holders or prospective holders of ordinary shares should consult their own tax advisor regarding the Dutch tax consequences relating to
the acquisition, holding and disposal of ordinary shares in light of their particular circumstances.
Please note that this section does not describe the Dutch tax consequences
for:
| (i) | a holder of ordinary shares if such holder has a substantial interest (aanmerkelijk belang) or deemed substantial interest
(fictief aanmerkelijk belang) in us under the Dutch Income Tax Act 2001 (Wet inkomstenbelasting 2001). Generally, a holder is considered
to hold a substantial interest in us, if such holder alone or, in the case of an individual, together with such holder’s partner
for Dutch income tax purposes, or any relatives by blood or marriage in the direct line (including foster children), directly or indirectly,
holds (i) an interest of 5% or more of our total issued and outstanding capital or of 5% or more of the issued and outstanding capital
of a certain class of shares; or (ii) rights (including warrants) to acquire, directly or indirectly, such interest; or (iii) certain
profit sharing rights that relate to 5% or more of our annual profits or to 5% or more of our liquidation proceeds. A deemed substantial
interest may arise if a substantial interest (or part thereof) in us has been disposed of, or is deemed to have been disposed of, on a
non-recognition basis; |
| (ii) | a holder of ordinary shares if the ordinary shares held by such holder qualify or qualified as a participation (deelneming)
for purposes of the Dutch Corporate Income Tax Act 1969 (Wet op de vennootschapsbelasting 1969). Generally, a holder’s shareholding
of 5% or more in our nominal paid-up share capital qualifies as a participation. A holder may also have a participation if (a) such
holder does not have a shareholding of 5% or more but a related entity (statutorily defined term) has a participation or (b) we are
a related entity (statutorily defined term); |
| (iii) | holder of ordinary shares which is or who is entitled to the dividend withholding tax exemption (inhoudingsvrijstelling) with
respect to any income (opbrengst) derived from the ordinary shares (as defined in Article 4 of the Dutch Dividend Withholding
Tax Act 1965 (Wet op de dividendbelasting). Generally, a holder of ordinary shares may be entitled or required to apply, subject
to certain other requirements, the dividend withholding tax exemption if it is an entity and holds an interest of 5% or more in our nominal
paid-up share capital. |
| (iv) | pension funds, investment institutions (fiscale beleggingsinstellingen) and tax exempt investment institutions (vrijgestelde
beleggingsinstellingen) (each as defined in the Dutch Corporate Income Tax Act 1969) and other entities that are, in whole or in part,
not subject to or exempt from Dutch corporate income tax, entities that have a function comparable to an investment institution or a tax
exempt investment institution, as well as entities that are exempt from corporate income tax in their country of residence, such country
of residence being another state of the European Union, Norway, Liechtenstein, Iceland or any other state with which the Netherlands has
agreed to exchange information in line with international standards; and |
| (v) | a holder of ordinary shares if such holder is an individual for whom the ordinary shares or any benefit derived from the ordinary
shares is a remuneration or deemed to be a remuneration for (employment) activities performed by such holder or certain individuals related
to such holder (as defined in the Dutch Income Tax Act 2001). |
Dividend withholding tax
We are incorporated under the laws of the Netherlands, and therefore
a Dutch tax resident for Dutch domestic tax law purposes, including the Dutch Dividend Withholding Tax Act 1969. As such, we are required
to withhold Dutch dividend withholding tax at a rate of 15% from dividends distributed by us (which withholding tax will not be borne
by us but will be withheld by us from the gross dividends paid on the shares). We are however also treated as a German tax resident for
German domestic tax law purposes, since our place of effective management is located in Germany. Based on the so-called tie-breaker provision
(the “Tie-Breaker Provision”) included in Section 4(3) of the 2012 Convention between the Federal Republic of Germany and
the Kingdom of the Netherlands for the avoidance of double taxation with respect to taxes on income (the “double tax treaty between
Germany and the Netherlands”) as in effect on the date hereof, our tax residence in either the Netherlands or Germany for the purposes
of the double tax treaty between Germany and the Netherlands should be determined based on our place of effective management. As long
as we have continuously our place of effective management is in Germany, and the Tie-Breaker Provision is not changed (for instance, by
change in the reservations and choices made by Germany with respect to the application of the Multilateral Convention to Implement Tax
Treaty Related Measures to Prevent Base Erosion and Profit Shifting), we will be considered to be exclusively tax resident in Germany
for purposes of the double tax treaty between Germany and the Netherlands. As a consequence, the Netherlands will be restricted to impose
Dutch dividend withholding tax on dividends distributed by us pursuant to Section 10(5) of the double tax treaty between Germany and the
Netherlands (and we will not be required to withhold Dutch dividend withholding tax). This restriction does not apply to dividends distributed
by us to a holder of our ordinary shares who is resident or deemed to be resident in the Netherlands for Dutch personal income tax purposes
or Dutch corporate income tax purposes ("Dutch Resident Individual" and "Dutch Resident Entity", respectively) or
to a holder of our ordinary shares that is neither resident nor deemed to be resident of the Netherlands (“Non-Resident Holder”)
if the ordinary shares are attributable to a Dutch permanent establishment of such Non-Resident Holder, in which evens the following applies.
Dividends distributed by us are generally subject to Dutch dividend
withholding tax at a rate of 15%.
The expression “dividends distributed” includes, but is
not limited to:
| · | distributions in cash or in kind, deemed and constructive distributions and
repayments of paid-in capital not recognized for Dutch dividend withholding tax purposes; |
| · | liquidation proceeds, proceeds from the redemption of ordinary shares, or
proceeds from the repurchase of ordinary shares (other than as temporary portfolio investment; tijdelijke belegging) by us or one of our
subsidiaries or other affiliated entities, in each case to the extent such proceeds exceed the average paid-in capital of those ordinary
shares as recognized for Dutch dividend withholding tax purposes; |
| · | an amount equal to the par value of the ordinary shares issued or an increase
of the par value of the ordinary shares, to the extent that no related contribution, recognized for Dutch dividend withholding tax purposes,
has been made or will be made; and |
| · | partial repayment of the paid-in capital recognized for Dutch dividend withholding
tax purposes, if and to the extent that we have “net profits” (zuivere winst), unless (i) the general meeting of shareholders
has resolved in advance to make such repayment and (ii) the par value of the ordinary shares concerned has been reduced by an equal
amount by way of an amendment to the articles of association. The term “net profits” includes anticipated profits that have
yet to be realized. |
Dutch Resident Entities generally are entitled to an exemption from,
or a credit for, any Dutch dividend withholding tax against their Dutch corporate income tax liability. The credit in any given year is,
however, limited to the amount of Dutch corporate income tax payable in respect of the relevant year with an indefinite carry forward
of any excess amount. Dutch Resident Individuals generally are entitled to a credit for any Dutch dividend withholding tax against their
Dutch personal income tax liability and to a refund of any residual Dutch dividend withholding tax. The above generally also applies to
Non-Resident Holders if the ordinary shares are attributable to a Dutch permanent establishment of such Non-Resident Holder.
A Non-Resident Holder may, depending on such holder's specific circumstances,
be entitled to exemptions from, reduction of, or full or partial refund of, Dutch dividend withholding tax under Dutch domestic law, EU
law, or treaties for the avoidance of double taxation in effect between the Netherlands and such other country.
Dividend stripping
According to Dutch domestic anti-dividend stripping rules, no credit
against Dutch tax, exemption from, reduction, or refund of Dutch dividend withholding tax will be granted if the recipient of the dividends
we paid is not considered the beneficial owner (uiteindelijk gerechtigde; as described in the Dutch Dividend Withholding Tax Act
1965) of those dividends. This legislation generally targets situations in which a shareholder retains its economic interest in shares
but reduces the withholding tax costs on dividends by a transaction with another party. It is not required for these rules to apply that
the recipient of the dividends is aware that a dividend stripping transaction took place. The Dutch State Secretary of Finance takes the
position that the definition of beneficial ownership introduced by this legislation will also be applied in the context of a double taxation
convention.
Conditional withholding tax on dividends (as of 1 January 2024)
As of 1 January 2024, a Dutch conditional withholding tax will
be imposed on dividends distributed by us to entities related (gelieerd) to us (within the meaning of the Dutch Withholding Tax Act 2021;
Wet bronbelasting 2021), if such related entity:
| (i) | is considered to be resident (gevestigd) in a jurisdiction that is listed in the yearly updated Dutch Regulation on low-taxing
states and non-cooperative jurisdictions for tax purposes (Regeling laagbelastende staten en niet-coöperatieve rechtsgebieden
voor belastingdoeleinden) (a “Listed Jurisdiction”); or |
| (ii) | has a permanent establishment located in a Listed Jurisdiction to which the ordinary shares are attributable; or |
| (iii) | holds the ordinary shares with the main purpose or one of the main purposes of avoiding taxation for another person or entity and
there is an artificial arrangement or transaction or a series of artificial arrangements or transactions; or |
| (iv) | is not considered to be the beneficial owner of the ordinary shares in its jurisdiction of residence because such jurisdiction treats
another entity as the beneficial owner of the ordinary shares (a hybrid mismatch); or |
| (v) | is not resident in any jurisdiction (also a hybrid mismatch); or |
| (vi) | is a reverse hybrid (within the meaning of Article 2(12) of the Dutch Corporate Income Tax Act 1969), if and to the extent (x) there
is a participant in the reverse hybrid which is related (gelieerd) to the reverse hybrid, (y) the jurisdiction of residence
of such participant treats the reverse hybrid as transparent for tax purposes and (z) such participant would have been subject to
the Dutch conditional withholding tax in respect of dividends distributed by us without the interposition of the reverse hybrid, |
all within the meaning of the Dutch Withholding Tax Act 2021.
The Dutch conditional withholding tax on dividends will be imposed at
the highest Dutch corporate income tax rate in effect at the time of the distribution (2023: 25.8%). The Dutch conditional withholding
tax on dividends will be reduced, but not below zero, by any regular Dutch dividend withholding tax withheld in respect of the same dividend
distribution. As such, based on the currently applicable rates, the overall effective tax rate of withholding the regular Dutch dividend
withholding tax (as described above) and the Dutch conditional withholding tax on dividends will not exceed the highest corporate income
tax rate in effect at the time of the distribution (2023: 25.8%).
Taxes on income and capital gains
Dutch Resident Entities
Generally, if the holder of ordinary shares is a Dutch Resident Entity,
any income derived or deemed to be derived from the ordinary shares or any capital gains realized on the disposal or deemed disposal of
the ordinary shares is subject to Dutch corporate income tax at a rate of 19% with respect to taxable profits up to €200,000 and
25.8% with respect to taxable profits in excess of that amount (rates and brackets for 2023).
Dutch Resident Individuals
If the holder of ordinary shares is a Dutch Resident Individual, any
income derived or deemed to be derived from the ordinary shares or any capital gains realized on the disposal or deemed disposal of the
ordinary shares is subject to Dutch personal income tax at the progressive rates (with a maximum of 49.5% in 2023), if:
| (i) | the ordinary shares are attributable to an enterprise from which the holder of ordinary shares derives a share of the profit, whether
as an entrepreneur (ondernemer) or as a person who has a co-entitlement to the net worth (medegerechtigd tot het vermogen)
of such enterprise without being a shareholder (as defined in the Dutch Income Tax Act 2001); or |
| (ii) | the holder of ordinary shares is considered to perform activities with respect to the ordinary shares that go beyond ordinary asset
management (normaal, actief vermogensbeheer) or otherwise derives benefits from the ordinary shares that are taxable as benefits
from miscellaneous activities (resultaat uit overige werkzaamheden). |
Taxation of savings and investments
If the above-mentioned conditions (i) and (ii) do not apply to the Dutch
Resident Individual, the ordinary shares will be subject to an annual Dutch income tax under the regime for savings and investments (inkomen
uit sparen en beleggen). Taxation only occurs insofar the Dutch Resident Individual's net investment assets for the year exceed a
statutory threshold (heffingvrij vermogen). The net investment assets for the year are the fair market value of the investment
assets less the fair market value of the liabilities on January 1 of the relevant calendar year (reference date; peildatum). Actual
income or capital gains realized in respect of the ordinary shares are as such not subject to Dutch income tax.
The Dutch Resident Individual's assets and liabilities taxed under this
regime, including the ordinary shares, are allocated over the following three categories: (a) bank savings (banktegoeden), (b)
other investments (overige bezittingen), including the ordinary shares, and (c) liabilities (schulden). The taxable benefit
for the year (voordeel uit sparen en beleggen) is equal to the product of (x) the total deemed return divided by the sum of bank
savings, other investments and liabilities and (b) the sum of bank savings, other investments and liabilities minus the statutory threshold,
and is taxed at a flat rate of 32% (rate for 2023).
The deemed return applicable to other investments, including the ordinary
shares, is set at 6.17% for the calendar year 2023. Transactions in the three-month period before and after 1 January of the relevant
calendar year implemented to arbitrate between the deemed return percentages applicable to bank savings, other investments and liabilities
will for this purpose be ignored if the holder of ordinary shares cannot sufficiently demonstrate that such transactions are implemented
for other than tax reasons.
Non-residents of the Netherlands
A holder of ordinary shares that is neither a Dutch Resident Entity
nor a Dutch Resident Individual will not be subject to Dutch income tax in respect of income derived or deemed to be derived from the
ordinary shares or in respect of capital gains realized on the disposal or deemed disposal of the ordinary shares provided that:
| (i) | such holder does not have an interest in an enterprise or deemed enterprise (as defined in the Dutch Income Tax Act 2001 and the Dutch
Corporate Income Tax Act 1969, as applicable) which, in whole or in part, is either effectively managed in the Netherlands or carried
on through a permanent establishment, a deemed permanent establishment or a permanent representative in the Netherlands and to which enterprise
or part of an enterprise the ordinary shares are attributable; and |
| (ii) | in the event the holder is an individual, such holder does not carry out any activities in the Netherlands with respect to the ordinary
shares that go beyond ordinary asset management and does not otherwise derive benefits from the ordinary shares that are taxable as benefits
from miscellaneous activities in the Netherlands. |
Gift and inheritance taxes
Residents of the Netherlands
Gift or inheritance taxes will arise in the Netherlands with respect
to a transfer of ordinary shares by way of a gift by, or on the death of, a holder of such ordinary shares who is resident or deemed resident
of the Netherlands at the time of the gift or such holder’s death.
Non-residents of the Netherlands
No gift or inheritance taxes will arise in the Netherlands with respect
to a transfer of ordinary shares by way of a gift by, or on the death of, a holder of such ordinary shares who is neither resident nor
deemed to be resident of the Netherlands, unless:
| (i) | in the case of a gift of ordinary shares by an individual who at the date of the gift was neither resident nor deemed to be resident
of the Netherlands, such individual dies within 180 days after the date of the gift, while being resident or deemed to be resident
of the Netherlands; or |
| (ii) | in the case of a gift of ordinary shares is made under a condition precedent, the holder of such ordinary shares is resident or is
deemed to be resident of the Netherlands at the time the condition is fulfilled; or |
| (iii) | the transfer is otherwise construed as a gift or inheritance made by, or on behalf of, a person who, at the time of the gift or death,
is or is deemed to be resident of the Netherlands. |
For purposes of Dutch gift and inheritance taxes, amongst others, a
person that holds the Dutch nationality will be deemed to be resident of the Netherlands if such person has been a resident of the Netherlands
at any time during the ten years preceding the date of the gift or such person’s death. Additionally, for purposes of Dutch
gift tax, amongst others, a person not holding the Dutch nationality will be deemed to be resident of the Netherlands if such person has
been a resident of the Netherlands at any time during the twelve months preceding the date of the gift. Applicable tax treaties may
override deemed residency.
Value added tax (VAT)
No Dutch VAT will be payable by a holder of ordinary shares in respect
of any payment in consideration for the holding or disposal of the ordinary shares.
Real Property Transfer Tax
Under circumstances, the ordinary shares could, for the purposes of
Dutch real property transfer tax (overdrachtsbelasting), be treated as real property (fictieve onroerende zaken) located
in the Netherlands, in which case this tax could be payable upon acquisition of the ordinary shares.
The ordinary shares will generally not be treated as real property (fictieve
onroerende zaken) if at the time of, or at any time during the year preceding, the acquisition of the ordinary shares:
| (i) | our assets do not and did not include real property situated in the Netherlands; or |
| (ii) | our assets only include and included real property, situated either in or outside the Netherlands, that we do not and did not hold,
and currently do not intend to hold, predominantly as a financial investment. |
Real property as referred to under (i) and (ii) above includes
legal ownership and more limited legal rights over the property (rights in rem) (zakelijke rechten) as well as contractual
rights that give us economic exposure to the value of such real property, and certain participations or interests in entities that are
treated as real property (fictieve onroerende zaken).
Our assets do not include and have not included real property situated
in the Netherlands as described above.
Consequently, no Dutch real property transfer tax becomes payable upon
an acquisition of the ordinary shares.
Stamp Duties
No Dutch documentation taxes (commonly referred to as stamp duties)
will be payable by a holder of ordinary shares in respect of any payment in consideration for the holding or disposal of the ordinary
shares.
Material German Tax Considerations
The following section is a description of the material German tax considerations
that become relevant when acquiring, owning and transferring Immatics’ ordinary shares. It is based on the German tax law applicable
as of the date of this prospectus supplement without prejudice to any amendments introduced at a later date and implemented with or without
retroactive effect.
This section is intended as general information only and does not purport
to be a comprehensive or complete description of all potential German tax effects of the acquisition, ownership or transfer of ordinary
shares and does not set forth all German tax considerations that may be relevant to a particular person’s decision to acquire ordinary
shares. It does not constitute particular German tax advice and potential purchasers of Immatics’ ordinary shares are urged to consult
their own tax advisors regarding the tax consequences of the acquisition, ownership and transfer of ordinary shares in light of their
particular circumstances with regard to the application of German tax law to their particular situations (including full or partial tax
exemptions of certain pension or investment funds or non-profit organizations), in particular with respect to the procedure to be complied
with to obtain a relief of withholding tax on dividends and on capital gains (Kapitalertragsteuer) and with respect to the influence
of double tax treaty provisions, as well as any tax consequences arising under the laws of any state, local or other non-German jurisdiction.
For German tax purposes, a shareholder may include an individual who or an entity that does not have the legal title to the ordinary shares,
but to whom nevertheless the ordinary shares are attributed, based either on such individual or entity owning a beneficial interest in
the ordinary shares or based on specific statutory provisions.
All of the following is subject to change. Such changes could apply
retroactively and could affect the consequences set forth below. This section does not refer to any foreign account tax compliance act
(FATCA) aspects.
Immatics’ Tax Residency Status
Immatics has its statutory seat in the Netherlands and its sole place
of management in Germany and is therefore tax resident in Germany (for purposes of the German-Dutch tax treaty). Thus, Immatics qualifies
as a corporation subject to German unlimited liability for corporate income tax purposes. However, because Immatics’ tax residency
depends on future facts regarding its place of management, the German unlimited liability for corporate income tax purposes may change
in the future.
Taxation of Dividends
Withholding Tax on Dividend Payments
Dividends distributed from Immatics to its shareholders are generally
subject to German withholding tax, conditionally upon certain exemptions (for example, repayments of capital from the tax contribution
account (steuerliches Einlagekonto)), as further described herein. The withholding tax rate is 25% plus a 5.5% solidarity surcharge
(Solidaritätszuschlag) thereon totaling 26.375% of the gross dividend amount. Withholding tax is to be withheld and passed
on for the account of the shareholders by a domestic branch of a domestic or foreign credit or financial services institution (Kredit-
und Finanzdienstleistungsinstitut), by the domestic securities trading company (inländisches Wertpapierhandelsunternehmen)
or a domestic securities trading bank (inländische Wertpapierhandelsbank) which keeps and administers the ordinary shares
and disburses or credits the dividends or disburses the dividends to a foreign agent, or by the securities custodian bank (Wertpapiersammelbank)
to which the ordinary shares were entrusted for collective custody if the dividends are distributed to a foreign agent by such securities
custodian bank (which is referred to as the “Dividend Paying Agent”). In case the ordinary shares are not held in collective
deposit with a Dividend Paying Agent, Immatics is responsible for withholding and remitting the tax to the competent tax office. Such
withholding tax is levied and withheld irrespective of whether and to what extent the dividend distribution is taxable at the level of
the shareholder and whether the shareholder is a person residing in Germany or in a foreign country.
In the case of dividends distributed to a company within the meaning
of Art. 2 of the amended EU Directive 2011/96/EU of the Council of November 30, 2011 (the “EU Parent Subsidiary Directive”)
domiciled in another Member State of the European Union, withholding tax is effectively reduced to zero. This also applies to dividends
distributed to a permanent establishment located in another Member State of the European Union of such a parent company or of a parent
company tax resident in Germany if the participation in Immatics is effectively connected with this permanent establishment. The key prerequisite
for the application of the EU Parent Subsidiary Directive is that the shareholder has held a direct participation in the share capital
of Immatics of at least 10% for an uninterrupted period of at least one year.
The withholding tax on dividends distributed to other foreign resident
shareholders is reduced in accordance with an applicable double tax treaty (to 15%, 5% or 0%, depending on certain prerequisites) if Germany
has concluded such double tax treaty with the country of residence of the shareholder and if the shareholder does not hold his or her
ordinary shares either as part of the assets of a permanent establishment or a fixed place of business in Germany or as business assets
for which a permanent representative has been appointed in Germany. Further, the foreign resident shareholder must be eligible for treaty
purposes and no limitation of benefits provision in a double tax treaty and — both in relation to a reduction pursuant
to the EU Parent Subsidiary Directive and an applicable tax treaty — no German anti-directive/treaty shopping provision
of Section 50d paragraph 3 of the German Income Tax Act (Einkommensteuergesetz) must be applicable.
However, the deduction of withholding taxes will generally apply irrespective
of a possible reduction pursuant to the EU Parent Subsidiary Directive or an applicable double tax treaty except for the case that the
recipient of the dividends has been granted an exemption from the German Federal Central Tax Office (Bundeszentralamt für Steuern)
upon formal application by the recipient of the dividends (Freistellung im Steuerabzugsverfahren). In case of deducted withholding
taxes, the reduction of the withholding tax pursuant to both the EU Parent Subsidiary Directive and an applicable double tax treaty is
procedurally granted in such a manner that the difference between the total amount withheld, including the solidarity surcharge, and the
tax liability determined on the basis of the EU Parent Subsidiary Directive (0%) or on the basis of the tax rate set forth in the applicable
double tax treaty (15% unless further qualifications are met) is upon request refunded by the German Federal Central Tax Office (Bundeszentralamt
für Steuern).
In the case of dividends received by corporations who are not tax resident
in Germany, two-fifths of the withholding tax deducted and remitted are refunded without the need to fulfill all prerequisites required
for such refund under the EU Parent Subsidiary Directive or under a double tax treaty or if no double tax treaty has been concluded between
the state of residence of the shareholder, however, likewise subject to the conditions of the German anti-directive/treaty shopping provision.
In order to receive a refund pursuant to a double tax treaty or the
aforementioned option for foreign corporations, the shareholder has to submit a completed form for refund (available at the website of
the Federal Central Tax Office (http://www.bzst.de) as well as at the German embassies and consulates) together with a withholding tax
certificate (Kapitalertragsteuerbescheinigung) issued by the institution that deducted the respective withholding tax.
The aforementioned reductions of (or exemptions from) withholding tax
are further restricted if (i) the applicable double tax treaty provides for a tax reduction resulting in an applicable tax rate of
less than 15% and (ii) the shareholder is not a corporation that directly holds at least 10% in the equity capital of Immatics and
is subject to tax on its income and profits in its state of residence without being exempt. In this case, the reduction of (or exemption
from) withholding tax is subject to the following three cumulative prerequisites: (i) the shareholder must qualify as beneficial
owner of the shares in a company for a minimum holding period of 45 consecutive days occurring within a period of 45 days prior and
45 days after the due date of the dividends, (ii) the shareholder has to bear at least 70% of the change in value risk related
to the shares in a company during the minimum holding period without being directly or indirectly hedged, and (iii) the shareholder
must not be required to fully or largely compensate directly or indirectly the dividends to third parties.
In the absence of the fulfillment of all of the three prerequisites,
three-fifths of the withholding tax imposed on the dividends must not be credited against the shareholder’s (corporate) income tax
liability, but may, upon application, be deducted from the shareholder’s tax base for the relevant assessment period. Furthermore,
a shareholder that has received gross dividends without any deduction of withholding tax due to a tax exemption without qualifying for
such a full tax credit has (i) to notify the competent local tax office accordingly, (ii) to declare according to the officially
prescribed form and (iii) has to make a payment in the amount of the omitted withholding tax deduction.
However, these special rules on the restriction of withholding tax credit
do not apply to a shareholder whose overall dividend earnings within an assessment period do not exceed €20,000 or that has been
the beneficial owner of the shares in a company for at least one uninterrupted year upon receipt of the dividends.
For individual or corporate shareholders tax resident outside Germany
not holding the ordinary shares through a permanent establishment (Betriebsstätte) in Germany or as business assets (Betriebsvermögen)
for which a permanent representative (ständiger Vertreter) has been appointed in Germany, the remaining and paid withholding
tax (if any) is then final (i.e., not refundable) and settles the shareholder’s limited tax liability in Germany. For individual
or corporate shareholders tax resident in Germany (for example, those shareholders whose residence, domicile, registered office or place
of management is located in Germany) holding their ordinary shares as business assets, as well as for shareholders tax resident outside
of Germany holding their ordinary shares through a permanent establishment in Germany or as business assets for which a permanent representative
has been appointed in Germany, the withholding tax withheld (including solidarity surcharge) can be credited against the shareholder’s
personal income tax or corporate income tax liability in Germany. Any withholding tax (including solidarity surcharge) in excess of such
tax liability is refunded. For individual shareholders tax resident in Germany holding Immatics’ ordinary shares as private assets,
the withholding tax is a final tax (Abgeltungsteuer), subject to the exceptions described in the following section.
Taxation of Dividend Income of Shareholders Tax Resident in Germany
Holding Immatics’ Ordinary Shares as Private Assets (Private Individuals)
For individual shareholders (individuals) resident in Germany holding
Immatics’ ordinary shares as private assets, dividends are subject to a flat rate tax which is satisfied by the withholding tax
actually withheld (Abgeltungsteuer). Accordingly, dividend income will be taxed at a flat tax rate of 25% plus a 5.5% solidarity
surcharge thereon totaling 26.375% and church tax (Kirchensteuer) in case the shareholder is subject to church tax because of his
or her personal circumstances. An automatic procedure for deduction of church tax by way of withholding will apply to shareholders being
subject to church tax unless the shareholder has filed a blocking notice (Sperrvermerk) with the German Federal Tax Office (details
related to the computation of the specific tax rate including church tax are to be discussed with the individual tax advisor of the relevant
shareholder). Except for an annual lump sum savings allowance (Sparer-Pauschbetrag) of up to €1,000 (for individual filers)
or up to €2,000 (for married couples and for partners in accordance with the registered partnership law (Gesetz über die
Eingetragene Lebenspartnerschaft) filing jointly), private individual shareholders will not be entitled to deduct expenses incurred
in connection with the capital investment from their dividend income.
The income tax owed for the dividend income is satisfied by the withholding
tax withheld by the Dividend Paying Agent. However, if the flat tax results in a higher tax burden as opposed to the private individual
shareholder’s personal income tax rate, the private individual shareholder can opt for taxation at his or her personal income tax
rate. In that case, the final withholding tax will be credited against the income tax. The option can be exercised only for all capital
income from capital investments received in the relevant assessment period uniformly and married couples as well as partners in accordance
with the registered partnership law filing jointly may only jointly exercise the option.
Exceptions from the flat rate tax (satisfied by withholding the tax
at source, Abgeltungswirkung) may apply — that is, only upon application — for shareholders
who have a shareholding of at least 25% in Immatics and for shareholders who have a shareholding of at least 1% in Immatics and work for
a
company in a professional capacity. In such a case, the same rules apply as for sole proprietors holding the ordinary shares as business
assets (see below “Taxation of Dividend Income of Shareholders Tax Resident in Germany Holding the Company’s Ordinary Shares
as Business Assets — Sole Proprietors”). Further, the flat rate tax does not apply if and to the extent dividends
reduced Immatics taxable income.
Taxation of Dividend Income of Shareholders Tax Resident in Germany
Holding Immatics’ Ordinary Shares as Business Assets
If a shareholder holds Immatics’ ordinary shares as business assets,
the taxation of the dividend income depends on whether the respective shareholder is a corporation, a sole proprietor or a partnership.
Corporations
Dividend income of corporate shareholders is exempt from corporate income
tax, provided that the corporation holds a direct participation of at least 10% in the share capital of a company at the beginning of
the calendar year in which the dividends are paid (participation exemption). The acquisition of a participation of at least 10% in the
course of a calendar year is deemed to have occurred at the beginning of such calendar year. Participations in the share capital of the
company which a corporate shareholder holds through a partnership, including co-entrepreneurships (Mitunternehmerschaften), are
attributable to such corporate shareholder only on a pro rata basis at the ratio of the interest share of the corporate shareholder
in the assets of the relevant partnership. However, 5% of the tax-exempt dividends are deemed to be non-deductible business expenses for
tax purposes and therefore are effectively subject to corporate income tax (plus solidarity surcharge) and trade tax; i.e., tax exemption
of 95%. Business expenses incurred in connection with the dividends received are entirely tax deductible. The participation exemption
does not apply if and to the extent dividends reduced Immatics taxable income.
For trade tax purposes the entire dividend income is subject to trade
tax (i.e., the tax-exempt dividends must be added back when determining the trade taxable income), unless the corporation shareholder
holds at least 15% of the company’s registered share capital at the beginning of the relevant tax assessment period (Erhebungszeitraum).
In case of an indirect participation via a partnership please refer to the section “Partnerships” below.
If the shareholding is below 10% in the share capital, dividends are
taxable at the applicable corporate income tax rate of 15%, plus a 5.5% solidarity surcharge thereon and trade tax (the rate of which
depends on the applicably municipality levy rate determined by the municipality the corporate shareholder has its place of management
and permanent establishments respectively).
Special regulations apply which abolish the 95% tax exemption, if the
company’s ordinary shares are held as trading portfolio assets in the meaning of Section 340e of the German Commercial Code
(Handelsgesetzbuch) by (i) a credit institution (Kreditinstitut), (ii) a financial service institution (Finanzdienstleistungsinstitut)
or (iii) a financial enterprise within the meaning of the German Banking Act (Kreditwesengesetz), in case more than 50% of
the shares of such financial enterprise are held directly or indirectly by a credit institution or a financial service institution, as
well as by a life insurance company, a health insurance company or a pension fund in case the shares are attributable to the capital investments,
resulting in fully taxable income.
Sole Proprietors
For sole proprietors (individuals) resident in Germany holding ordinary
shares as business assets dividends are subject to the partial income rule (Teileinkünfteverfahren). Accordingly, only (i) 60%
of the dividend income will be taxed at his/her personal income tax rate plus 5.5% solidarity surcharge thereon and church tax (if applicable)
and (ii) 60% of the business expenses related to the dividend income are deductible for tax purposes. In addition, the dividend income
is entirely subject to trade tax if the ordinary shares are held as business assets of a permanent establishment in Germany within the
meaning of the German Trade Tax Act (Gewerbesteuergesetz), unless the shareholder holds at least 15% of the company’s registered
share capital at the beginning of the relevant assessment period. The trade tax levied will be eligible for credit against the shareholder’s
personal income tax liability based on the
applicable municipal trade tax rate and the individual tax situation of the shareholder limited
to currently 4.0 times the trade tax measurement amount (Gewerbesteuer-Messbetrag).
Partnerships
In case ordinary shares are held by a partnership, the partnership itself
is not subject to corporate income tax or personal income tax. In this regard, corporate income tax or personal income tax (and church
tax, if applicable) as well as solidarity surcharge are levied only at the level of the partner with respect to their relevant part of
the partnership’s taxable income and depending on their individual circumstances:
| · | if the partner is a corporation, the dividend income will be subject to corporate
income tax plus solidarity surcharge (see “Corporations” above); |
| · | if the partner is a sole proprietor, the dividend income will be subject to
the partial income rule (see “Sole Proprietors” above); and |
| · | if the partner is a private individual, the dividend income will be subject
to the flat tax rate (see “Private Individuals” above) unless the partnership is a (operative or deemed) commercial partnership,
in which case the partial income rule applies. |
In case the partnership is a (operative or deemed) commercial partnership
with its place of management in Germany the dividend income is subject to German trade tax at the level of the partnership, unless the
partnership holds at least 15% of a company’s registered share capital at the beginning of the relevant assessment period, in which
case the dividend income is exempt from trade tax.
Investment Funds
Investment funds (Investmentfonds) and specialized investment
funds (Spezial-Investmentfonds) in the meaning of the German Investment Tax Act (Investmentsteuergesetz) and their investors
are subject to special rules concerning the taxation of dividends, in particular in relation to the application of the German participation
exemption, withholding tax treatment (applicable rate and exemption/refund procedure) and tax assessment.
Taxation of Dividend Income of Shareholders Tax Resident Outside
of Germany
For foreign individual or corporate shareholders tax resident outside
of Germany not holding the ordinary shares through a permanent establishment in Germany or as business assets for which a permanent representative
has been appointed in Germany, the deducted withholding tax (possibly reduced by way of a tax relief under a double tax treaty or domestic
tax law, such as in connection with the EU Parent Subsidiary Directive) is final (that is, not refundable) and settles the shareholder’s
limited tax liability in Germany, unless the shareholder is entitled to apply for a withholding tax refund or exemption.
In contrast, individual or corporate shareholders tax resident outside
of Germany holding the company’s ordinary shares through a permanent establishment in Germany or as business assets for which a
permanent representative has been appointed in Germany are subject to the same rules as applicable (and described above) to shareholders
resident in Germany holding the ordinary shares as business assets. The withholding tax withheld (including solidarity surcharge) is credited
against the shareholder’s personal income tax or corporate income tax liability in Germany.
Taxation of Capital Gains
Withholding Tax on Capital Gains
Capital gains realized on the disposal of ordinary shares are only subject
to withholding tax if (i) a permanent establishment in Germany of a German or foreign credit or financial institution, (ii) a
German securities trading company or (iii) a German securities trading bank stores or administrates or carries out the disposal of
the ordinary shares and pays or credits the capital gains. In those cases, the institution
(and not the company) is required to deduct
the withholding tax at the time of payment for the account of the shareholder and has to pay the withholding tax to the competent tax
authority.
In case the ordinary shares in the company are held (i) as business
assets by a sole proprietor, a partnership or a corporation and such shares are attributable to a German business or (ii) in case
of a corporation being subject to unlimited corporate income tax liability in Germany, the capital gains are not subject to withholding
tax. In case of the aforementioned exemption under (i) above, the withholding tax exemption is subject to the condition that the
paying agent has been notified by the beneficiary (Gläubiger) that the capital gains are exempt from withholding tax. The
respective notification has to be filed by using the officially prescribed form.
Taxation of Capital Gains Realized by Shareholders Tax Resident
in Germany Holding Immatics’ Ordinary Shares as Private Assets (Private Individuals)
For individual shareholders (individuals) resident in Germany holding
ordinary shares as private assets, capital gains realized on the disposal of ordinary shares are subject to final withholding tax (Abgeltungsteuer).
Accordingly, capital gains will be taxed at a flat tax rate of 25%, plus a 5.5% solidarity surcharge thereon totaling 26.375% and church
tax, in case the shareholder is subject to church tax because of his or her personal circumstances. An automatic procedure for deduction
of church tax by way of withholding will apply to shareholders being subject to church tax unless the shareholder has filed a blocking
notice (Sperrvermerk) with the German Federal Central Tax Office (details related to the computation of the specific tax rate including
church tax are to be discussed with the personal tax advisor of the relevant shareholder). The taxable capital gain is calculated by deducting
the acquisition costs of the ordinary shares and the expenses directly and materially related to the disposal from the proceeds of the
disposal. Apart from that, except for an annual lump sum savings allowance (Sparer-Pauschbetrag) of up to €1,000 (for individual
filers) or up to €2,000 (for married couples and for partners in accordance with the registered partnership law (Gesetz über
die Eingetragene Lebenspartnerschaft) filing jointly), private individual shareholders will not be entitled to deduct expenses incurred
in connection with the capital investment from their capital gain.
In case the flat tax results in a higher tax burden as opposed to the
private individual shareholder’s personal income tax rate, the private individual shareholder can opt for taxation at his or her
personal income tax rate. In that case, the withholding tax (including solidarity surcharge) withheld will be credited against the income
tax. The option can be exercised only for all capital income from capital investments received in the relevant assessment period uniformly
and married couples as well as for partners in accordance with the registered partnership law filing jointly may only jointly exercise
the option.
Capital losses arising from the disposal of the ordinary shares can
only be offset against other capital gains resulting from the disposition of the ordinary shares or shares in other stock corporations
during the same calendar year. Offsetting of overall losses with other income (such as business or rental income) and other capital income
is not possible. Such losses are to be carried forward and to be offset against positive capital gains deriving from the disposal of ordinary
shares in stock corporations in future years.
The final withholding tax (Abgeltungsteuer) will not apply if
the seller of the ordinary shares or in case of gratuitous transfer, its legal predecessor has held, directly or indirectly, at least
1% of the company’s registered share capital at any time during the five years prior to the disposal. In that case capital
gains are subject to the partial income rule (Teileinkünfteverfahren). Accordingly, only (i) 60% of the capital gains
will be taxed at his/her personal income tax rate, plus a 5.5% solidarity surcharge thereon and church tax (if applicable) and (ii) 60%
of the business expenses related to the capital gains are deductible for tax purposes. The withholding tax withheld (including solidarity
surcharge) will be credited against the shareholder’s personal income tax liability in Germany.
Taxation of Capital Gains Realized by Shareholders Tax Resident
in Germany Holding Immatics’ Ordinary Shares as Business Assets
If a shareholder holds ordinary shares as business assets, the taxation
of capital gains realized on the disposal of such shares depends on whether the respective shareholder is a corporation, a sole proprietor
or a partnership:
Corporations
Capital gains realized on the disposal of ordinary shares by a corporate
shareholder are generally exempt from corporate income tax and trade tax. However, 5% of the tax-exempt capital gains are deemed to be
non-deductible business expenses for tax purposes and therefore are effectively subject to corporate income tax (plus solidarity surcharge)
and trade tax; i.e., tax exemption of 95%. Business expenses incurred in connection with the capital gains are entirely tax deductible.
Capital losses incurred upon the disposal of ordinary shares or other
impairments of the share value are not tax deductible. A reduction of profit is also defined as any losses incurred in connection with
a loan or security in the event the loan or the security is granted by a shareholder or by a related party thereto or by a third person
with the right of recourse against the before mentioned persons and the shareholder holds directly or indirectly more than 25% of the
company’s registered share capital.
Special regulations apply, if the ordinary shares are held as trading
portfolio assets by a credit institution, a financial service institution or a financial enterprise within the meaning of the German Banking
Act (Kreditwesengesetz) as well as by a life insurance company, a health insurance company or a pension fund (see “—
Material German Tax Considerations — Taxation of Dividends — Corporations”).
Sole Proprietors
If the ordinary shares are held by a sole proprietor, capital gains
realized on the disposal of the ordinary shares are subject to the partial income rule (Teileinkünfteverfahren). Accordingly,
only (i) 60% of the capital gains will be taxed at his/her personal income tax rate plus 5.5% solidarity surcharge thereon and church
tax (if applicable) and (ii) 60% of the business expenses related to the dividend income are deductible for tax purposes. In addition,
60% of the capital gains are subject to trade tax if the ordinary shares are held as business assets of a permanent establishment in Germany
within the meaning of the German Trade Tax Act (Gewerbesteuergesetz). The trade tax levied, depending on the applicable municipal
trade tax rate and the individual tax situation, is partly or entirely be credited against the shareholder’s personal income tax
liability.
Partnerships
In case the ordinary shares are held by a partnership, the partnership
itself is not subject to corporate income tax or personal income tax as well as solidarity surcharge (and church tax) since partnerships
qualify as transparent for German income tax purposes. In this regard, corporate income tax or personal income tax as well as solidarity
surcharge (and church tax, if applicable) are levied only at the level of the partner with respect to their relevant part of the partnership’s
taxable income and depending on their individual circumstances:
| · | If the partner is a corporation, the capital gains will be subject to corporate
income tax plus solidarity surcharge (see above “Corporations”). Trade tax will be levied additionally at the level of the
partner insofar as the relevant profit of the partnership is not subject to trade tax at the level of the partnership. However, with respect
to both corporate income and trade tax, the 95%-exemption rule as described above applies. With regard to corporate partners, special
regulations apply if they are held as trading portfolio assets by credit institutions, financial service institutions or financial enterprises
within the meaning of the German Banking Act or life insurance companies, health insurance companies or pension funds, as described above.
|
| · | If the partner is a sole proprietor (individual), the capital gains are subject
to the partial income rule (see above “Sole Proprietors”). |
In addition, if the partnership is liable to German trade tax, 60% of
the capital gains are subject to trade tax at the level of the partnership, to the extent the partners are individuals, and 5% of the
capital gains are subject to trade tax, to the extent the partners are corporations. However, if a partner is a private individual, the
trade tax paid at the level of the partnership is credited against the partner’s personal income tax liability at up to 4.0 times
of the trade tax measurement amount (Gewerbesteuer-Messbetrag) depending on the applicable municipal trade tax levy rate and the
personal tax situation.
Taxation of Capital Gains Realized by Shareholders Tax Resident
Outside of Germany
Capital gains realized on the disposal of the ordinary shares by a shareholder
tax resident outside of Germany are subject to German taxation provided that (i) the company’s ordinary shares are held as
business assets of a permanent establishment or as business assets for which a permanent representative has been appointed in Germany,
or (ii) the shareholder or, in case of a gratuitous transfer, its legal predecessor has held, directly or indirectly at least 1%
of the company’s shares capital at any time during a five-year period prior to the disposal. In these cases, capital gains are generally
subject to the same rules as described above for shareholders resident in Germany. However, except for the cases referred to in (i) above,
most double tax treaties concluded by Germany provide for a full exemption from German taxation except that the company is considered
a real estate holding entity for treaty purposes. Further, the participation exemption applies in full resulting in a tax exemption of
100% (i.e., no deemed non-tax-deductible business expenses).
Inheritance and Gift Tax
The transfer of Immatics’ ordinary shares to another person by
way of succession or donation is subject to German inheritance and gift tax (Erbschaft- und Schenkungsteuer) if:
| (i) | the decedent, the donor, the heir, the donee or any other beneficiary has his/her/its residence, domicile, registered office or place
of management in Germany at the time of the transfer, or is a German citizen who has not stayed abroad for more than five consecutive years
without having a residence in Germany; or |
| (ii) | (irrespective of the personal circumstances) the ordinary shares are held by the decedent or donor as business assets for which a
permanent establishment in Germany is maintained or a permanent representative is appointed in Germany; or |
| (iii) | (irrespective of the personal circumstances) at least 10% of the ordinary shares are held directly or indirectly by the decedent or
person making the gift, himself or together with a related party in terms of Section 1, paragraph 2, Foreign Tax Act. |
Special regulations apply to qualified German citizens who maintain
neither a residence nor their domicile in Germany but in a low tax jurisdiction and to former German citizens, also resulting in inheritance
and gift tax. The few double tax treaties on inheritance and gift tax which Germany has entered into provide that German inheritance and
gift tax is levied only in case of (i) and, with certain restrictions, in case of (ii).
Value Added Tax (VAT)
No German value added tax (Umsatzsteuer) will be payable by a
shareholder in respect of any purchase, ownership and disposal of the ordinary shares except for a valid option to waive VAT exemption
requiring a sale between entrepreneurs for VAT purposes.
Transfer Taxes
No German capital transfer tax (Kapitalverkehrsteuer) or stamp
duty (Stempelgebühr) or similar taxes are levied when acquiring, owning or transferring the company’s ordinary shares.
Net wealth tax (Vermögensteuer) is currently not levied in Germany.
On January 22, 2013, the Council of the European Union approved
the resolution of the ministers of finance from eleven EU member states (including Germany) to introduce a financial transaction tax (“FTT”)
within the framework of enhanced cooperation. On February 14, 2013, the European Commission accepted the proposal for a Council Directive
implementing enhanced cooperation in the area of FTT. The plan focuses on levying a financial tax of 0.1% (0.01% for derivatives) on the
purchase and sale of financial instruments.
A joint statement issued by ten of the eleven participating EU Member
States in October 2016 reaffirmed the intention to introduce an FTT. However, at the moment not many details are available. Thus,
it is not known to what extent the elements of the European Commission’s proposal outlined in the preceding paragraph will be followed
in relation to the taxation of shares. The FTT proposal remains subject to negotiation between the participating EU Member States and
is subject to political discussion. It may therefore be altered prior to the implementation, the timing of which remains unclear. With
the EU Council’s conclusion of COVID-19 financial support and the agreement on an FTT becomes more realistic as one of the measures
to fund the EU’s response to the COVID-19 pandemic. Additional EU Member States may decide to participate. If an EU-wide FTT (see
above) fails, representatives of the IfW (Institute for the World Economy) intend to advocate the introduction of a comprehensive version
of the tax in Germany after the COVID-19 pandemic. Prospective holders of the ordinary shares are advised to seek their own professional
advice in relation to FTT.
SELLING SECURITYHOLDER
This prospectus relates to the possible offer and sale from time to
time of up to 2,419,818 ordinary shares by the selling securityholder.
We do not know whether, when or the extent to which the selling securityholder
will sell such ordinary shares. We are registering the ordinary shares in order to permit the selling securityholder to offer the shares
for resale from time to time. Except for ownership of the ordinary shares and as described in the documents incorporated by reference
into this prospectus, the selling securityholder has not had any material relationship with us within the past three years.
The table below lists the selling securityholder and other information
regarding the beneficial ownership of ordinary shares by the selling securityholder. The second column lists the number of ordinary shares
owned by the selling securityholder. The third column lists the number of ordinary shares offered by this prospectus by the selling securityholder.
The fourth column lists the number of ordinary shares beneficially owned by the selling securityholder after the offering contemplated
by this prospectus, assuming the sale of all ordinary shares being offered by this prospectus by the selling securityholder.
The selling securityholder may sell some, all or none of their ordinary
shares. We do not know how long the selling securityholder will hold the ordinary shares before selling them, and we currently have no
agreements, arrangements or understandings with the selling securityholder regarding its resale of any of the ordinary shares. See “Plan
of Distribution.”
| Selling Securityholder |
|
Number of Ordinary Shares Beneficially Owned Prior to Any Sale |
|
Number of Ordinary Shares Offered by this Prospectus |
|
Number of Ordinary Shares Beneficially Owned Assuming Sale of All Shares Offered by this Prospectus |
| Bristol-Myers Squibb Company (1) |
|
2,419,818 |
|
|
2,419,818 |
|
|
— |
|
| (1) | The address of the principal executive offices of Bristol-Myers Squibb Company is Route 206 & Province Line Road, Princeton, New
Jersey 08543. |
PLAN OF DISTRIBUTION
The selling securityholder may, from time to time, sell any or all of
its securities or interests in any securities covered hereby on Nasdaq or any other stock exchange, market or trading facility on which
the securities are traded or in private transactions. These sales or dispositions may be at fixed or negotiated prices. A selling securityholder
may use any one or more of the following methods when selling securities:
| • | ordinary brokerage transactions and transactions in which the broker-dealer
solicits purchasers; |
| • | block trades in which the broker-dealer will attempt to sell the securities
as agent but may position and resell a portion of the block as principal to facilitate the transaction; |
| • | purchases by a broker-dealer as principal and resale by the broker-dealer
for its account; |
| • | an exchange distribution in accordance with the rules of the applicable exchange; |
| • | privately negotiated transactions; |
| • | settlement of short sales made after the effectiveness of the registration
statement of which this prospectus forms a part; |
| • | in transactions through broker-dealers that agree with the selling securityholder
to sell a specified number of such securities at a stipulated price per security; |
| • | through the writing or settlement of options or other hedging transactions,
whether through an options exchange or otherwise; |
| • | a combination of any such methods of sale; or |
| • | any other method permitted pursuant to applicable law. |
The selling securityholder may also sell securities under Rule 144 or
any other exemptions from registration under the Securities Act, if available, rather than under this prospectus.
Broker-dealers engaged by the selling securityholder may arrange for
other broker-dealers to participate in sales. Broker-dealers may receive commissions or discounts from the selling securityholder (or,
if any broker-dealer acts as agent for the purchaser of securities, from the purchaser) in amounts to be negotiated, but, except as set
forth in a supplement to this prospectus, in the case of an agency transaction not in excess of a customary brokerage commission in compliance
with Financial Industry Regulatory Authority (“FINRA”) Rule 2121, and in the case of a principal transaction a markup or markdown
in compliance with FINRA Rule 2121.
In connection with the sale of the securities or interests therein,
the selling securityholder may enter into hedging transactions with broker-dealers or other financial institutions, which may in turn
engage in short sales of the securities in the course of hedging the positions they assume. The selling securityholder may also sell securities
short after the effectiveness of the registration statement of which this prospectus forms a part and deliver these securities to close
out its short positions, or loan or pledge the securities to broker-dealers that in turn may sell these securities. The selling securityholder
may also enter into option or other transactions with broker-dealers or other financial institutions or create one or more derivative
securities which require the delivery to such broker-dealer or other financial institution of securities offered by this prospectus, which
securities such broker-dealer or other financial institution may resell pursuant to this prospectus (as supplemented or amended to reflect
such transaction).
Any broker-dealers or agents that are involved in selling the securities
may be deemed to be “underwriters” within the meaning of the Securities Act in connection with such sales. In such event,
any commissions received by such broker-dealers or agents and any profit on the resale of the securities purchased by them may be deemed
to be underwriting commissions or discounts under the Securities Act. The selling securityholder has informed us that, at the time of
its acquisition of the ordinary shares, it
did not have any written or oral agreement or understanding, directly or indirectly, with any
person to distribute the securities.
We are required to pay certain fees and expenses incurred by us incident
to the registration of the securities. We have agreed to indemnify the selling securityholder against certain losses, claims, damages
and liabilities, including civil liabilities under the Securities Act.
Any securities covered by this prospectus which qualify for sale pursuant
to Rule 144 under the Securities Act may be sold under Rule 144 rather than under this prospectus or any other exemptions from registration
under the Securities Act.
Pursuant to the Securities Purchase Agreement, we agreed to keep the
registration statement of which this prospectus is a part effective until the earliest of the date on which all securities included in
the registration statement have been sold pursuant to the registration statement or Rule 144 under the Securities Act, are eligible to
be immediately sold to the public without registration or restriction, are no longer outstanding, are no longer held by persons entitled
to registration rights or July 21, 2024.
Under applicable rules and regulations under the Exchange Act, any person
engaged in the distribution of the resale securities may not simultaneously engage in market making activities with respect to the ordinary
shares for the applicable restricted period, as defined in Regulation M, prior to the commencement of the distribution. In addition, the
selling securityholder will be subject to applicable provisions of the Exchange Act and the rules and regulations thereunder, including
Regulation M.
EXPENSES OF THE OFFERING
We expect that our expenses in connection with this offering will be
as follows:
| Expenses | |
Amount |
| SEC registration fee | |
$ | 3,296 | |
| Printing expenses | |
| 10,000 | |
| Legal fees and expenses | |
| 50,000 | |
| Accounting fees and expenses | |
| 30,000 | |
| Miscellaneous costs | |
| 6,704 | |
| Total | |
$ | 100,000 | |
All amounts in the table are estimates except the SEC registration fee.
We will pay fees and expenses incurred by us incident to the registration of the securities. If any shares are sold, the selling securityholder
will pay any brokerage commissions and/or similar charges incurred for the sale of such securities.
LEGAL MATTERS
The validity of the securities offered and other matters with respect
to Dutch law will be passed upon for us by NautaDutilh N.V., Amsterdam, the Netherlands. Certain matters relating to U.S. federal and
New York State law will be passed upon for us by Davis Polk & Wardwell LLP, New York, New York.
EXPERTS
The financial statements incorporated in this prospectus by reference
to the Annual Report on Form 20-F for the year ended December 31, 2022 have been so incorporated in reliance on the report of PricewaterhouseCoopers
GmbH Wirtschaftsprüfungsgesellschaft, an independent registered public accounting firm, given on the authority of said firm as experts
in auditing and accounting. PricewaterhouseCoopers GmbH Wirtschaftsprüfungsgesellschaft is a member of the Chamber of Public Accountants
(Wirtschaftsprüferkammer), Berlin, Germany.
ENFORCEMENT OF JUDGMENTS
We are a public company with limited liability (naamloze vennootschap)
incorporated under the laws of the Netherlands and our headquarters is located in Germany. Substantially all of our assets are located
outside the United States. The majority of our executive officers and directors reside outside the United States. As a result, it may
not be possible for investors to effect service of process within the United States upon us or upon such persons or to enforce against
them judgments obtained in U.S. courts, including judgments in actions predicated upon the civil liability provisions of the federal securities
laws of the United States.
There is currently no treaty between the United States and the Netherlands
for the mutual recognition and enforcement of judgments (other than arbitration awards) in civil and commercial matters. Therefore, a
final judgment for the payment of money rendered by any federal or state court in the United States based on civil liability, whether
or not predicated solely upon the U.S. federal securities laws, would not be enforceable in the Netherlands unless the underlying claim
is relitigated before a Dutch court of competent jurisdiction. Under current practice, however, a Dutch court will generally, subject
to compliance with certain procedural requirements, grant the same judgment without a review of the merits of the underlying claim if
such judgment (i) is a final judgment and has been rendered by a court, which has established its jurisdiction vis-à-vis the
relevant Dutch companies or Dutch company, as the case may be, on the basis of internationally accepted grounds of jurisdiction, (ii) has
not been rendered in violation of principles of proper procedure (behoorlijke rechtspleging), (iii) is not contrary to the
public policy of the Netherlands, and (iv) is not incompatible with (a) a prior judgment of a Dutch court rendered in a dispute
between the same parties, or (b) a prior judgment of a foreign court rendered in a dispute between the same parties, concerning the
same subject matter and based on the same cause of action, provided that such prior judgment is capable of being recognized in the Netherlands
and except to the extent that the foreign judgment contravenes Dutch public policy (openbare orde). Dutch courts may deny the recognition
and enforcement of punitive damages or other awards. Moreover, a Dutch court may reduce the amount of damages granted by a U.S. court
and recognize damages only to the extent that they are necessary to compensate actual losses or damages. Enforcement and recognition of
judgments of U.S. courts in the Netherlands are solely governed by the provisions of the Dutch Code of Civil Procedure. Based on the foregoing,
there can be no assurance that U.S. investors will be able to enforce any judgments obtained in U.S. courts in civil and commercial matters,
including judgments under the U.S. federal securities laws.
The United States and Germany currently do not have a treaty providing
for the reciprocal recognition and enforcement of judgments in civil and commercial matters. Consequently, a final judgment for payment
or declaratory judgments given by a court in the United States, whether or not predicated solely upon U.S. securities laws, would not
automatically be recognized or enforceable in Germany. German courts may deny the recognition and enforcement of a judgment rendered by
a U.S. court if they consider the U.S. court not to be competent or the decision to be in violation of German public policy principles.
For example, judgments awarding punitive damages are generally not enforceable in Germany. A German court may reduce the amount of damages
granted by a U.S. court and recognize damages only to the extent that they are necessary to compensate actual losses or damages. In addition,
actions brought in a German court against us, our directors, our senior management and the experts named herein to enforce liabilities
based on U.S. federal securities laws may be subject to certain restrictions. In particular, German courts generally do not award punitive
damages. Litigation in Germany is also subject to rules of procedure that differ from the U.S. rules, including with respect to the taking
and admissibility of evidence, the conduct of the proceedings and the allocation of costs. German procedural law does not provide for
pre-trial discovery of documents, nor does Germany support pre-trial discovery of documents under the 1970 Hague Evidence Convention.
Proceedings in Germany would have to be conducted in the German language and all documents submitted to the court would, in principle,
have to be translated into German. For these reasons, it may be difficult for a U.S. investor to bring an original action in a German
court predicated upon the civil liability provisions of the U.S. federal securities laws against us, our directors, our senior management
and the experts named in this prospectus.
WHERE YOU CAN FIND MORE INFORMATION
We are subject to the informational requirements of the Exchange Act.
Accordingly, we are required to file reports and other information with the SEC, including annual reports on Form 20-F and reports on
Form 6-K. The SEC maintains an Internet site at www.sec.gov that contains reports, proxy and information statements and other information
we have filed electronically with the SEC. As a foreign private issuer, we are exempt under the Exchange Act from, among other things,
the rules prescribing the furnishing and content of proxy statements, and our executive officers, directors and principal shareholders
are exempt from the reporting and short-swing profit recovery provisions contained in Section 16 of the Exchange Act. In addition, we
are not required under the Exchange Act to file periodic reports and financial statements with the SEC as frequently or as promptly as
U.S. companies whose securities are registered under the Exchange Act.
We have filed with the SEC a “shelf” registration statement
(including amendments and exhibits to the registration statement) on Form F-3 under the Securities Act. This prospectus, which is part
of the registration statement, does not contain all of the information set forth in the registration statement and the exhibits and schedules
to the registration statement. We have omitted parts of the registration statement in accordance with the rules and regulations of the
SEC. For more detail about us and the securities that may be offered by this prospectus, you may examine the registration statement on
Form F-3 and the exhibits filed with it at the website provided in the previous paragraph.
We maintain a corporate website at www.immatics.com. The reference
to our website is an inactive textual reference only, and information contained therein or connected thereto is not incorporated into
this prospectus or the registration statement of which it forms a part.
INFORMATION INCORPORATED BY REFERENCE
The rules of the SEC allow us to incorporate by reference information
in this prospectus, which means that we disclose important information to you by referring you to another document filed separately with
the SEC. The information incorporated by reference in this prospectus is considered to be a part of this prospectus. Any statement made
in this prospectus or in a document incorporated or deemed to be incorporated by reference in this prospectus will be deemed to be modified
or superseded for purposes of this prospectus to the extent that a statement contained in this prospectus or in any other subsequently
filed document that is also incorporated or deemed to be incorporated by reference in this prospectus modifies or supersedes that statement.
Any statement so modified or superseded will not be deemed, except as so modified or superseded, to constitute a part of this prospectus.
This prospectus incorporates by reference the documents listed below:
| · | our Reports on Form 6-K filed with the SEC on May 2, 2023 (other than Exhibits 99.1, 99.2 and 99.3), May 16, 2023 (only with respect to Exhibit 99.1), June 20, 2023, July 24, 2023, August 10, 2023 (other than Exhibit 99.1) and August 17, 2023 (only with respect to Exhibit 99.1); and |
All subsequent annual reports on Form 20-F, Form 40-F or Form 10-K that
we file with the SEC and all subsequent filings on Forms 10-Q and 8-K filed by us with the SEC pursuant to the Exchange Act (excluding,
in each case, any information or documents deemed to be furnished and not filed with the SEC), after the date hereof and prior to the
termination or expiration of the registration statement of which this prospectus forms a part, shall be incorporated by reference. We
may incorporate by reference any reports on Form 6-K that we furnish to the SEC that we specifically identify in such form or in any applicable
prospectus supplement as being incorporated by reference into this prospectus or such prospectus supplement (i) after the filing of the registration statement of which this prospectus forms a part and prior to the effectiveness of such registration statement and (ii) after the date of this prospectus and prior to the completion of an offering of securities under this prospectus.
You can obtain any of the filings incorporated by reference in this
prospectus through us or from the SEC through the SEC’s website at www.sec.gov. Our filings with the SEC, including our Annual
Reports on Form 20-F and Reports on Form 6-K and exhibits incorporated in and amendments to those reports, are also available free of
charge on our website (www.immatics.com) as soon as reasonably practicable after they are filed with, or furnished to, the SEC.
The reference to our website is an inactive textual reference only, and information contained therein or connected thereto is not incorporated
into this prospectus or the registration statement of which it forms a part. We will provide to each person, including any beneficial
owner, to whom this prospectus is delivered, a copy of any or all the reports or documents incorporated by reference in this prospectus
at no cost, upon written or oral request to us at the following address:
Investor Relations
Immatics N.V.
c/o Immatics US, Inc.
2130 W. Holcombe Blvd., Suite 900
Houston, Texas 77030
(281) 810-7545
IMMATICS N.V.
2,419,818 Ordinary Shares
PROSPECTUS
, 2023
PART II
INFORMATION NOT REQUIRED IN THE PROSPECTUS
Item 8.
Indemnification of Directors and Officers
Under Dutch law, directors of a Dutch public company may be held jointly
and severally liable to the company for damages in the event of improper performance of their duties. In addition, directors may be held
liable to third parties for any actions that may give rise to a tort. This applies equally to our non-executive directors and executive
directors.
Pursuant to our articles of association and unless Dutch law provides
otherwise, the following will be reimbursed to actual and former non-executive directors and executive directors and other members of
the executive committee:
| (i) | the costs of conducting a defense against claims, also including claims by the company and its group companies, as a consequence of
any acts or omissions in the fulfillment of their duties or any other duties currently or previously performed by them at our request; |
| (ii) | any damages or financial penalties payable by them as a result of any such acts or omissions; |
| (iii) | any amounts payable by them under settlement agreements entered into by them in connection with any such acts or omissions; |
| (iv) | the costs of appearing in other legal proceedings in which they are involved in such capacity, with the exception of proceedings primarily
aimed at pursuing a claim on their own behalf; and |
| (v) | any taxes payable by them as a result of any reimbursements. |
No indemnification shall be given to an indemnified officer or director
under our articles of association where:
| (i) | it has been adjudicated by a Dutch court or, in the case of arbitration, an arbitrator, in a final and conclusive decision that the
act or omission may be characterized as intentional, deliberately reckless or grossly negligent conduct, unless Dutch law provides otherwise
or this would, in view of the circumstances of the case, be unacceptable according to standards of reasonableness and fairness; or |
| (ii) | the costs or financial loss are covered by insurance and the insurer has paid out the costs or financial loss. |
We have entered into an indemnification agreement with each of our directors
and executive officers.
Insofar as indemnification for liabilities arising under the Securities
Act of 1933, as amended (the “Securities Act”) may be permitted to directors, officers and controlling persons of the Company,
the Company has been advised that, in the opinion of the U.S. Securities and Exchange Commission (the “SEC”), such indemnification
is against public policy as expressed in the Securities Act and is, therefore, unenforceable.
Item 9.
Exhibits
The exhibit index attached hereto is incorporated herein by reference.
Item 10.
Undertakings
The undersigned hereby undertakes:
| (a) | to file, during any period in which offers or sales are being made, a post-effective amendment to this registration statement: |
| (1) | to include any prospectus required by Section 10(a)(3) of the Securities Act; |
| (2) | to reflect in the prospectus any facts or events arising after the effective date of this registration statement (or the most recent
post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set forth
in the registration statement. Notwithstanding the foregoing, any increase or decrease in volume of securities offered (if the total dollar
value of securities offered would not exceed that which was registered) and any deviation from the low or high end of the estimated maximum
offering range may be reflected in the form of prospectus filed with the Securities and Exchange Commission pursuant to Rule 424(b) if,
in the aggregate, the changes in volume and price represent no more than a 20% change in the maximum aggregate offering price set forth
in the “Calculation of Registration Fee” table in the effective registration statement; and |
| (3) | to include any material information with respect to the plan of distribution not previously disclosed in the registration statement
or any material change to such information in the registration statement; |
provided, however, that paragraphs (a)(1), (a)(2) and (a)(3)
of this section do not apply if the registration statement is on Form S-3 or Form F-3 and the information required to be included in a
post-effective amendment by those paragraphs is contained in reports filed with or furnished to the Commission by the registrant pursuant
to Section 13 or Section 15(d) of the Exchange Act that are incorporated by reference in the registration statement, or is contained in
a form of prospectus filed pursuant to Rule 424(b) that is part of the registration statement.
| (b) | that, for purposes of determining any liability under the Securities Act, each such post-effective amendment shall be deemed to be
a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed
to be the initial bona fide offering thereof; |
| (c) | to remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the
termination of the offering; |
| (d) | to file a post-effective amendment to the registration statement to include any financial statements required by Item 8.A of Form
20-F at the start of any delayed offering or throughout a continuous offering. Financial statements and information otherwise required
by Section 10(a)(3) of the Securities Act need not be furnished, provided that the registrant includes in the prospectus,
by means of a post-effective amendment, financial statements required pursuant to this paragraph (d) and other information necessary to
ensure that all other information in the prospectus is at least as current as the date of those financial statements. Notwithstanding
the foregoing, with respect to registration statements on Form F-3, a post-effective amendment need not be filed to include financial
statements and information required by Section 10(a)(3) of the Securities Act or Item 8.A of Form 20-F if such financial statements and
information are contained in periodic reports filed with or furnished to the Commission by the registrant pursuant to Section 13 or Section
15(d) of the Exchange Act that are incorporated by reference in the Form F-3; |
| (e) | that, for the purpose of determining liability under the Securities Act to any purchaser: |
| (1) | each prospectus filed by the registrant pursuant to Rule 424(b)(3) shall be deemed to be part of the registration statement as of
the date the filed prospectus was deemed part of and included in the registration statement; and |
| (2) | each prospectus required to be filed pursuant to Rule 424(b)(2), (b)(5), or (b)(7) as part of a registration statement in reliance
on Rule 430B relating to an offering made pursuant to Rule 415(a)(1)(i), (vii), or (x) for the purpose of providing the information required
by Section 10(a) of the Securities Act shall be deemed to be part of and included in the registration statement as of the earlier of the
date such form of prospectus is first used after effectiveness or the date of the first contract of sale of securities in the offering
described in the prospectus. As provided in Rule 430B, for liability purposes of the issuer and any person that is at that date an underwriter,
such date shall be deemed to be a new effective date of the registration statement relating to the securities in the registration statement
to which that prospectus relates, and the offering of such securities at that time shall be deemed to be the initial bona fide offering
thereof. Provided, however, that no statement made in a registration statement or prospectus that is part of the registration statement
or made in a document incorporated or deemed incorporated by reference into the registration statement or prospectus that is part of the
registration statement will, as to a purchaser with a time of contract of sale prior to such effective date, supersede or modify any statement
that was made in the registration statement or prospectus that was part of the registration statement or made in any such document immediately
prior to such effective date; and |
| (f) | that, for the purpose of determining liability of the registrant under the Securities Act to any purchaser in the initial distribution
of the securities, the undersigned registrant undertakes that in a primary offering of securities of the undersigned registrant pursuant
to this registration statement, regardless of the underwriting method used to sell the securities to the purchaser, if the securities
are offered or sold to such purchaser by means of any of the following communications, the undersigned registrant will be a seller to
the purchaser and will be considered to offer or sell such securities to such purchaser: |
| (1) | any preliminary prospectus or prospectus of the undersigned registrant relating to the offering required to be filed pursuant to Rule
424; |
| (2) | any free writing prospectus relating to the offering prepared by or on behalf of the undersigned registrant or used or referred to
by the undersigned registrant; |
| (3) | the portion of any other free writing prospectus relating to the offering containing material information about the undersigned registrant
or its securities provided by or on behalf of the undersigned registrant; and |
| (4) | any other communication that is an offer in the offering made by the undersigned registrant to the purchaser. |
The undersigned hereby undertakes that, for purposes of determining
any liability under the Securities Act, each filing of the registrant’s annual report pursuant to Section 13(a) or Section 15(d)
of the Exchange Act (and, where applicable, each filing of an employee benefit plan’s annual report pursuant to Section 15(d)
of the Exchange Act) that is incorporated by reference in the registration statement shall be deemed to be a new registration statement
relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona
fide offering thereof.
Insofar as indemnification for liabilities arising under the Securities
Act may be permitted to directors, officers and controlling persons of the registrant pursuant to the foregoing provisions, or otherwise,
the registrant has been advised that, in the opinion of the SEC, such indemnification is against public policy as expressed in the Securities
Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by
the registrant of expenses incurred or paid by a director, officer, or controlling person of the registrant in the successful defense
of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being
registered, the registrant will, unless, in the opinion of its counsel, the matter has been settled by controlling precedent, submit to
a court of appropriate jurisdiction the question of whether such indemnification by it is against public policy as expressed in the Securities
Act and will be governed by the final adjudication of such issue.
EXHIBIT INDEX
The following documents are filed as part of this registration statement:
| * | To be filed, if necessary, by amendment. |
SIGNATURES
Pursuant to the requirements of the Securities Act of 1933, as amended
(the “Securities Act”) the registrant certifies that it has reasonable grounds to believe that it meets all of the requirements
for filing on Form F-3 and has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized,
in the city of Tübingen, Germany on August 25, 2023.
| |
|
|
IMMATICS N.V. |
| |
|
|
|
|
|
| |
|
|
By: |
/s/ Harpreet Singh |
| |
|
|
|
Name: |
Harpreet Singh |
| |
|
|
|
Title: |
Chief Executive Officer and Director |
KNOW ALL PERSONS BY THESE PRESENTS, that each person whose signature
appears below hereby constitutes and appoints Harpreet Singh, Arnd Christ and Edward A. Sturchio and each of them, individually, as his
or her true and lawful attorneys-in-fact and agents, with full power of substitution and resubstitution, for him or her and in his or
her name, place and stead in any and all capacities, in connection with this registration statement, including to sign in the name and
on behalf of the undersigned, this registration statement and any and all amendments thereto, including post-effective amendments and
registrations filed pursuant to Rule 462 under the Securities Act, and to file the same, with all exhibits thereto, and other documents
in connection therewith, with the U.S. Securities and Exchange Commission, granting unto such attorneys-in-fact and agents full power
and authority to do and perform each and every act and thing requisite and necessary to be done in and about the premises, as fully to
all intents and purposes as he might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents,
or his or her substitute, may lawfully do or cause to be done by virtue hereof.
Pursuant to the requirements of the Securities Act, this registration
statement has been signed by the following persons on August 25, 2023 in the capacities indicated:
| Name |
|
Title |
| |
|
|
| /s/ Harpreet Singh |
|
Chief Executive Officer and Director
(principal executive officer) |
| Harpreet Singh |
|
| |
|
|
| |
|
|
| /s/ Arnd Christ |
|
Chief Financial Officer
(principal financial and accounting officer) |
| Arnd Christ |
|
| |
|
| |
|
|
| /s/ Peter Chambré |
|
Chairman of the Board of Directors |
| Peter Chambré |
|
| |
|
|
| /s/ Michael G. Atieh |
|
Director |
| Michael G. Atieh |
|
| |
|
|
| /s/ Paul Carter |
|
Director |
| Paul Carter |
|
| |
|
|
| /s/ Eliot Forster |
|
Director |
| Eliot Forster |
|
| |
|
|
| /s/ Mathias Hothum |
|
Director |
| Mathias Hothum |
|
| |
|
|
| /s/ Heather L. Mason |
|
Director |
| Heather L. Mason |
|
| |
|
|
| /s/ Adam Stone |
|
Director |
| Adam Stone |
|
| |
|
|
| /s/ Edward A. Sturchio |
|
Authorized Representative
in the United States |
| Edward A. Sturchio |
|
Exhibit 4.2
SECURITIES PURCHASE AGREEMENT
This SECURITIES PURCHASE AGREEMENT (this “Agreement”)
is made and entered into as of July 19, 2023 by and between Immatics N.V., a public limited liability company (naamloze vennootschap)
under Dutch law (the “Company”), and Bristol-Myers Squibb Company (the “Investor”).
Recitals
A. The Company and
the Investor are executing and delivering this Agreement in reliance upon the exemption from securities registration afforded by Section
4(a)(2) of the Securities Act (as defined below); and
B. The Investor wishes
to purchase from the Company, and the Company wishes to issue and sell to the Investor, upon the terms and subject to the conditions stated
in this Agreement, an aggregate of 2,419,818 shares (the “Shares”) of the Company’s ordinary shares, nominal
value €0.01 per share (the “Ordinary Shares”).
In consideration of the mutual promises made herein
and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree
as follows:
Section 1. Definitions.
For the purposes of this Agreement, capitalized terms not otherwise defined shall have the meanings set forth below:
“Affiliate” means, with respect
to any Person, any other Person which directly or indirectly through one or more intermediaries Controls, is controlled by, or is under
common Control with, such Person.
“Business Day” means a day,
other than a Saturday or Sunday, on which banks in New York City are open for the general transaction of business.
“Company’s Knowledge”
means the actual knowledge of the executive officers (as defined in Rule 405 under the Securities Act) of the Company.
“Control” (including the terms
“controlling,” “controlled by” or “under common control with”) means the possession, direct or indirect,
of the power to direct or cause the direction of the management and policies of a Person, whether through the ownership of voting securities,
by contract or otherwise.
“EDGAR system” means the Electronic
Data Gathering, Analysis, and Retrieval system.
“Exchange Act” means the Securities
Exchange Act of 1934, as amended, or any successor statute, and the rules and regulations promulgated thereunder.
“FDA” means the U.S. Food and
Drug Administration.
“Good Clinical Practices” means
the FDA’s standards for the design, conduct, performance, monitoring, auditing, recording, analysis, and reporting of clinical trials
contained in 21 C.F.R. Parts 50, 54, 56 and 312.
“Good Laboratory Practices”
means the FDA’s standards for conducting non-clinical laboratory studies contained in 21 C.F.R. Part 58.
“Health Care Laws” means Title
XVIII of the Social Security Act, 42 U.S.C. §§ 1395-1395hhh (the Medicare statute); Title XIX of the Social Security Act, 42
U.S.C. §§ 1396-1396v (the Medicaid statute); the Federal Anti-Kickback Statute, 42 U.S.C. § 1320a-7b(b); the civil False
Claims Act, 31 U.S.C. §§ 3729 et seq.; the criminal False Claims Act, 42 U.S.C. § 1320a-7b(a); any criminal laws relating
to health care fraud and abuse, including, but not limited to, 18 U.S.C. §§ 286 and 287 and the health care fraud criminal provisions
under the Health Insurance Portability and Accountability Act of 1996, 42 U.S.C. §§ 1320d et seq. (“HIPAA”);
the Civil Monetary Penalties Law, 42 U.S.C. §§ 1320a-7a and 1320a-7b; the Physician Payments Sunshine Act, 42 U.S.C. §
1320a-7h; the Exclusion Statute, 42 U.S.C. § 1320a-7; HIPAA, as amended by the Health Information Technology for Economic and Clinical
Health Act, 42 U.S.C. §§ 17921 et seq.; the Federal Food, Drug, and Cosmetic Act, 21 U.S.C. §§ 301 et seq.; the Public
Health Service Act, 42 U.S.C. §§ 201 et seq.; the regulations promulgated pursuant to such laws; and any similar federal, state
and local laws and regulations.
“Information Rights Agreement”
means that certain Information Rights Agreement, dated as of the date of this Agreement, entered into by and between the Company and the
Investor.
“Material Adverse Effect” means
a material adverse effect on (a) the assets, liabilities, results of operations, financial condition or business of the Company and
its Subsidiaries taken as a whole, (b) the legality or enforceability of the Transaction Documents or (c) the ability of the
Company to perform its obligations under the Transaction Documents; provided, however, that in no event shall any of the
following occurring after the date hereof, alone or in combination, be deemed to constitute a Material Adverse Effect or be taken into
account in determining whether a Material Adverse Effect has occurred: any effect caused by the announcement or pendency of the transactions
contemplated by the Transaction Documents, or the identity of the Investor or any of its Affiliates as the purchaser in connection with
the transactions contemplated by the Transaction Documents.
“Material Contract” means any
contract, instrument or other agreement to which the Company is a party or by which it is bound which is material to the business of the
Company, including those that have been filed or were required to have been filed as an exhibit to the SEC Filings pursuant to Item 601(b)(10)
of Regulation S-K.
“Nasdaq” means The Nasdaq Stock
Market LLC.
“Person” means an individual,
corporation, partnership, limited liability company, trust, business trust, association, joint stock company, joint venture, sole proprietorship,
unincorporated organization, governmental authority or any other form of entity not specifically listed herein.
“Registrable Securities” means
(a) the Shares and (b) any other Ordinary Shares issued as a dividend or other distribution with respect to, in exchange for or in replacement
of the Shares; provided, however, that any such securities shall cease to be Registrable Securities (and the Company shall
not be required to maintain the effectiveness of any, or file another, registration statement hereunder with respect thereto) upon the
first to occur of (A) a registration statement with respect to the sale of such securities being declared effective by the SEC under the
Securities Act and such securities having been disposed of or transferred by the holder thereof in accordance with such effective Registration
Statement, (B) such securities having been previously sold or transferred in accordance with Rule 144 (or another exemption from the registration
requirements of the Securities Act), (C) such securities becoming eligible for resale without volume or manner-of-sale restrictions and
without current public information requirements pursuant to Rule 144, (D) such securities are no longer outstanding or (E) the first anniversary
of the Closing Date.
“Regulation D” means Regulation
D as promulgated by the SEC under the Securities Act.
“Rule 144” means Rule 144 promulgated
under the Securities Act.
“SEC” means the U.S. Securities
and Exchange Commission.
“Securities Act” means the Securities
Act of 1933, as amended, or any successor statute, and the rules and regulations promulgated thereunder.
“Short Sales” means all “short
sales” as defined in Rule 200 of Regulation SHO under the Exchange Act (but shall not be deemed to include the location and/or reservation
of borrowable shares of Ordinary Shares).
“Subscription Amount” means
the aggregate amount to be paid for the Shares, being the product of (x) the number of Shares and (y) the Purchase Price (as defined below),
in U.S. Dollars and in immediately available funds.
“Trading Day” means a day on
which Nasdaq is open for trading.
“Transaction Documents” means
this Agreement, the Information Rights Agreement and the Deed of Issue.
Section 2. Purchase
and Sale of the Shares. On the Closing Date, upon the terms and subject to the conditions set
forth herein, the Company will issue and sell, and the Investor will accept and purchase the Shares, at a price per Share equal to $14.4639
(such price per Share, the “Purchase Price”), pursuant to the execution of a deed of issue of the Shares under Dutch
law substantially in the form attached hereto as Exhibit A (the “Deed of Issue”).
As a matter
of Dutch law, references in this Agreement to Shares being “sold” and “purchased” (and the corollary usages of
those terms) should be understood to mean that Shares are being issued and subscribed for, respectively.
Section 3. Closing.
Section 3.1. The closing
of the purchase and sale of the Shares pursuant to this Agreement (the “Closing”) shall be held remotely via the exchange
of documents and signatures no later than 10:00 a.m. (Eastern Time) on July 21, 2023, which is the second Trading Day following the date
of this Agreement (the “Closing Date”).
Section 3.2. On the
Closing Date, prior to the execution by the Company of the Deed of Issue, the Investor shall deliver or cause to be delivered to the Company
the Subscription Amount via wire transfer of immediately available funds pursuant to the wire instructions delivered to the Investor by
the Company on or prior to the Closing Date. To the extent required, the Company hereby irrevocably consents to payment of the Subscription
Amount in a currency other than Euro.
Section 3.3. At
the Closing, subject to receipt by the Company of the Subscription Amount from the Investor as contemplated by Section
3.2, the Company shall issue and deliver or cause to be issued and delivered to the Investor the Shares, registered in the name of
the Investor (or its nominee in accordance with its delivery instructions) in book-entry form, pursuant to the Deed of Issue.
Section 3.4. Upon the
execution of the Deed of Issue, the Company shall cause the Shares to be recorded in the registers of the transfer agent for the Ordinary
Shares (the “Transfer Agent”) in book-entry form.
Section 4. Representations
and Warranties of the Company. The Company hereby represents and warrants to the Investor that, except as otherwise described in the
SEC Filings, which qualify these representations and warranties in their entirety, as of the date hereof:
Section 4.1. Organization,
Good Standing and Qualification. The Company and each of its “subsidiaries” (for purposes of this Agreement, as defined
in Rule 405 under the Securities Act) (each, a “Subsidiary” and collectively, the “Subsidiaries”)
have been duly organized (and are in good standing, to the extent such concept is applicable) under the laws of their respective jurisdictions
of organization, are validly existing and are duly qualified to do business (and are in good standing, to the extent such concept is applicable),
in each jurisdiction in which their respective ownership or lease of property or the conduct of their respective businesses requires such
qualification, and have all power and authority necessary to own or hold their respective properties and to conduct their respective businesses,
except where the failure to be so qualified (or in good standing, to the extent such concept is applicable) or have such power or authority
would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect.
Section 4.2. Capitalization.
The Company has an authorized capital as set forth in the SEC Filings. Except as described in or expressly contemplated by the SEC Filings
or by the Transaction Documents, there are no outstanding rights (including, without limitation, pre-emptive rights), warrants or options
to acquire, or instruments convertible into or exchangeable for, any Ordinary Shares or other equity interest in the Company or any of
its Subsidiaries, or any contract, commitment, agreement, understanding or arrangement of any kind relating to the issuance of any Ordinary
Shares or other equity interest of the Company or any such Subsidiary, any such convertible or exchangeable securities or any such rights,
warrants or options.
Section 4.3. Authorization.
The Transaction Documents have been duly authorized, executed and delivered by the Company.
Section 4.4. Valid
Issuance. The Shares have been duly authorized by the Company and, when issued and delivered and paid for as provided herein, will
be validly issued, fully paid and non-assessable (meaning that a holder of a Share shall not by reason of merely being such a holder be
subject to assessment or calls by the Company or its creditors for further payment on such Share). The issuance of the Shares was not,
and the sale of the
Shares is not, subject to any pre-emptive or similar
rights the exercise and transfer of which have not been validly and irrevocably waived or otherwise validly and irrevocably declined or
excluded.
Section 4.5. Consents.
No consent, approval, authorization, order, registration or qualification of or with any court or arbitrator or governmental or regulatory
authority is required for the execution, delivery and performance by the Company of the Transaction Documents, the issuance and sale of
the Shares and the consummation of the transactions contemplated by the Transaction Documents, except as required by securities laws and
such consents, approvals, authorizations, orders and registrations or qualifications as may be required by Nasdaq.
Section 4.6. Non-Contravention.
The execution, delivery and performance by the Company of the Transaction Documents, the issuance and sale of the Shares and the consummation
of the transactions contemplated by the Transaction Documents will not (a) conflict with or result in a breach or violation of any
of the terms or provisions of, or constitute a default under, result in the termination, modification or acceleration of, or result in
the creation or imposition of any lien, charge or encumbrance upon any property, right or asset of the Company or any of its Subsidiaries
pursuant to, any indenture, mortgage, deed of trust, loan agreement or other agreement or instrument to which the Company or any of its
Subsidiaries is a party or by which the Company or any of its Subsidiaries is bound or to which any property, right or asset of the Company
or any of its Subsidiaries is subject, (b) result in any violation of the provisions of the articles of association or similar organizational
documents of the Company or any of its Subsidiaries or (c) result in the violation of any law or statute or any judgment, order,
rule or regulation of any court or arbitrator or governmental or regulatory authority, except, in the case of clauses (a) and (c) above,
for any such conflict, breach, violation, default, lien, charge or encumbrance that would not, individually or in the aggregate, reasonably
be expected to have a Material Adverse Effect.
Section 4.7. Investment
Company Status. The Company is not and, after giving effect to the issuance and sale of the Shares, will not be required to register
as an “investment company” or an entity “controlled” by an “investment company” within the meaning
of the Investment Company Act of 1940, as amended, and the rules and regulations of the SEC thereunder.
Section 4.8. Passive
Foreign Investment Company. The Company believes that it was not a “passive foreign investment company” as defined in
Section 1297 of the Internal Revenue Code of 1986 for its most recently completed taxable year.
Section 4.9. SEC
Filings. The Company has filed all reports, schedules, forms, statements and other documents required to be filed by the Company under
the Securities Act and the Exchange Act, including pursuant to Section 13(a) or 15(d) thereof, for the one year preceding
the date hereof (collectively, the “SEC Filings”). At the time of filing thereof, the SEC Filings complied as to form
in all material respects with the requirements of the Securities Act or Exchange Act, as applicable. At the time of filing thereof, the
SEC Filings did not contain any untrue statement of a material fact or omit to state a material fact required to be stated therein or
necessary in order to make the statements therein not misleading.
Section 4.10. No
Material Adverse Change. Since March 31, 2023, except as specifically set forth in a subsequent SEC Filing or contemplated by the
Transaction Documents, there has not been (a) any change in the consolidated assets, liabilities, financial condition or operating results
of the Company from that reflected in the financial statements included in the Company’s Report on Form 6-K for the three months
ended March 31, 2023, except for changes in the ordinary course of business which have not had and would not reasonably be expected, individually
or in the aggregate, to have a Material Adverse Effect, (b) any dividend or distribution of any kind declared, set aside for payment,
paid or made by the Company on any class of share capital, (c) any material adverse change, or any development involving a prospective
material adverse change, in or affecting the business, properties, management, financial position, shareholders’ equity, results
of operations or prospects of the Company and its Subsidiaries taken as a whole, (d) any entry into or termination of a Material Contract
and (e) any loss or interference with its business that is material to the Company and its Subsidiaries taken as a whole and that is either
from fire, explosion, flood or other calamity, whether or not covered by insurance, or from any labor disturbance or dispute or any action,
order or decree of any court or arbitrator or governmental or regulatory authority.
Section 4.11. Financial
Statements. The financial statements (including the related notes thereto) of the Company and its consolidated Subsidiaries, which
are included or incorporated by reference in the SEC Filings, comply in all material respects with the applicable requirements of the
Securities Act and the Exchange Act, as applicable, and present fairly in all material respects the financial position of the Company
and its consolidated Subsidiaries as of the dates indicated and the results of its operations and its changes in cash flows for the periods
specified. The financial statements of the Company and its consolidated Subsidiaries have been prepared in conformity with International
Financial Reporting Standards as issued by the International Accounting Standards Board (“IFRS”) applied on a consistent
basis throughout the periods covered thereby, except as may be expressly stated in the related notes thereto, and except in the case of
unaudited financial statements, which are subject to normal year-end adjustments and do not contain certain footnotes as permitted by
the applicable rules of the SEC.
Section 4.12. Exchange
Act Compliance. The Company is subject to and in compliance in all material respects with the reporting requirements of Section 13
or Section 15(d) of the Exchange Act. The Company’s Ordinary Shares are registered pursuant to Section 12(b) of the Exchange
Act and the Company has taken no action designed to, or reasonably likely to have the effect of, terminating the registration of the Ordinary
Shares under the Exchange Act, nor has the Company received any notification that the SEC is contemplating terminating such registration.
The Ordinary Shares (excluding Shares sold pursuant to this Agreement) are listed on Nasdaq as of the date of this Agreement, and the
Company has taken no action designed to, or reasonably likely to have the effect of delisting such Ordinary Shares from Nasdaq, nor has
the Company received any notification that Nasdaq is contemplating terminating such listing. The Company is in compliance in all material
respects with the current listing standards of Nasdaq.
Section 4.13. Default.
Neither the Company nor any of its Subsidiaries is (a) in violation of its articles of association or similar organizational documents,
(b) in default, and no event has occurred that, with notice or lapse of time or both, would constitute such a default, in the due
performance or observance of any term, covenant or condition contained in any indenture, mortgage, deed of trust, loan agreement or other
agreement or instrument to which the Company or any of its Subsidiaries is a party or by which the Company or any of its Subsidiaries
is bound or to which any property or asset of the Company or any of its Subsidiaries is subject or (c) in violation of any law or
statute or any judgment, order, rule or regulation of any court or arbitrator or governmental or regulatory authority, except, in the
case of clauses (b) and (c)
above, for any such default or violation that would not, individually or in the aggregate, reasonably be expected to have a Material Adverse
Effect.
Section 4.14. Legal
Proceedings. There are no legal, governmental or regulatory investigations, actions, demands, claims, suits, arbitrations, inquiries
or proceedings (“Actions”) pending to which the Company or any of its Subsidiaries is a party or to which any property
of the Company or any of its Subsidiaries is subject that would, individually or in the aggregate, if determined adversely to the Company
or any of its Subsidiaries, reasonably be expected to have a Material Adverse Effect. To the Company’s Knowledge, no Actions are
threatened or contemplated by any governmental or regulatory authority or threatened by others.
Section 4.15. Real
Property. The Company and its Subsidiaries have good and marketable title in fee simple (in the case of real property) to, or have
valid rights to lease or otherwise use, all items of real and personal property that are material to the respective businesses of the
Company and its Subsidiaries, taken as a whole, in each case free and clear of all liens, encumbrances, claims and defects and imperfections
of title except those that (a) do not materially interfere with the use made and proposed to be made of such property by the Company
and its Subsidiaries or (b) would not reasonably be expected, individually or in the aggregate, to have a Material Adverse Effect.
Section 4.16. Intellectual
Property. The Company and its Subsidiaries own or have a valid and enforceable right to use all (a) patents, patent applications,
trademarks, service marks, trade names, internet domain name registrations (and all applications for, and all goodwill associated with,
such trademarks, service marks, trade names and Internet domain name registrations), copyrights, copyright registrations, licenses and
trade secret rights, in each case, in any jurisdiction throughout the world (collectively, “Intellectual Property Rights”)
and (b) inventions, know-how, software, databases, systems, procedures and other intellectual property (including trade secrets and
proprietary or confidential information) (collectively, “Intellectual Property Assets”) used or held for use in any
material respect, or otherwise necessary for, the conduct of their respective businesses as currently conducted and as proposed to be
conducted. The Company’s and its Subsidiaries’ conduct of their respective businesses does
not infringe, misappropriate or otherwise violate,
and has not infringed, misappropriated or otherwise violated, any Intellectual Property Rights or Intellectual Property Assets of any
third party in any material respect, it being understood that the foregoing representation in this sentence is made to the Company’s
Knowledge with respect to patents. The Company and its Subsidiaries have not received notice of any pending or threatened action, suit
or proceeding by any third party that would reasonably be expected to have a Material Adverse Effect on the Company’s or any of
its Subsidiaries’ respective businesses as presently conducted and as proposed to be conducted, (i) challenging the Company’s
or any of its Subsidiaries’ rights in or to any of the Intellectual Property Rights or Intellectual Property Assets owned by or
licensed to the Company or any of its Subsidiaries, (ii) challenging the validity, enforceability or scope of any of the Intellectual
Property Rights owned by or licensed to the Company or any of its Subsidiaries or (iii) alleging that the Company or any of its Subsidiaries
has infringed, misappropriated or otherwise violated any Intellectual Property Rights or Intellectual Property Assets of any third party.
To the Company’s Knowledge, neither the Intellectual Property Rights nor the Intellectual Property Assets of the Company and its
Subsidiaries and neither the Intellectual Property Rights nor the Intellectual Property Assets exclusively licensed to the Company and
its Subsidiaries are being materially infringed, misappropriated or otherwise violated by any third party. Other than as would not reasonably
be expected to have a Material Adverse Effect, all Intellectual Property Rights and Intellectual Property Assets owned by the Company
or any of its Subsidiaries are solely and exclusively owned by the Company or such Subsidiaries and all other Intellectual Property Rights
and Intellectual Property Assets used or held for use by the Company or any of its Subsidiaries are licensed to the Company or such Subsidiaries,
and the Company and its Subsidiaries hold all of such ownership and license rights, in each case, free and clear of all liens, encumbrances,
defects or other restrictions. Other than as would not reasonably be expected to have a Material Adverse Effect, the Company and its Subsidiaries
are not aware of any facts that could result in a finding that any of the Intellectual Property Rights owned by or licensed to the Company
are invalid or unenforceable. Other than as would not reasonably be expected to have a Material Adverse Effect, the Company and its Subsidiaries
have taken reasonable steps in accordance with customary industry practice to maintain and protect any confidential information and trade
secrets of the Company and its Subsidiaries and to protect any confidential information provided to them by any third party. Other than
as would not reasonably be expected to have a Material Adverse Effect, the Company and its Subsidiaries have taken commercially reasonable
actions to maintain and to protect all patents and trademark and copyright and internet domain name registrations (including all applications
therefor) owned by the Company or any of its Subsidiaries, including payment of applicable maintenance fees, filing of applicable statements
of use, timely response office actions and disclosure of any required information. Other than as would not reasonably be expected to have
a Material Adverse Effect, all personnel (including founders, current and former employees, consultants, contractors, representatives,
and agents) involved in the development of Intellectual Property Rights or Intellectual Property Assets for or on behalf of the Company
or any of its Subsidiaries have signed written and enforceable confidentiality and invention assignment agreements with the Company or
any of its Subsidiaries pursuant to which the Company or any of its Subsidiaries either (A) has obtained sole and exclusive ownership
of such Intellectual Property Rights or Intellectual Property Assets or (B) has obtained a valid right to exploit such Intellectual
Property Rights or Intellectual Property Assets, sufficient for the conduct of the business as currently conducted and as proposed to
be conducted. To the Company’s Knowledge, the Company and its Subsidiaries have complied with the terms of each agreement pursuant
to which Intellectual Property Rights or Intellectual Property Assets have been licensed to the Company and its Subsidiaries. The parties
prosecuting such applications have complied with their duty of candor and disclosure to the United States Patent and Trademark Office
(“USPTO”) in connection with such applications, and the Company is not aware of any facts required to be disclosed
to the USPTO that were not disclosed to the USPTO and which would preclude the grant of a patent in connection with any such application
or could form the basis of a finding of invalidity with respect to any patents that have issued with respect to such applications.
Section 4.17. Taxes.
The Company and its Subsidiaries have paid all federal, state, local and foreign taxes and filed all tax returns required to be paid or
filed through the date that this representation is made, except as may be being contested in good faith and by appropriate proceedings,
or where the failure to pay or file such taxes or tax returns would not reasonably be expected to have a Material Adverse Effect. There
is no tax deficiency that has been, or would reasonably be expected to be, asserted against the Company or any of its Subsidiaries or
any of their respective properties or assets that has or would reasonably be expected to have a Material Adverse Effect, except for any
tax deficiency being contested in good faith and for which appropriate reserves have been provided in accordance with IFRS.
Section 4.18. Studies,
Tests and Preclinical and Clinical Trials. The pre-clinical studies and clinical trials conducted by or, to the Company’s Knowledge,
on behalf of or sponsored by the Company, or in which the Company has participated that are described in the SEC Filings were, and if
still pending are, being conducted in all material respects in accordance with standard medical and scientific research standards and
procedures for products or product candidates comparable to those being developed by the Company and all applicable statutes and all applicable
rules and regulations of the Applicable Regulatory Authorities (as defined below) and current Good Clinical Practices and Good Laboratory
Practices. The descriptions in the SEC Filings of the results of such studies and trials are accurate and complete in all material respects
and fairly present the data derived therefrom. The Company has no knowledge of any other studies or trials the results of which are inconsistent
with or which the Company reasonably believes call into question the results described or referred to in the SEC Filings. The Company
has not received any written notices or correspondence from the Applicable Regulatory Authorities or any other governmental agency requiring
or threatening the termination, modification or suspension of any pre-clinical studies or clinical trials that are described in the SEC
Filings other than ordinary course communications with respect to modifications in connection with the design and implementation of such
studies or trials, and, to the Company’s Knowledge, there are no reasonable grounds for the same.
Section 4.19. Healthcare
Regulatory Matters. The Company (collectively with its Subsidiaries) (a) has operated and currently operates its business in
compliance in all material respects with applicable provisions of the Health Care Laws of the Food and Drug Administration (“FDA”),
the Department of Health and Human Services and any comparable foreign or other regulatory authority to which they are subject (collectively,
the “Applicable Regulatory Authorities”) applicable to the ownership, testing, development, manufacture, packaging,
processing, use, distribution, storage, import, export or disposal of any of the Company’s or its Subsidiaries’ product candidates
or any product manufactured or distributed by the Company, (b) has not received any FDA Form 483, written notice of adverse finding, warning
letter, untitled letter or other correspondence or written notice from any court or arbitrator or governmental or regulatory authority
alleging or asserting non-compliance with (i) any Health Care Laws or (ii) any licenses, certificates, approvals, clearances, exemptions,
authorizations, permits and supplements or amendments thereto required by any such Health Care Laws (“Regulatory Authorizations”),
(c) possesses all Regulatory Authorizations required to conduct its business as currently conducted, except where the failure to
possess the same would not, individually or in the aggregate, have a Material Adverse Effect, and such Regulatory Authorizations are valid
and in full force and effect and the Company is not in violation, in any material respect, of any term of any such Regulatory Authorizations,
(d) has not received written notice of any claim, action, suit, proceeding, hearing, enforcement, investigation, arbitration or other
action from the Applicable Regulatory Authorities or any other third party alleging that any product of the Company is in material violation
of any Health Care Laws or Regulatory Authorizations and has no knowledge that the Applicable Regulatory Authorities or any other third
party is considering any such claim, litigation, arbitration, action, suit, investigation or proceeding, (e) has not received written
notice that any of the Applicable Regulatory Authorities has taken, is taking or intends to take action to limit, suspend, modify or revoke
any material Regulatory Authorizations and has no knowledge that any of the Applicable Regulatory Authorities is considering such action,
(f) has filed, obtained, maintained or submitted all material reports, documents, forms, notices, applications, records, claims,
submissions and supplements or amendments as required by any Health Care Laws or Regulatory Authorizations and all such reports, documents,
forms, notices, applications, records, claims, submissions and supplements or amendments were materially complete and correct on the date
filed (or were materially corrected or supplemented by a subsequent submission), (g) is not a party to and does not have any ongoing
reporting obligations pursuant to any corporate integrity agreements, deferred prosecution agreements, monitoring agreements, consent
decrees, settlement orders, plans of correction or similar agreements with or imposed by any Applicable Regulatory Authority and (h) along
with its employees, officers and directors, has not been excluded, suspended or debarred from participation in any government health care
program or human clinical research and, to the Company’s Knowledge, is not subject to a governmental inquiry, investigation, proceeding
or other similar action that would reasonably be expected to result in debarment, suspension or exclusion.
Section 4.20. Labor
Matters. No labor disturbance by or dispute with employees of the Company or any of its Subsidiaries exists or, to Company’s
Knowledge, is contemplated or threatened, and the Company is not aware of any existing or imminent labor disturbance by, or dispute with,
the employees of any of its or its Subsidiaries’ principal suppliers, contractors or customers, except as would not reasonably be
expected to have a Material Adverse Effect. Neither the Company nor any of its Subsidiaries has received any written notice of
cancellation or termination with respect to any collective
bargaining agreement that is material to the Company to which it is a party.
Section 4.21. Insurance.
The Company and its Subsidiaries have insurance covering their respective properties, operations, personnel and businesses, including
business interruption insurance, which insurance is in such amounts and insures against such losses and risks as are generally maintained
by similarly situated companies and which the Company believes are adequate to protect the Company and its Subsidiaries and their respective
businesses. Neither the Company nor any of its Subsidiaries has (a) received written notice from any insurer or agent of such insurer
that capital improvements or other expenditures are required or necessary to be made in order to continue such insurance or (b) any
reason to believe that it will not be able to renew its existing insurance coverage as and when such coverage expires or to obtain comparable
coverage from similar insurers as may be necessary to continue its business as now conducted at a cost that would not reasonably be expected
to have a Material Adverse Effect.
Section 4.22. Permits
and Authorizations. The Company and its Subsidiaries possess all licenses, sub-licenses, certificates, permits and other authorizations
issued by, and have made all declarations and filings with, the appropriate federal, state, local or foreign governmental or regulatory
authorities that are necessary for the ownership or lease of their respective properties or the conduct of their respective businesses,
except where the failure to possess or make the same would not, individually or in the aggregate, reasonably be expected to have a Material
Adverse Effect. Neither the Company nor any of its Subsidiaries has received written notice of any revocation or modification of any such
license, sub-license, certificate, permit or authorization or has any reason to believe that any such license, sub-license, certificate,
permit or authorization will not be renewed in the ordinary course, except where such revocation or modification would not reasonably
be expected to have a Material Adverse Effect.
Section 4.23. Internal
Controls. The Company and its Subsidiaries maintain systems of “internal control over financial reporting” (as defined
in Rule 13a-15(f) of the Exchange Act) that comply in all material respects with the requirements of the Exchange Act and have been designed
by, or under the supervision of, their respective principal executive and principal financial officers, or persons performing similar
functions, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements
for external purposes in accordance with IFRS. The Company and its Subsidiaries maintain internal accounting controls that are designed
to be sufficient to provide reasonable assurance that (a) transactions are executed in accordance with management’s general
or specific authorizations, (b) transactions are recorded as necessary to permit preparation of financial statements in conformity
with IFRS and to maintain asset accountability, (c) access to assets is permitted only in accordance with management’s general
or specific authorization and (d) the recorded accountability for assets is compared with the existing assets at reasonable intervals
and appropriate action is taken with respect to any differences.
Section 4.24. Disclosure
Controls. The Company maintains an effective system of “disclosure controls and procedures” (as defined in Rule 13a-15(e)
of the Exchange Act) that complies in all material respects with the requirements of the Exchange Act and that has been designed to ensure
that information required to be disclosed by the Company in reports that it files or submits under the Exchange Act is recorded, processed,
summarized and reported within the time periods specified in the SEC’s rules and forms, including controls and procedures designed
to ensure that such information is accumulated and communicated to the Company’s management as appropriate to allow timely decisions
regarding required disclosure. The Company has carried out an evaluation of its effectiveness of its disclosure controls and procedures
to the extent required by Rule 13a-15 of the Exchange Act.
Section 4.25. Anti-Corruption.
Neither the Company nor any of its Subsidiaries nor any officer or director of the Company or its Subsidiaries nor, to the Company’s
Knowledge, any employee of, or any agent, affiliate or other person associated with or acting on behalf of, the Company or any of its
Subsidiaries has (a) used any corporate funds for any unlawful contribution, gift, entertainment or other unlawful expense relating
to political activity, (b) made or taken an act in furtherance of an offer, promise or authorization of any direct or indirect unlawful
payment or benefit to any foreign or domestic government official or employee, including of any government-owned or controlled entity
or of a public international organization, or any person acting in an official capacity for or on behalf of any of the foregoing, or any
political party or party official or candidate for political
office, (c) violated or is in violation of any
provision of the Foreign Corrupt Practices Act of 1977, as amended, or any applicable law or regulation implementing the OECD Convention
on Combating Bribery of Foreign Public Officials in International Business Transactions, or committed an offence under the Bribery Act
2010 of the United Kingdom or any other applicable anti-bribery or anti-corruption law or (d) made, offered, agreed, requested or
taken an act in furtherance of any unlawful bribe or other unlawful benefit, including, without limitation, any rebate, payoff, influence
payment, kickback or other unlawful or improper payment or benefit. The Company and its Subsidiaries have conducted their businesses in
compliance with applicable anti-corruption laws in all material respects and each has instituted, maintains and enforces, policies and
procedures designed to promote and ensure compliance with all applicable anti-bribery and anti-corruption laws.
Section 4.26. Anti-Money
Laundering. The operations of the Company and its Subsidiaries are and have been conducted at all times in compliance with applicable
financial recordkeeping and reporting requirements, including those of the Currency and Foreign Transactions Reporting Act of 1970, as
amended, the applicable money laundering statutes of all jurisdictions where the Company or any of its Subsidiaries conducts business,
the rules and regulations thereunder and any related or similar rules, regulations or guidelines issued, administered or enforced by any
governmental agency (collectively, the “Anti-Money Laundering Laws”) and no action, suit or proceeding by or before
any court or governmental agency, authority or body or any arbitrator involving the Company or any of its Subsidiaries with respect to
the Anti-Money Laundering Laws is pending or, to the Company’s Knowledge, threatened.
Section 4.27. Sanctions.
Neither the Company nor any of its Subsidiaries nor any director or officer of the Company or its Subsidiaries nor to the Company’s
Knowledge, any employee of, or any agent, Affiliate or other person associated with or acting on behalf of, the Company or any of its
Subsidiaries is currently the subject or the target of any sanctions administered or enforced by the U.S. government (including, without
limitation, the Office of Foreign Assets Control of the U.S. Department of the Treasury or the U.S. Department of State and including,
without limitation, the designation as a “specially designated national” or “blocked person”), the United Nations
Security Council, the European Union, His Majesty’s Treasury or other relevant sanctions authority (collectively, “Sanctions”),
nor is the Company or any of its Subsidiaries located, organized or resident in a country or territory that is the subject or target of
Sanctions, including, without limitation, the so-called Donetsk People’s Republic, the so-called Luhansk People’s Republic
or any other Covered Region of Ukraine identified pursuant to Executive Order 14065, Crimea, Cuba, Iran, North Korea and Syria (each,
a “Sanctioned Country”). The Company will not directly or indirectly use the proceeds of the offering and sale of the
Shares hereunder, or lend, contribute or otherwise make available such proceeds to any Subsidiary, joint venture partner or other person
or entity (a) to fund or facilitate any activities of or business with any Person that, at the time of such funding or facilitation,
is the subject or target of Sanctions, (b) to fund or facilitate any activities of or business in any Sanctioned Country or (c) in
any other manner that will result in a violation by any person (including any person participating in the transaction, whether as underwriter,
advisor, investor or otherwise) of Sanctions, except in cases where compliance with extraterritorial provisions in any such sanctions
would be unlawful for the Company. For the past five (5) years, the Company and its Subsidiaries have not knowingly engaged in and are
not now knowingly engaged in any dealings or transactions with any person that at the time of the dealing or transaction is or was the
subject or the target of Sanctions or with any Sanctioned Country. Nothing in this paragraph shall impose any obligations and/or restrictions
on the Company or any of its Subsidiaries that will cause the Company or any of its Subsidiaries to be, and will only apply if and to
the extent that it does not cause the Company or any of its Subsidiaries to be, in violation of EU Regulation (EC) 2271/96 (EU Blocking
Statute) as amended from time to time, or any applicable implementing legislation, including, but not limited, to the German Foreign Trade
Regulations (Außenwirtschaftsverordnung), or any similar anti-boycott law, statute or regulation.
Section 4.28. Environmental
Laws. Except any such matter as would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect,
(a) the Company and its Subsidiaries (i) are in compliance with all applicable federal, state, local and foreign laws (including common
law), rules, regulations, requirements, decisions, judgments, decrees, orders and other legally enforceable requirements relating to pollution
or the protection of human health or safety, the environment, natural resources, hazardous or toxic substances or wastes, pollutants or
contaminants (collectively, “Environmental Laws”); (ii) have received and are in compliance with all permits, licenses,
certificates or other authorizations or approvals required of them under any Environmental Laws to conduct their respective businesses;
and (iii) have not received written notice of any actual or potential liability or obligation under or relating to, or any actual or potential
violation of, any Environmental Laws, including
for the investigation or remediation of any disposal
or release of hazardous or toxic substances or wastes, pollutants or contaminants, and have no knowledge of any event or condition that
would reasonably be expected to result in any such notice, and (b) there are no costs or liabilities associated with Environmental Laws
of or relating to the Company or its Subsidiaries.
Section 4.29. Compliance
with ERISA. Neither the Company nor any of its ERISA Affiliates (as defined hereafter) has any liability (contingent or otherwise)
under the Employee Retirement Income Security Act of 1974, as amended (“ERISA”) with respect to any “employee
benefit plan”, as defined in Section 3(3) of ERISA; as used in this Agreement, an “ERISA Affiliate” of any person
or entity shall mean any other person or entity which, together with that person or entity, could be treated as a single employer under
Section 414(b), (c), (m) or (o) of the Internal Revenue Code of 1986 (the “Code”); each “employee benefit plan”,
as defined in Section 3(3) of ERISA that is maintained for the benefit of the employees of the Company or its affiliates has been maintained
in material compliance with its terms and the requirements of applicable law. The SEC Filings (including any exhibits thereto) identify
each employment, severance or other similar agreement, arrangement or policy and each material plan or arrangement required to be disclosed
pursuant to the Securities Act providing for insurance coverage (including any self-insured arrangements), workers’ compensation,
disability benefits, severance benefits, supplemental unemployment benefits, vacation benefits or retirement benefits, or deferred compensation,
profit-sharing, bonuses, share options, share appreciation rights or other forms of incentive compensation, or post-retirement insurance,
compensation or benefits that is entered into, maintained or contributed to, as the case may be, by the Company or any of its affiliates
for the benefit of any officer, executive director or non-executive director or former officer or director of the Company or any of its
affiliates; these agreements, arrangements, policies or plans are referred to collectively as “Benefit Arrangements.”
Each Benefit Arrangement has been maintained in material compliance with its terms and with the requirements of applicable law and there
is no liability in respect of post-retirement health and medical benefits for retired employees of the Company or any of its affiliates,
other than medical benefits required to be continued under applicable law.
Section 4.30. Cybersecurity;
Data Protection. To the Company’s Knowledge, the information technology assets and equipment, computers, systems, networks,
hardware, software, websites, applications and databases owned by, or leased or licensed to, the Company or any of its Subsidiaries (collectively,
“IT Systems”), are adequate for, and operate and perform in all material respects as required in connection with, the
operation of the business of the Company and its Subsidiaries as currently conducted, and to the Company’s Knowledge are free and
clear of all material bugs, errors, defects, Trojan horses, time bombs, malware and other corruptants; the Company and its Subsidiaries
have implemented and maintained commercially reasonable controls, policies, procedures, and safeguards to maintain and protect their material
confidential information and the integrity, continuous operation, redundancy and security of all IT Systems and data (including all personal,
personally identifiable, sensitive, confidential or regulated data of their respective customers, employees, suppliers, vendors and any
third-party data maintained by or on behalf of them (“Personal Data”)) used in connection with their businesses; to
the Company’s Knowledge, there have been no material breaches, violations, outages, unauthorized uses of, accesses to or other compromise
of or relating to any of the Company’s or any of its Subsidiaries’ Personal Data or IT Systems, except for those that have
been remedied without material cost or liability or the duty to notify any third party; there are no material incidents under internal
review or investigations relating to any security breach or other compromise of the Company’s or any of its Subsidiaries’
Personal Data or IT Systems and the Company and its Subsidiaries have not been notified of, and have no knowledge of any event or condition
that would reasonably be expected to result in, any security breach or other compromise to their IT Systems or Personal Data; the Company
and its Subsidiaries have implemented commercially reasonable backup and disaster recovery technology consistent with industry standards
and practices; and the Company and its Subsidiaries are presently in material compliance with all applicable laws or statutes and all
judgments, orders, rules and regulations of any court or arbitrator or governmental or regulatory authority and internal policies, procedures
and contractual obligations relating to the security of IT Systems and the privacy, collection, use, transfer, storage, protection, disposal
or disclosure of Personal Data and to the protection of such IT Systems and Personal Data from unauthorized use, access, misappropriation
or modification.
Section 4.31. Sarbanes-Oxley.
There is and has been no failure on the part of the Company or any of the Company’s executive directors, non-executive directors
or officers, in their capacities as such, to comply with any provision of the Sarbanes-Oxley Act of 2002, as amended and the rules and
regulations promulgated in
connection therewith applicable to the Company as
of the date the Company became subject to such provisions, including Section 402 related to loans.
Section 4.32. Brokers
and Finders. No Person will have, as a result of the transactions contemplated by the Transaction Documents, any valid right, interest
or claim against or upon the Company or, to the Company’s Knowledge, an Investor for any commission, fee or other compensation pursuant
to any agreement, arrangement or understanding entered into by or on behalf of the Company.
Section 4.33. No
Directed Selling Efforts or General Solicitation. Neither the Company nor any of its Subsidiaries nor any Person acting on their behalf
has conducted any general solicitation or general advertising (as those terms are used in Regulation D) in connection with the offer
or sale of the Shares.
Section 4.34. No
Integrated Offering. Neither the Company nor any of its Subsidiaries nor any Person acting on their behalf has, directly or indirectly,
made any offers or sales of any Company security or solicited any offers to buy any Company security, under circumstances that would adversely
affect reliance by the Company on Section 4(a)(2) for the exemption from registration for the transactions contemplated hereby or
would require registration of the Shares under the Securities Act.
Section 4.35. Manipulation
of Price. The Company has not taken, and, to the Company’s Knowledge, no Person acting on its behalf has taken, directly or
indirectly, any action designed to cause or to result in the stabilization or manipulation of the price of any security of the Company
to facilitate the sale or resale of the Shares.
Section 4.36. Bad
Actor Disqualification. None of the Company, any predecessor or affiliated issuer of the Company or, to the Company’s Knowledge,
any director, executive officer or other officer of the Company, any beneficial owner of 20% or more of the Company’s outstanding
voting equity securities, calculated on the basis of voting power, or any promoter connected with the Company in any capacity, is subject
to any of the “bad actor” disqualifications within the meaning of Rule 506(d) under the Securities Act, except for a disqualification
event covered by Rule 506(d)(2) or (d)(3).
Section 5. Representations
and Warranties of the Investor. The Investor hereby represents and warrants to the Company that:
Section 5.1. Organization
and Existence. The Investor is a validly existing corporation and has all requisite corporate power and authority to enter into and
consummate the transactions contemplated by the Transaction Documents and to carry out its obligations hereunder and thereunder, and to
invest in the Shares pursuant to this Agreement.
Section 5.2. Authorization.
This Agreement has been duly authorized, executed and delivered by the Investor.
Section 5.3. No Conflicts.
The execution, delivery and performance by the Investor of the Transaction Documents and the consummation by the Investor of the transactions
contemplated by the Transaction Documents will not (a) result in a violation of the organizational documents of the Investor or (b) conflict
with, or constitute a default (or an event which with notice or lapse of time or both would become a default) under, or give to others
any rights of termination, amendment, acceleration or cancellation of, any agreement, indenture or instrument to which the Investor is
a party, or (c) result in a violation of any law, rule, regulation, order, judgment or decree (including federal and state securities
laws) applicable to the Investor, except in the case of clauses (b) and (c) above, for such conflicts, defaults, rights or violations
which would not, individually or in the aggregate, reasonably be expected to have a material adverse effect on the ability of the Investor
to perform its obligations hereunder.
Section 5.4. Purchase
Entirely for Own Account. The Shares will be acquired for the Investor’s own account, not as nominee or agent, and not with
a view to the resale or distribution of any part thereof in violation of the Securities Act, and the Investor has no present intention
of selling, granting any participation in, or otherwise distributing the same in violation of the Securities Act without prejudice, however,
to the Investor’s right
at all times to sell or otherwise dispose of all
or any part of the Shares in compliance with applicable federal and state securities laws. Nothing contained herein shall be deemed a
representation or warranty by the Investor to hold the Shares for any period of time. The Investor is not a broker-dealer registered with
the SEC under the Exchange Act or an entity engaged in a business that would require it to be so registered.
Section 5.5. Investment
Experience. The Investor acknowledges that it can bear the economic risk and complete loss of its investment in the Shares and has
such knowledge and experience in financial or business matters that it is capable of evaluating the merits and risks of the investment
contemplated hereby.
Section 5.6. Disclosure
of Information. The Investor has had an opportunity to receive, review and understand all information related to the Company requested
by it and to ask questions of and receive answers from the Company regarding the Company, its business and the terms and conditions of
the offering of the Shares, and has conducted and completed its own independent due diligence. The Investor acknowledges receipt of copies
of the SEC Filings. Based on the information the Investor has deemed appropriate, it has independently made its own analysis and decision
to enter into the Transaction Documents. The Investor is relying exclusively on its own sources of information, investment analysis and
due diligence (including professional advice it deems appropriate) with respect to the execution, delivery and performance of the Transaction
Documents, the Shares and the business, condition (financial and otherwise), management, operations, properties and prospects of the Company,
including, but not limited to, all business, legal, regulatory, accounting, credit and tax matters. Neither such inquiries nor any other
due diligence investigation conducted by the Investor shall modify, limit or otherwise affect the Investor’s right to rely on the
Company’s representations and warranties contained in this Agreement.
Section 5.7. Restricted
Securities. The Investor understands that the Shares are characterized as “restricted securities” under the U.S. federal
securities laws inasmuch as they are being acquired from the Company in a transaction not involving a public offering and that under such
laws and applicable regulations such securities may be resold without registration under the Securities Act only in certain limited circumstances.
Section 5.8. Legends.
It is understood that, except as provided below, certificates or book-entry positions evidencing the Shares may bear the following or
any similar legend:
“The
securities represented hereby have not been registered with the Securities and Exchange Commission or the securities commission of any
state in reliance upon an exemption from registration under the Securities Act of 1933, as amended, and, accordingly, may not be transferred
unless (i) such securities have been registered for sale pursuant to the Securities Act of 1933, as amended, (ii) such securities
may be sold pursuant to Rule 144, or (iii) the Company has received an opinion of counsel reasonably satisfactory to it that
such transfer may lawfully be made without registration under the Securities Act of 1933, as amended.”
If required by the authorities of any state in connection
with the issuance and sale of the Shares, certificates or book-entry positions evidencing the Shares shall also bear the legend required
by such state authority.
Section 5.9. Accredited
Investor. At the time the Investor was offered the Shares, it was and, as of the date hereof, the Investor is, an “accredited
investor” within the meaning of Rule 501 under the Securities Act. The Investor is a sophisticated institutional investor with sufficient
knowledge, sophistication and experience in business, including transactions involving private investments in public equity, to properly
evaluate the risks and merits of its purchase of the Shares. The Investor has determined based on its own independent review and such
professional advice as it deems appropriate that its purchase of the Shares and participation in the transactions contemplated by the
Transaction Documents (a) are fully consistent with its financial needs, objectives and condition, (b) comply and are fully consistent
with all investment policies, guidelines and other restrictions applicable to the Investor and (c) are a fit, proper and suitable investment
for the Investor, notwithstanding the substantial risks inherent in investing in or holding the Shares.
Section 5.10. No
General Solicitation. The Investor did not learn of the investment in the Shares as a result of any general or public solicitation
or general advertising, or publicly disseminated advertisements or sales literature, including (a) any advertisement, article, notice
or other communication published in any newspaper, magazine, website, or similar media, or broadcast over television or radio, or (b)
any seminar or meeting to which the Investor was invited by any of the foregoing means of communications.
Section 5.11. Brokers
and Finders. No Person will have, as a result of the transactions contemplated by the Transaction Documents, any valid right, interest
or claim against or upon the Company or the Investor for any commission, fee or other compensation pursuant to any agreement, arrangement
or understanding entered into by or on behalf of the Investor.
Section 5.12. Short
Sales and Confidentiality Prior to the Date Hereof. Other than consummating the transactions contemplated hereunder, the Investor
has not, nor has any Person acting on behalf of or pursuant to any understanding with the Investor, directly or indirectly, executed any
purchases or sales, including Short Sales, of the securities of the Company during the period commencing as of the time that the
Investor was first contacted by the Company or any other Person regarding the transactions contemplated hereby and ending on the date
hereof. The Investor, its Affiliates and, to the knowledge of the Investor, authorized representatives and advisors of the Investor who
are aware of the transactions contemplated hereby, maintained and will maintain the confidentiality of all disclosures made to it in connection
with this transaction (including the existence and terms of this transaction), unless such disclosures are publicly disclosed by the Company.
Notwithstanding the foregoing, for avoidance of doubt, nothing contained herein shall constitute a representation or warranty, or preclude
any actions, with respect to the identification of the availability of, or securing of, available shares to borrow in order to effect
Short Sales or similar transactions in the future.
Section 5.13. No
Government Recommendation or Approval. The Investor understands that no United States federal or state agency, or similar agency of
any other country, has reviewed, approved, passed upon, or made any recommendation or endorsement of the Company or the purchase of the
Shares.
Section 5.14. No
Intent to Effect a Change of Control; Ownership. The Investor has no present intent to effect a “change of control” of
the Company as such term is understood under the rules promulgated pursuant to Section 13(d) of the Exchange Act and under the rules of
Nasdaq.
Section 5.15. No
Rule 506 Disqualifying Activities. The Investor has not taken any of the actions set forth in, and is not subject to, the disqualification
provisions of Rule 506(d)(1) of the Securities Act.
Section 6. Conditions
to Closing.
Section 6.1. Conditions
to the Investor’s Obligations. The obligation of the Investor to purchase the Shares at the Closing is subject to the fulfillment
to the Investor’s satisfaction, on or prior to the Closing Date, of the following conditions, any of which may be waived by the
Investor:
(a) The representations
and warranties made by the Company in Section 4 hereof, as qualified by
the SEC Filings, shall be true and correct in all material respects (except for those representations and warranties which are qualified
as to materiality or by Material Adverse Effect, in which case such representations and warranties shall be true and correct in all respects)
as of the date hereof and on the Closing Date, except to the extent any such representation or warranty expressly speaks as of an earlier
date, in which case such representation or warranty shall be true and correct as of such earlier date. The Company shall have performed
in all material respects all obligations and covenants herein required to be performed by it on or prior to the Closing Date.
(b) The Company shall
have obtained any and all consents, permits, approvals, registrations and waivers necessary for consummation of the purchase and sale
of the Shares and the consummation of the other transactions contemplated by the Transaction Documents, all of which shall be in full
force and effect.
(c) The Company shall
have filed with Nasdaq a Notification Form: Listing of Additional Shares for the listing of the Shares, a true and complete copy of which
shall have been provided to the Investor.
(d) No judgment, writ,
order, injunction, award or decree of or by any court, or judge, justice or magistrate, including any bankruptcy court or judge, or any
order of or by any governmental authority, shall have been issued, and no action or proceeding shall have been instituted by any governmental
authority, enjoining or preventing the consummation of the transactions contemplated by the Transaction Documents.
(e) No stop order or
suspension of trading shall have been imposed by Nasdaq, the SEC or any other governmental or regulatory body with respect to public trading
in the Ordinary Shares.
(f) The Company shall
have delivered to the Investor a certificate of the Secretary of the Company (the “Secretary’s Certificate”),
dated as of the Closing Date, in the form attached hereto as Exhibit B.
(g) The Company shall
have delivered to the Investor a true and complete copy of a good standing certificate dated within one (1) Business Day of the Closing
Date for Immatics US, Inc. issued by the Secretary of State for the State of Delaware, in form and substance reasonably satisfactory to
the Investor.
(h) The Company shall
have delivered to the Investor a customary opinion of the Company’s outside counsel, dated the Closing Date, relating to the Shares,
in form and substance reasonably satisfactory to the Investor.
(i) The Information
Rights Agreement shall be in full force and effect.
Section 6.2. Conditions
to Obligations of the Company. The Company’s obligation to issue and sell the Shares at the Closing is subject to the fulfillment
to the satisfaction of the Company on or prior to the Closing Date of the following conditions, any of which may be waived by the Company:
(a) The representations
and warranties made by the Investor in Section 5 hereof shall be true and
correct in all material respects (except for those representations and warranties which are qualified as to materiality, in which case
such representations and warranties shall be true and correct in all respects) when made, and shall be true and correct in all material
respects (except for those representations and warranties which are qualified as to materiality, in which case such representations and
warranties shall be true and correct in all respects) on the Closing Date with the same force and effect as if they had been made on and
as of said date. The Investor shall have performed in all material respects all obligations and covenants herein required to be performed
by it on or prior to the Closing Date.
(b) The Investor shall
have paid in full the Subscription Amount to the Company.
(c) The Information
Rights Agreement shall be in full force and effect.
Section 6.3. Termination
of Obligations to Effect Closing; Effects. The obligations of the Company, on the one hand, and the Investor, on the other hand, to
effect the Closing shall terminate as follows:
(a) Upon the
mutual written consent of the Company and Investor;
(b) By the
Company if any of the conditions set forth in Section 6.2 shall have become
incapable of fulfillment, and shall not have been waived by the Company; or
(c) By the
Investor if any of the conditions set forth in Section 6.1 shall have become
incapable of fulfillment, and shall not have been waived by the Investor;
provided, however, that, except in the case of clause
(a) above, the party seeking to terminate its obligation to effect the Closing shall not then be in breach of any of its representations,
warranties, covenants or agreements contained in the Transaction Documents if such breach has resulted in the circumstances giving rise
to such party’s seeking to terminate its obligation to effect the Closing.
Section 7. Covenants
and Agreements of the Parties.
Section 7.1. Nasdaq
Listing. From the date hereof until such time as the Shares have been sold pursuant to Rule 144 or are eligible for resale under Rule
144(b)(1) or any successor provision, the Company will use commercially reasonable efforts to continue the listing and trading of its
Ordinary Shares on Nasdaq and, in accordance therewith, will use commercially reasonable efforts to comply in all respects with the Company’s
reporting, filing and other obligations under the bylaws or rules of such market or exchange, as applicable.
Section 7.2. Removal
of Legends. In connection with the removal of any sale or disposition of the Shares by the Investor pursuant to an effective registration
statement, Rule 144 or any other exemption under the Securities Act such that the purchaser acquires freely tradable shares and upon
compliance by the Investor with the requirements of the Transaction Documents, if requested by the Investor, the Company shall cause the
Transfer Agent to timely remove any restrictive legends related to the book-entry positions representing such Shares, provided that the
Company has received customary representations and other documentation reasonably acceptable to the Company in connection therewith. Subject
to receipt by the Company of customary representations and other documentation reasonably acceptable to the Company in connection therewith,
upon the earliest of such time as the Shares (a) have been sold or transferred pursuant to an effective registration statement, (b) have
been sold pursuant to Rule 144 or (c) are eligible for resale under Rule 144(b)(1) or any successor provision without regard for
current public information, the Company shall (i) deliver to the Transfer Agent instructions to remove any restrictive legends related
to the book-entry positions representing such Shares and (ii) cause its counsel to deliver to the Transfer Agent an opinion to the
effect that the removal of such legends in such circumstances may be effected under the Securities Act. The Company shall be responsible
for all fees (with respect to its Transfer Agent, counsel or otherwise) associated with the removal of restrictive legends pursuant to
this Section 7.2.
Section 7.3. Transfer
Restrictions. The Investor agrees that it will sell, transfer or otherwise dispose of the Shares only in compliance with all applicable
state and federal securities laws.
Section 7.4. Subsequent
Equity Sales. The Company shall not, and shall use its commercially reasonable efforts to ensure that no controlled Affiliate of the
Company shall, sell, offer for sale or solicit offers to buy or otherwise negotiate in respect of any security (as defined in Section 2
of the Securities Act) that will be integrated with the offer or sale of the Shares in a manner that would require the registration under
the Securities Act of the sale of the Shares to the Investor. The Company shall not take any action or steps that would adversely affect
reliance by the Company in any material respect on Section 4(a)(2) for the exemption from registration for the transactions contemplated
hereby or require registration of the Shares under the Securities Act.
Section 7.5. Short
Sales. The Investor covenants that neither it nor any Affiliates acting on its behalf or pursuant to any understanding with it will
execute any Short Sales during the period from the date hereof until the earlier of such time as (a) the Closing Date or (b) this Agreement
is terminated in full.
Section 7.6. Subsequent
Sales. The Investor understands and acknowledges that, through the Information Rights Agreement and other agreements it has or may
have with the Company, it may be in possession of information that constitutes “material nonpublic information” with respect
to the Company. The Investor covenants that all resales of the Shares will be made in compliance with all applicable securities laws.
Section 7.7. Adjustments
in Share Numbers and Prices. In the event of any stock split, subdivision, dividend or distribution payable in Ordinary Shares (or
other securities or rights convertible into, or entitling the holder thereof to receive directly or indirectly, Ordinary Shares), combination
or other similar recapitalization or event occurring after the date hereof and prior to the Closing, each reference in any Transaction
Document to a number of shares or a price per share shall be deemed to be amended to appropriately account for such event.
Section 7.8. Registration
Rights and Rule 144.
(a) The Company agrees
to file with the SEC a registration statement on Form F-3 (the “Registration Statement”) covering the resale by the
Investor of the Shares acquired by the Investor pursuant to this Agreement within 60 calendar days after the Closing Date, and to use
its reasonable best efforts to have the Registration Statement declared effective as soon as practicable after the filing thereof, but
in no event later than 10th
Business Day after the SEC notifies the Company (orally
or in writing, whichever is earlier) that it will not review, or has completed its review of, the Registration Statement.
(b) Notwithstanding
anything to the contrary contained herein, the Company may, upon written notice to any holder of Registrable Securities included in a
Registration Statement, suspend the use of any Registration Statement, including any prospectus that forms a part of a Registration Statement,
if the Company (a) determines that it would be required to make disclosure of material information in the Registration Statement that
the Company has a bona fide business purpose for preserving as confidential, (b) the Company determines it must amend or supplement the
Registration Statement or the related prospectus so that such Registration Statement or prospectus shall not include an untrue statement
of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein, in the
case of the prospectus in light of the circumstances under which they were made, not misleading or (c) has experienced or is experiencing
some other material nonpublic event, including a pending transaction involving the Company, the disclosure of which at such time, in the
good faith judgment of the Company, would adversely affect the Company; provided, however, that in no event shall holders
of Registrable Securities be suspended from selling Registrable Securities pursuant to the Registration Statement for a period that exceeds
30 consecutive Trading Days or 60 total Trading Days in any 365-day period. Upon disclosure of such information or the termination of
the condition described above, the Company shall provide prompt notice to holders whose Registrable Securities are included in the Registration
Statement, and shall promptly terminate any suspension of sales it has put into effect and shall take such other reasonable actions to
permit registered sales of Registrable Securities as contemplated hereby.
(c) With a view to making
available to the Investor the benefits of Rule 144 (or its successor rule) and any other rule or regulation of the SEC that may at any
time permit the Investor to sell the Shares to the public without registration, the Company covenants and agrees to: (a) make and keep
public information available, as those terms are understood and defined in Rule 144, until the earlier of (A) six months after such date
as all of the Registrable Securities may be sold without restriction by the holders thereof pursuant to Rule 144 or any other rule of
similar effect or (B) such date as there are no longer Registrable Securities; (b) file with the SEC in a timely manner all reports and
other documents required of the Company under the Exchange Act; and (c) furnish electronically to the Investor upon request, as long as
the Investor owns any Registrable Securities, a written statement by the Company that it has complied with the reporting requirements
of the Exchange Act.
(d) The Investor understands
and acknowledges that the Staff of the SEC currently takes the position that coverage of short sales of Ordinary Shares “against
the box” prior to effectiveness of a resale registration statement with securities included in such registration statement would
be a violation of Section 5 of the Securities Act, as set forth in Item 239.10 of the Securities Act Rules Compliance and Disclosure Interpretations
compiled by the Office of Chief Counsel, Division of Corporation Finance.
Section 8. Indemnification.
Section 8.1. Indemnification
by the Company. The Company agrees to indemnify and hold harmless, to the fullest extent permitted by law, the Investor, its officers,
directors, partners, members, stockholders and employees, each Person who controls the Investor (within the meaning of Section 15 of the
Securities Act or Section 20 of the Exchange Act) and the officers, directors, partners, members, stockholders and employees of each such
controlling Person (each, an “Investor Indemnified Party”), against any losses, claims, damages, liabilities or expenses,
joint or several, to which such Investor Indemnified Party may become subject under the Securities Act, the Exchange Act, or any other
federal or state statutory law or regulation (including in settlement of any litigation, if such settlement is effected with the written
consent of the Company), insofar as such losses, claims, damages, liabilities or expenses (or actions in respect thereof as contemplated
below) arise out of or are based upon any untrue statement or alleged untrue statement or omission or alleged omission of any material
fact contained in any Registration Statement, any preliminary prospectus or final prospectus thereto, or any amendment or supplement thereof,
and will reimburse each Investor Indemnified Party for legal and other expenses reasonably incurred as such expenses are reasonably incurred
by such Investor Indemnified Party in connection with investigating, defending, settling, compromising or paying such loss, claim, damage,
liability, expense or action; provided, however, that the Company will not be liable in any such case to the extent
that any such loss, claim, damage, liability or expense arises out of or is based upon (a) an untrue statement or alleged untrue
statement or omission or alleged omission so made in conformity with information furnished by an Investor Indemnified Party in writing
specifically for use in
the Registration Statement or a prospectus, (b) the
use by an Investor Indemnified Party of an outdated or defective prospectus after the Company has notified the Investor in writing that
such prospectus is outdated or defective or (c) an Investor Indemnified Party’s failure to send or give a copy of the prospectus
or supplement (as then amended or supplemented), if required (and not exempted), to the Persons asserting an untrue statement or omission
or alleged untrue statement or omission at or prior to the written confirmation of the sale of Registrable Securities.
Section 8.2. Indemnification
by the Investor. The Investor agrees to indemnify and hold harmless, to the fullest extent permitted by law, the Company, its directors,
officers, employees, stockholders and each person who controls the Company (within the meaning of the Securities Act) against any losses,
claims, damages, liabilities and expenses (including reasonable attorney fees) resulting from any untrue statement of a material fact
or any omission of a material fact required to be stated in the Registration Statement or prospectus or preliminary prospectus or amendment
or supplement thereto or necessary to make the statements therein not misleading, to the extent, but only to the extent, that such untrue
statement or omission is contained in any information regarding the Investor and furnished in writing by the Investor to the Company specifically
for inclusion in the Registration Statement or prospectus or amendment or supplement thereto. In no event shall the liability of the Investor
be greater than the dollar amount of the proceeds received by the Investor upon the sale of the Registrable Securities included in such
Registration Statement giving rise to such indemnification obligation.
Section 8.3. Indemnification
Procedure. Promptly after any indemnified party hereunder (the “Indemnified Party”) has received notice of any
indemnifiable claim hereunder, or the commencement of any action, suit or proceeding by a third Person, which the Indemnified Party believes
in good faith is an indemnifiable claim under this Agreement, the Indemnified Party shall give the indemnitor hereunder (the “Indemnifying
Party”) written notice of such claim or the commencement of such action, suit or proceeding, but failure to so notify the Indemnifying
Party will not relieve the Indemnifying Party from any liability it may have to such Indemnified Party hereunder except to the extent
that the Indemnifying Party is materially prejudiced by such failure. Such notice shall state the nature and the basis of such claim to
the extent then known. The Indemnifying Party shall have the right to defend and settle, at its own expense and by its own counsel who
shall be reasonably acceptable to the Indemnified Party, any such matter as long as the Indemnifying Party pursues the same diligently
and in good faith. If the Indemnifying Party undertakes to defend or settle, it shall promptly notify the Indemnified Party of its intention
to do so, and the Indemnified Party shall cooperate with the Indemnifying Party and its counsel in all commercially reasonable respects
in the defense thereof and the settlement thereof. Such cooperation shall include, but shall not be limited to, furnishing the Indemnifying
Party with any books, records and other information reasonably requested by the Indemnifying Party and in the Indemnified Party’s
possession or control. Such cooperation of the Indemnified Party shall be at the cost of the Indemnifying Party. After the Indemnifying
Party has notified the Indemnified Party of its intention to undertake to defend or settle any such asserted liability, and for so long
as the Indemnifying Party diligently pursues such defense, the Indemnifying Party shall not be liable for any additional legal expenses
incurred by the Indemnified Party in connection with any defense or settlement of such asserted liability; provided, however,
that the Indemnified Party shall be entitled (a) at its expense, to participate in the defense of such asserted liability and the
negotiations of the settlement thereof and (b) if (i) the Indemnifying Party has failed to assume the defense or employ counsel reasonably
acceptable to the Indemnified Party or (ii) the defendants in any such action include both the Indemnified Party and the Indemnifying
Party and counsel to the Indemnified Party shall have concluded that there may be reasonable defenses available to the Indemnified Party
that are different from or in addition to those available to the Indemnifying Party or if the interests of the Indemnified Party reasonably
may be deemed to conflict with the interests of the Indemnifying Party, then the Indemnified Party shall have the right to select a separate
counsel and to assume such legal defense and otherwise to participate in the defense of such action, with the expenses and fees of such
separate counsel and other expenses related to such participation to be reimbursed by the Indemnifying Party as incurred. Notwithstanding
any other provision of this Agreement, the Indemnifying Party shall not settle any indemnified claim without the consent of the Indemnified
Party, unless the settlement thereof imposes no liability or obligation on, and includes a complete release from liability of, and does
not include any admission of wrongdoing or malfeasance by, the Indemnified Party.
Section 8.4. Corporate
Opportunities. Notwithstanding anything to the contrary in this Agreement, the Company, on behalf of itself and its Subsidiaries,
to the fullest extent permitted by applicable law, (a) acknowledges and affirms that the Investor and its Affiliates, directors, officers
and employees (the “Investor Group”): (i) have participated (directly or indirectly) and will continue to participate
(directly or indirectly) in private equity, venture capital and other direct investments in corporations, joint ventures, limited liability
companies and other entities (“Other Investments”),
including Other Investments engaged in various aspects of businesses similar to those engaged in by the Company and its Subsidiaries that
may, are or will be competitive with the Company’s or any of its Subsidiaries’ businesses or that could be suitable for the
Company’s or any of its Subsidiaries’ interests, (ii) have interests in, participate with, aid and maintain seats on the board
of directors or similar governing bodies of, Other Investments, (iii) may develop or become aware of business opportunities for Other
Investments; and (iv) may or will, as a result of or arising from the matters referenced in this Section 8.4, the nature of the
Investor Group’s businesses and other factors, have conflicts of interest or potential conflicts of interest, (b) hereby renounces
and disclaims any interest or expectancy in any business opportunity (including any Other Investments or any other opportunities) that
may arise in connection with the circumstances described in the foregoing clauses (a)(i) – (a)(iv) (each, a “Renounced
Business Opportunity”), and (c) acknowledges and affirms that no member of the Investor Group shall have any obligation to communicate
or offer any Renounced Business Opportunity to the Company or any of its Subsidiaries, and any member of the Investor Group may pursue
a Renounced Business Opportunity.
Section 9. Miscellaneous.
Section 9.1. Successors
and Assigns. This Agreement may not be assigned by a party hereto without the prior written consent of the other party; provided,
however, that the Investor may assign its rights and delegate its duties hereunder in whole or in part to an Affiliate without the
prior written consent of the Company, provided such assignee agrees in writing to be bound by the provisions hereof that apply
to the Investor. The provisions of this Agreement shall inure to the benefit of and be binding upon the respective permitted successors
and assigns of the parties.
Section 9.2. Survival.
Subject to applicable statutes of limitations, the representations, warranties, covenants and agreements contained in this Agreement (other
than Section 8) shall survive the Closing for a period of one year after the date
hereof and thereafter shall have no further force and effect. Section 8 shall
survive the Closing for a period of three years from the date on which all Shares no longer constitute Registrable Securities.
Section 9.3. Counterparts;
Email. This Agreement may be executed in one or more counterparts, each of which shall be deemed an original, but all of which together
shall constitute one and the same instrument. Counterparts may be delivered via electronic mail (including pdf or any electronic signature
complying with the U.S. federal ESIGN Act of 2000, e.g., www.docusign.com) or other transmission method and any counterpart so delivered
shall be deemed to have been duly and validly delivered and be valid and effective for all purposes.
Section 9.4. Titles
and Subtitles. The titles and subtitles used in this Agreement are used for convenience only and are not to be considered in construing
or interpreting this Agreement.
Section 9.5. Notices.
All notices and other communications given or made pursuant to this Agreement shall be in writing and shall be deemed effectively given
upon the earlier of actual receipt, or (a) personal delivery to the party to be notified, (b) when sent, if sent by electronic mail during
normal business hours of the recipient, and if not sent during normal business hours, then on the recipient’s next Business Day,
(c) two Business Days after having been sent by registered or certified mail, return receipt requested, postage prepaid, or (d) one Business
Day after deposit with a nationally recognized overnight courier, freight prepaid, specifying next business day delivery, with written
verification of receipt. All communications shall be sent to the respective parties at their electronic mail address or address as set
forth below, or to such electronic mail address or address as subsequently modified by written notice given in accordance with this Section
9.5.
If to the Company:
Immatics N.V.
Paul-Ehrlich-Strasse 15
72076 Tübingen
Germany
Attention: Edward Sturchio
Email: Edward.Sturchio@immatics.com
With a copy (which will not constitute notice)
to:
Davis Polk & Wardwell LLP
450 Lexington Avenue
New York, New York 10017
Attention: Yasin Keshvargar
Email: yasin.keshvargar@davispolk.com
If to the Investor:
Bristol-Myers Squibb Company
Route 206 & Province Line Road
Princeton, New Jersey 08543-4000
USA
Attention: Executive Director, Equity and Venture Capital
Email: bd-investments@bms.com
With a copy (which shall not constitute notice) to:
Bristol-Myers Squibb Company
Route 206 & Province Line Road
Princeton, New Jersey 08543-4000
USA
Attention: Senior Vice President, Transactions Law
Email: transactionslegal@bms.com
and to:
Morgan, Lewis & Bockius LLP
502 Carnegie Center
Princeton, New Jersey 08540-6241
USA
Attention: David Schwartz
Email: david.schwartz@morganlewis.com
Section 9.6. Expenses.
The Company agrees to reimburse Investor upon the Closing, for Investor’s reasonable and documented out-of-pocket expenses, including
the reasonable and documented fees and disbursements of outside attorneys, arising in connection with any matter relating to the Transaction
Documents; provided, however, that, other than expense reimbursement contemplated by Section 8, such amounts shall not exceed US$100,000.
Notwithstanding the foregoing, it is understood that each of the Company and the Investor has relied on the advice of its own respective
counsel in connection with the transactions contemplated by the Transaction Documents. The Company shall pay any Transfer Agent fees,
stamp taxes and other taxes and duties levied in connection with the sale and issuance of the Shares to the Investor.
Section 9.7. Amendments
and Waivers. Any term of this Agreement may be amended and the observance of any term of this Agreement may be waived (either generally
or in a particular instance and either retroactively or prospectively) only with the written consent of the Company and the Investor.
Section 9.8. Publicity.
Except as set forth below, no public release or announcement concerning the transactions contemplated hereby shall be issued by any party
without the prior written consent of the other party (which consent shall not be unreasonably withheld or delayed), except as such release
or announcement may be required by law or the applicable rules or regulations of any securities exchange or securities market, in which
case the other party shall, to the extent reasonably practicable in the circumstances, be afforded reasonable time to review and comment
on such release or announcement in advance of such issuance and the issuing party shall incorporate any reasonable comments proposed by
the other party in such release or announcement. No later than the third
Trading Day immediately following the date of this
Agreement, the Company shall issue a press release disclosing all material terms of this Agreement (the “Press Release”).
Section 9.9. Severability;
Construction. Any provision of this Agreement that is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction,
be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof but shall be
interpreted as if it were written so as to be enforceable to the maximum extent permitted by applicable law, and any such prohibition
or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction. To the
extent permitted by applicable law, the parties hereby waive any provision of law which renders any provision hereof prohibited or unenforceable
in any respect. This Agreement shall be deemed to be jointly drafted by the Company and the Investor and shall not be construed against
any Person as the drafter hereof.
Section 9.10. No
Third-Party Beneficiaries. This Agreement is intended for the benefit of the parties hereto and their respective successors and permitted
assigns and is not for the benefit of, nor may any provision hereof be enforced by, any other Person, except as otherwise set forth in
Section 8 and this Section
9.10.
Section 9.11. Entire
Agreement. The Transaction Documents, collectively, including the signature pages and exhibits and schedules thereto, and any written
agreement between the Company and the Investor regarding confidentiality matters that was entered into in connection with the transactions
contemplated hereby constitute the entire agreement among the parties hereof with respect to the subject matter hereof and thereof and
supersede all prior agreements and understandings, both oral and written, between the parties with respect to the subject matter hereof.
Section 9.12. Further
Assurances. The parties shall execute and deliver all such further instruments and documents and take all such other actions as may
reasonably be required to carry out the transactions contemplated hereby and to evidence the fulfillment of the agreements herein contained.
Section 9.13. Governing
Law; Consent to Jurisdiction; Waiver of Jury Trial. This Agreement (and disputes arising hereunder whether in contract, tort or otherwise)
shall be governed by, and construed in accordance with, the internal laws of the State of New York without regard to the choice of law
principles thereof (other than Sections 5-1401 and 5-1402 of the General Obligations Law). Each of the parties hereto irrevocably submits
to the exclusive jurisdiction of the courts of the State of New York located in New York County and the United States District Court for
the Southern District of New York for the purpose of any suit, action, proceeding or judgment relating to or arising out of this Agreement
and the transactions contemplated hereby. Service of process in connection with any such suit, action or proceeding may be served on each
party hereto anywhere in the world by the same methods as are specified for the giving of notices under this Agreement. Each of the parties
hereto irrevocably consents to the jurisdiction of any such court in any such suit, action or proceeding and to the laying of venue in
such court. Each party hereto irrevocably waives any objection to the laying of venue of any such suit, action or proceeding brought in
such courts and irrevocably waives any claim that any such suit, action or proceeding brought in any such court has been brought in an
inconvenient forum. EACH OF THE PARTIES HERETO WAIVES ANY RIGHT TO REQUEST A TRIAL BY JURY IN ANY LITIGATION WITH RESPECT TO THIS AGREEMENT
AND REPRESENTS THAT COUNSEL HAS BEEN CONSULTED SPECIFICALLY AS TO THIS WAIVER.
[remainder of page intentionally left blank]
IN WITNESS WHEREOF, the parties have executed this
Agreement or caused their duly authorized officers to execute this Agreement as of the date first above written.
| COMPANY: |
IMMATICS N.V.
|
| |
By: |
/s/ Arnd Christ |
| |
|
Name: Arnd Christ |
| |
|
Title: Chief Financial Officer |
| INVESTOR: |
BRISTOL-MYERS SQUIBB COMPANY
|
| |
By: |
/s/ Elizabeth A. Mily |
| |
|
Name: Elizabeth A. Mily |
| |
|
Title: Executive Vice President,
Strategy & Business Development |
[Signature Page to Securities Purchase Agreement] |
EXHIBIT A
Form Deed of Issue
IMMATICS N.V.
July 21, 2023
THE UNDERSIGNED
Immatics N.V., a public company with limited liability, having
its corporate seat in Amsterdam, registered with the Dutch trade register under number 77595726 (the "Company").
HEREBY DECLARES THE FOLLOWING
| 1.1 | In this Deed the following definitions shall apply: |
| CST Register |
The register kept by the Transfer Agent with respect to Ordinary Shares. |
| Deed |
This deed of issue. |
| DTC |
The Depository Trust Company. |
| Investor |
Bristol-Myers Squibb Company. |
| Ordinary Shares |
Ordinary shares in the Company's capital, with a nominal value of EUR 0.01 each. |
| Resolutions |
The written resolutions of the Company's board of directors. |
| Securities Purchase Agreement |
The securities purchase agreement entered into by the Company and the Investor regarding the sale and issuance of the Shares, dated July 19, 2023. |
| Shareholders' Register |
The Company's shareholders' register as referred to in Section 2:85 of the Dutch Civil Code. |
| Shares |
2,419,818 Ordinary Shares. |
| Subscription Amount |
$35,000,005.57 |
| Transfer Agent |
Continental Stock Transfer & Trust Company, in its capacity as the Company's transfer agent. |
| 1.2 | In this Deed, terms defined in the plural shall have a similar meaning when used in the singular. |
| 1.3 | Although this Deed has been drafted in the English language, this Deed pertains to Dutch legal concepts. Any consequence of the use
of English words and expressions in this Deed under any law other than Dutch law shall be disregarded. |
| 1.4 | The titles and headings in this Deed are for construction purposes as well as for reference. No party may derive any rights from such
titles and headings. |
| 2.1 | In giving effect to the Resolutions and the Company's obligations
under the Securities Purchase Agreement, the Company hereby issues the Shares to the Transfer Agent for inclusion of the Shares in the
CST Register, in book-entry form (either directly or through the facilities of DTC), which in its turn shall deliver such Shares to the
Investor. |
| 2.2 | Upon the Shares being included in the CST Register, the Transfer
Agent shall be considered to have accepted the Shares for delivery in book-entry form (either directly or through the facilities of DTC)
to the Investor. |
| 2.3 | The present issuance of the Shares shall be registered in
the Shareholders' Register. |
| 3.1 | The Shares are issued at the Subscription Amount. |
| 3.2 | The Company approves payment of the Subscription Amount in
a currency other than Euro. |
| 3.3 | The Subscription Amount for the Shares has been satisfied
in accordance with the terms of the Securities Purchase Agreement and the Company grants a discharge for the payment thereof. |
| 3.4 | To the extent that the Subscription Amount for the Shares
exceeds the aggregate nominal value of the Shares, such excess shall be considered to be share premium and shall be added to the Company's
share premium reserve attached to the Ordinary Shares. |
| 4 | NO RECISSION OR NULLIFICATION |
| 4.1 | The Company waives the right to rescind or nullify, or commence
legal proceedings to rescind, nullify or amend, on any ground whatsoever, this Deed and any other agreement or instrument underlying
the present issuance of the Shares. |
| 5 | GOVERNING LAW AND JURISDICTION |
| 5.1 | Without prejudice to the relevant provisions of Chapters
4 and 5 of Title 10 of Book 10 of the Dutch Civil Code, this Deed shall be exclusively governed by and construed in accordance with the
laws of the Netherlands. |
| 5.2 | Any disputes arising from or in connection with this Deed
shall be submitted to the jurisdiction of the competent court in Amsterdam, the Netherlands which jurisdiction shall be exclusive. |
Exhibit B
Secretary’s Certificate
Reference is made to that certain Securities Purchase
Agreement, dated as of July 19, 2023, between Immatics N.V., a naamloze vennootschap organized under the laws of the Netherlands
(the “Company”), and Bristol-Myers Squibb Company (the “Securities Purchase Agreement”). Capitalized
terms not defined in this certificate shall have the meaning assigned to such terms in the Securities Purchase Agreement.
I, Edward Sturchio, General Counsel and Secretary
of the Company, do hereby certify on behalf and in the name of the Company, as follows:
1. Attached hereto
as Appendix A is a true, correct and complete copy of the Company’s Articles of Association (the “Articles
of Association”), as in full force and effect since July 1, 2021 and on the date hereof. Since July 1, 2021, no amendment to
the Articles of Association has been approved by the Board of Directors of the Company (the “Board of Directors”) or
the shareholders of the Company.
2. No proceeding for
the dissolution, merger, sale, consolidation or liquidation of the Company or for the sale of all or substantially all of its assets is
pending or, to the best of my knowledge, threatened and no such proceeding is contemplated by the Company.
3. Attached hereto
as Appendix B, is a true, correct and complete copy of written resolutions duly adopted by the Board of Directors on July 17, 2023.
Such resolutions have not been amended or modified, are in full force and effect in the form adopted and are the only resolutions adopted
by the Board of Directors or by any committee of or designated by the Board of Directors relating to (a) the execution and delivery of
the Securities Purchase Agreement, the Information Rights Agreement and the Deed of Issue and (b) the consummation of the transactions
contemplated thereunder (including, without limitation, the sale of the Shares pursuant to such agreement).
4. Each person who,
as a director or officer of the Company, signed (a) the Securities Purchase Agreement and (b) any other document or certificate delivered
under the Securities Purchase Agreement in connection with the transactions contemplated thereunder was at the respective times of such
signing and delivery duly elected or appointed and acting as such director or officer and was duly authorized to execute and deliver such
document on behalf of the Company, and the signatures of such persons appearing on such documents are their genuine signatures or true
facsimiles thereof.
5. The Securities
Purchase Agreement, Information Rights Agreements and the Deed of Issue, each as executed and delivered by the Company, is in substantially
the form approved by one or more of the Company’s officers pursuant to the resolutions referred to in paragraph 3 above, under
authority delegated by the Board of Directors, and has been duly executed and delivered on behalf of the Company by an appropriate officer
of the Company.
Exhibit 5.1
| ATTORNEYS
• CIVIL LAW NOTARIES • TAX ADVISERS |
 |
| |
|
|
Beethovenstraat
400
1082 PR Amsterdam
T +31 20 71 71 000
F +31 20 71 71 111 |
|
Amsterdam, August 25, 2023
|
To the Company:
We have acted as legal counsel as to Dutch law
to the Company in connection with the Private Placement and the filing of the Registration Statement with the SEC. This opinion letter
is rendered to you in order to be filed with the SEC as an exhibit to the Registration Statement.
Capitalised terms used in this opinion letter
have the meanings set forth in Exhibit A to this opinion letter. The section headings used in this opinion letter are for convenience
of reference only and are not to affect its construction or to be taken into consideration in its interpretation.
This opinion letter is strictly limited to the
matters stated in it and may not be read as extending by implication to any matters not specifically referred to in it. Nothing in this
opinion letter should be taken as expressing an opinion in respect of any representations or warranties, or other information, contained
in any document reviewed by us in connection with this opinion letter.
In rendering the opinions expressed in this opinion
letter, we have reviewed and relied upon a draft of the Registration Statement and pdf copies of the Reviewed Documents and the Corporate
Documents and we have assumed that the Reviewed Documents have been entered into for bona fide commercial reasons. We have not investigated
or verified any factual matter disclosed to us in the course of our review.
This opinion letter sets out our opinion on certain
matters of the laws with general applicability of the Netherlands, and, insofar as they are directly applicable in the Netherlands, of
the European Union, as at today's date and as presently interpreted under published authoritative case law of the Dutch courts, the General
Court and the Court of Justice of the European Union. We do not express any opinion on Dutch or European competition law, data protection
law, tax law, securitisation law or regulatory law. No undertaking is assumed on our part to revise, update or amend this opinion letter
in connection with, or to notify or inform you of, any developments and/or changes of Dutch law subsequent to today's date. We do not
purport to opine on the consequences of amendments to the Reviewed Documents, the Registration Statement or the Corporate Documents subsequent
to the date of this opinion letter.
The opinions expressed in this opinion letter
are to be construed and interpreted in accordance with Dutch law. The competent courts at Amsterdam, the Netherlands, have exclusive jurisdiction
to settle any issues of interpretation or liability arising out of or in connection with this opinion letter. Any legal relationship arising
out
All legal relationships are subject to NautaDutilh
N.V.'s general terms and conditions (see https://www.nautadutilh.com/terms), which apply mutatis mutandis to our relationship with third
parties relying on statements of NautaDutilh N.V., include a limitation of liability clause, have been filed with the Rotterdam District
Court and will be provided free of charge upon request. NautaDutilh N.V.; corporate seat Rotterdam; trade register no. 24338323.
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| | 2 |
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of or in connection with this opinion letter (whether
contractual or non-contractual), including the above submission to jurisdiction, is governed by Dutch law and shall be subject to the
general terms and conditions of NautaDutilh. Any liability arising out of or in connection with this opinion letter shall be limited to
the amount which is paid out under NautaDutilh's insurance policy in the matter concerned. No person other than NautaDutilh may be held
liable in connection with this opinion letter.
In this opinion letter, legal concepts are expressed
in English terms. The Dutch legal concepts concerned may not be identical in meaning to the concepts described by the English terms as
they exist under the law of other jurisdictions. In the event of a conflict or inconsistency, the relevant expression shall be deemed
to refer only to the Dutch legal concepts described by the English terms.
For the purposes of this opinion letter, we have
assumed that:
| a. | drafts of documents reviewed by us will be signed in the form of those drafts, each copy of a document
conforms to the original, each original is authentic, and each signature is the genuine signature of the individual purported to have
placed that signature; |
| b. | if any signature under any document is an electronic signature (as opposed to a handwritten ("wet
ink") signature) only, it is either a qualified electronic signature within the meaning of the eIDAS Regulation, or the method used
for signing is otherwise sufficiently reliable; |
| c. | each of the Deed of Incorporation and the Deed of Conversion is a valid notarial deed; |
| d. | the Registration Statement will be declared effective by the SEC in the form reviewed by us; |
| e. | at the Relevant Moment, (i) Ordinary Shares have been admitted
for trading on a trading system outside the European Economic Area comparable to a regulated market or a multilateral trading facility
as referred to in Section 2:86c(1) DCC and (ii) no financial instruments issued by the Company (or depository receipts for or otherwise
representing such financial instruments) were admitted to trading on a regulated market, multilateral trading facility or organised trading
facility operating in the European Economic Area (and no request for admission of any such financial instruments to trading on any such
trading venue has been made); |
| f. | (i) no internal regulations (reglementen) have been adopted by any |
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| | 3 |
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corporate body of
the Company which would affect the validity of the resolutions recorded in the Resolutions and (ii) the Current Articles are the Articles
of Association currently in force and as they were in force at the Relevant Moment;
| g. | (i) at the Relevant Moment, the resolutions recorded in the Resolutions were in full force and effect,
(ii) at the Relevant Moment, the factual statements made and the confirmations given in the Resolutions and in the Deed of Issue were
complete and correct and (iii) the Resolutions correctly reflect the resolutions recorded therein; |
| h. | the Deed of Issue has been been validly signed and executed on behalf of the Company; |
| i. | the Company has received payment in full for the Private Placement Shares as provided for in the Reviewed
Documents prior to the execution of the Deed of Issue; and |
| j. | the Private Placement, to the extent made in the Netherlands, has been, is and will be made in conformity
with the Prospectus Regulation and the rules promulgated thereunder. |
Based upon and subject to the foregoing and subject
to the qualifications set forth in this opinion letter and to any matters, documents or events not disclosed to us, we express the following
opinions:
Corporate Status
| 1. | The Company has been duly incorporated as a besloten vennootschap met beperkte aansprakelijkheid
and is validly existing as a naamloze vennootschap. |
Private Placement
Shares
| 2. | The Private Placement Shares have been validly issued pursuant to the Deed of Issue and are fully paid
and non-assessable. |
The opinions expressed above are subject to the
following qualifications:
| A. | Opinion 1 must not be read to imply that the Company cannot be dissolved (ontbonden). A company
such as the Company may be dissolved, inter alia by the competent court at the request of the company's board of directors, any interested
party (belanghebbende) or the public prosecution office in certain circumstances, such as when there are certain defects in the |
| | |
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| | 4 |
| | |
incorporation of
the company. Any such dissolution will not have retro-active effect.
| B. | Pursuant to Section 2:7 DCC, any transaction entered into by a legal entity may be nullified by the legal
entity itself or its liquidator in bankruptcy proceedings (curator) if the objects of that entity were transgressed by the transaction
and the other party to the transaction knew or should have known this without independent investigation (wist of zonder eigen onderzoek
moest weten). The Dutch Supreme Court (Hoge Raad der Nederlanden) has ruled that in determining whether the objects of a legal
entity are transgressed, not only the description of the objects in that legal entity's articles of association (statuten) is decisive,
but all (relevant) circumstances must be taken into account, in particular whether the interests of the legal entity were served by the
transaction. Based on the objects clause contained in the Current Articles, we have no reason to believe that, by entering into the Reviewed
Documents, the Company has transgressed the description of the objects contained in its Articles of Association. However, we cannot assess
whether there are other relevant circumstances that must be taken into account, in particular whether the interests of the Company are
served by entering into the Reviewed Documents since this is a matter of fact. |
| C. | Pursuant to Section 2:98c DCC, a company such as the Company may grant loans (leningen verstrekken)
only in accordance with the restrictions set out in Section 2:98c DCC, and may not provide security (zekerheid stellen), give a
price guarantee (koersgarantie geven) or otherwise bind itself, whether jointly and severally or otherwise with or for third parties
(zich op andere wijze sterk maken of zich hoofdelijk of anderszins naast of voor anderen verbinden) with a view to (met het
oog op) the subscription or acquisition by third parties of shares in its share capital or depository receipts. This prohibition also
applies to its subsidiaries (dochtervennootschappen). It is generally assumed that a transaction entered into in violation of Section
2:98c DCC is null and void (nietig). Based on the content of the Reviewed Documents, we have no reason to believe that the Company
or its subsidiaries have violated Section 2:98c DCC in connection with the issue of the Private Placement Shares. However, we cannot confirm
this definitively, since this is a matter of fact. |
| D. | The opinions expressed in this opinion letter may be limited or affected by: |
| a. | rules relating to Insolvency Proceedings or similar proceedings under a foreign law and other rules affecting
creditors' rights |
| | |
| | |
| | 5 |
| | |
generally;
| b. | the provisions of fraudulent preference and fraudulent conveyance (Actio Pauliana) and similar
rights available in other jurisdictions to insolvency practitioners and insolvency office holders in bankruptcy proceedings or creditors; |
| c. | claims based on tort (onrechtmatige daad); |
| d. | sanctions and measures, including but not limited to those concerning export control, pursuant to European
Union regulations, under the Dutch Sanctions Act 1977 (Sanctiewet 1977) or other legislation; |
| e. | the Anti-Boycott Regulation, Anti Money Laundering Laws and related legislation; |
| f. | any intervention, recovery or resolution measure by any regulatory or other authority or governmental
body in relation to financial enterprises or their affiliated entities; and |
| g. | the rules of force majeure (niet toerekenbare tekortkoming), reasonableness and fairness (redelijkheid
en billijkheid), suspension (opschorting), dissolution (ontbinding), unforeseen circumstances (onvoorziene omstandigheden)
and vitiated consent (i.e., duress (bedreiging), fraud (bedrog), abuse of circumstances (misbruik van omstandigheden)
and error (dwaling)) or a difference of intention (wil) and declaration (verklaring), and other defences afforded
by Dutch law to obligors generally. |
| E. | The term "non-assessable" has no equivalent in the Dutch language and for purposes of this opinion
letter such term should be interpreted to mean that a holder of a share shall not by reason of merely being such a holder be subject to
assessment or calls by the Company or its creditors for further payment on such share. |
| F. | This opinion letter does not purport to express any opinion or view on the operational rules and procedures
of any clearing or settlement system or agency. |
We consent to the filing of this opinion letter
as an exhibit to the Registration Statement and also consent to the reference to NautaDutilh in the Registration Statement under the caption
"Legal Matters". In giving this consent we do not admit or imply that we are a person whose consent is required under Section
7 of
| | |
| | |
| | 6 |
| | |
the United States Securities Act of 1933, as amended,
or any rules and regulations promulgated thereunder.
Sincerely yours,
/s/ NautaDutilh N.V.
NautaDutilh N.V.
| | |
| | |
| | 7 |
| | |
EXHIBIT
A
LIST
OF DEFINITIONS
|
"Anti-Money Laundering Laws"
|
The European Anti-Money Laundering Directives, as implemented in the Netherlands in the Money Laundering and Terrorist Financing Prevention Act (Wet ter voorkoming van witwassen en financieren van terrorisme) and the Dutch Criminal Code (Wetboek van Strafrecht). |
| |
|
| "Anti-Boycott Regulation" |
The Council Regulation (EC) No 2271/96 of 22 November 1996 on protecting against the effects of the extra-territorial application of legislation adopted by a third country, and actions based thereon or resulting therefrom. |
| |
|
| "Articles of Association" |
The Company's articles of association (statuten) as they read from time to time. |
| |
|
| "BMS" |
Bristol-Myers Squibb Company. |
| |
|
| "Board of Directors" |
The board of directors (bestuur) of the Company. |
| |
|
| "Commercial Register" |
The Dutch Commercial Register (handelsregister). |
| |
|
| "Company" |
Immatics N.V., a public company with limited liability (naamloze vennootschap), registered with the Commercial Register under number 77595726. |
| |
|
| "Corporate Documents" |
The Deed of Incorporation, the Deed of Conversion, the Current Articles and the Resolutions. |
| |
|
| "Current Articles" |
The Articles of Association as contained in the Deed of Conversion and as they read as of July 1, 2021 pursuant to the transitional provision previously included in the Articles of Association as article 51. |
| |
|
| "DCC" |
The Dutch Civil Code (Burgerlijk Wetboek). |
| |
|
| | |
| | |
| | 8 |
| | |
| "Deed of Conversion" |
The deed of conversion and amendment to the Articles of Association dated July 1, 2020. |
| |
|
| "Deed of Incorporation" |
The Company's deed of incorporation (akte van oprichting) dated March 10, 2020. |
| |
|
|
"Deed of Issue" |
The signed private deed of issue of the Private Placement Shares dated July 21, 2023. |
| |
|
| "Dutch Bankruptcy Code" |
The Dutch Bankrupcty Code (Faillissementswet). |
| |
|
|
"eIDAS Regulation"
|
Regulation (EU) No 910/2014 of the European
Parliament and of the Council of 23 July 2014 on electronic identification and trust services for electronic transactions in the internal
market and repealing Directive 1999/93/EC. |
| |
|
| "General Meeting" |
The Company's general meeting (algemene vergadering). |
| |
|
| "Insolvency Proceedings" |
Any insolvency proceedings within the meaning of Regulation (EU) 2015/848 of the European Parliament and of the Council of 20 May 2015 on insolvency proceedings (recast), as amended by Regulation (EU) 2021/2260 of the European Parliament and of the Counsel of 15 December 2021, listed in Annex A thereto and any statutory proceedings for the restructuring of debts (akkoordprocedure) pursuant to the Dutch Bankruptcy Code. |
| |
|
| "NautaDutilh" |
NautaDutilh N.V. |
| |
|
| "the Netherlands" |
The European territory of the Kingdom of the Netherlands and "Dutch" is in or from the Netherlands. |
| |
|
| "Ordinary Shares" |
Ordinary shares in the Company's capital,
with a nominal value of EUR 0.01 each. |
| |
|
| "Private Placement" |
The offering and sale of Ordinary Shares as |
| |
|
| | |
| | |
| | 9 |
| | |
| |
contemplated by the Securities Purchase Agreement. |
| |
|
| "Private Placement Shares" |
2,419,818 Ordinary Shares. |
| |
|
| "Prospectus Regulation" |
Regulation (EU) 2017/1129 of the European Parliament and of the Council of 14 June 2017 on the prospectus to be published when securities are offered to the public or admitted to trading on a regulated market, and repealing Directive 2003/71/EC. |
| |
|
| "Registration Statement" |
The Company's registration statement on Form F-3 under the U.S. Securities Act of 1933, in the form reviewed by us and to which this opinion is an exhibit. |
| |
|
| "Relevant Moment" |
the moment when Private Placement Shares were issued pursuant to the execution of the Deed of Issue. |
| |
|
| "Resolutions" |
Each of the following:
a. the
written resolutions of the General Meeting, dated June 30, 2020; and
b. the
written resolution of the Board of Directors, dated July 17, 2023. |
| |
|
| "Reviewed Documents" |
The Deed of Issue and the Securities Purchase Agreement. |
| |
|
| "SEC" |
The United States Securities and Exchange Commission. |
| |
|
| "Securities Purchase Agreement" |
The signed securities purchase agreement between the Company and BMS dated July 19, 2023. |
| |
|
Exhibit 23.1
Consent of Independent Registered Public Accounting
Firm
We hereby consent to the incorporation by reference in this Registration
Statement on Form F-3 of Immatics N.V. of our report dated March 22, 2023 relating to the consolidated financial statements, which appears
in Immatics N.V.’s Annual Report on Form 20-F for the year ended December 31, 2022. We also consent to the reference to us under
the headings “Experts” in such Registration Statement.
Stuttgart, Germany
August 25, 2023
PricewaterhouseCoopers GmbH
Wirtschaftsprüfungsgesellschaft
| /s/ Stefanie Fink |
/s/ ppa. Jens Rosenberger |
| Wirtschaftsprüferin |
Wirtschaftsprüfer |
| (German Public Auditor) |
(German Public Auditor) |
Exhibit 107
Calculation of Filing Fee Table
F-3
(Form Type)
Immatics N.V.
(Exact Name of Registrant as Specified in its Charter)
Table 1 – Newly Registered Securities and
Carry Forward Securities
| |
Security Type |
Security Class Title |
Fee Calculation or Carry Forward Rule |
Amount Registered (1) |
Proposed Maximum
Offering Price Per Share (2) |
Maximum Aggregate Offering Price |
Fee Rate |
Amount of Registration Fee |
Carry Forward Form Type |
Carry Forward File Number |
Carry Forward Initial Effective Date |
Filing Fee Previously Paid In Connection with Unsold Securities to be Carried Forward |
| Newly Registered Securities |
| Fees to Be Paid |
Equity |
Ordinary Shares, nominal value €0.01 per share |
457(c) |
2,419,818 |
$12.36 |
$29,908,950.48 |
0.00011020 |
$3,295.97 |
|
|
|
|
| Fees Previously Paid |
— |
— |
— |
— |
|
— |
|
— |
|
|
|
|
| Carry Forward Securities |
| Carry Forward Securities |
— |
— |
— |
— |
|
— |
|
|
— |
— |
— |
— |
| |
Total Offering Amounts |
|
$29,908,950.48 |
|
$3,295.97 |
|
|
|
|
| |
Total Fees Previously Paid |
|
|
|
— |
|
|
|
|
| |
Total Fee Offsets |
|
|
|
— |
|
|
|
|
| |
Net Fee Due |
|
|
|
$3,295.97 |
|
|
|
|
| (1) |
Pursuant to Rule 416 under the Securities Act, the ordinary shares offered hereby also include an indeterminate number of additional ordinary shares as may from time to time become issuable by reason of share splits, share dividends or similar transactions. |
| (2) |
Pursuant to Rule 457(c) under the Securities Act, and solely for the purpose of calculating the registration fee, the proposed maximum offering price per share is the average of the high and low sale prices for ordinary shares as reported on The Nasdaq Stock Market LLC on August 21, 2023. |
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