Dilution & Share Price

Paul Zillmann

• January 20, 2026 11:26

I'm an investor in Class A shared via Crowdcube and I have the data of the latest dilution event in November 2025 which raises two questions:

1st: Why is the share of Crowdcube higher in the shareholder table in the (German) documents?

2nd: Why are the class B shares valued higher than the share price of the class A price in November 2025?

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  Cyril F

  • January 20, 2026 13:42
  • Edited

  For question 1 : Wich document are you refereing ? For me in every language I can see 11,93% for crowdcube shareholder
  
  For question 2 :
  In my understanding value of class A or class B is the same. That's a good sign to have a higher value since november it means your share have increased in value.
  
  
  

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  Lucja (Mintos)

  Community moderator

  • January 20, 2026 14:26
  • Edited

  Paul Zillmann
  
  Hi! Thank you for your questions.
  
  1) Mintos Holdings has two categories of shares. Category A Shares confer voting rights, rights to dividends, and liquidation quota; Category B Shares confer rights to dividends and liquidation quota.  Investments made via Crowdcube are indirect investments in Category A shares.  In this offering, Category B shares are available for investment.
  2) Based on our current estimates, the pre-money valuation at this point is at EUR 130m, which lands slightly higher than the valuation used for the transaction from November 2025. Categories of shares are not impacting the price per share, as both Categories of shares are equally priced.
  
  

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  Paul Zillmann

  • January 20, 2026 14:59

  Hello Cyril,

  the document from Crowdcube lists another share percantage that is below the 11,93% (email from 11.11.2025). I'm concerned about that.

  Usually class B shares (preferred shares) are valued less than class A shares. Even when they are equally valuable I'm still supprised about the increase in value of the company in just two months. Sure it is a good sign; but I think that either the current round is paying a good premium or the last round the other shareholders increasing their stakes had a significant discount.

  When the valueation of Lucja (Mintos) is correct I think the other shareholders got a significant discount.

  Not an easy decision for me to buy more Mintos shares.

  - Paul

   

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  Martins Sulte (Mintos)

  • January 20, 2026 19:04

  Paul Zillmann let me check with the team and come back on the percentage question. 

  The "round" you are referring to was an additional equity injection of €500k by existing shareholders, completed at a valuation of EUR 120m. There was no significant discount. 

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  Martins Sulte (Mintos)

  • January 21, 2026 08:20

  Geyzen Paul

  Got the answer. The 11.93% figure is calculated based on outstanding shares, which only includes currently issued stock and exercised options. In contrast, the November 2025 data reflects a fully diluted cap table that accounts for the entire option pool, resulting in a lower percentage because the total share count includes those reserved for future issuance.

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  Paul Zillmann

  • January 21, 2026 08:47

  Thank you Martins Sulte (Mintos) for clarifying.

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