More.gr Electronic Services Single-Member S.A., a company controlled by Haris Karonis, founder and chief executive of Viva Wallet, has disclosed plans to bring a new investor into its shareholder structure by the end of 2028.
The plan is formally outlined in a resolution adopted by the company’s Extraordinary General Meeting.
The resolution approved the introduction of a stock option programme for members of the board of directors and employees, aimed at attracting and retaining key talent while aligning management incentives with the company’s long-term growth.
The programme provides for the issuance of up to 18,430 stock options, corresponding to an equal number of shares and representing up to 5% of the company’s share capital, with an exercise price set at €10 per share. The shares may be issued either through a capital increase or from the company’s own treasury shares, while the board will determine eligible participants and the detailed terms of the scheme.
A central feature of the programme is the explicit objective to secure the entry of a new investor by 31 December 2028, based on a company valuation of at least €60 million. According to the resolution, the investment may take the form of an acquisition of existing shares, a share capital increase, or a combination of both. The targeted valuation may be achieved either at the closing of the transaction or subsequently, within the framework of the same or a related investment agreement, through adjustment mechanisms linked to the company’s financial performance and business development.
The total cost to exercise all stock options under the programme amounts to €184,300. Should the €60 million valuation target be reached, the 5% stake would be valued at approximately €3 million, implying a theoretical share price of around €163 and underscoring the significant potential upside for participants.
The resolution also provides that, if the investment target is achieved ahead of the end-2028 deadline, the board may approve accelerated vesting of options that have not yet become exercisable. In addition, any interim increase or decrease in the company’s share capital will trigger an automatic adjustment of the number of options and underlying shares to ensure they continue to represent 5% of the paid-up share capital.
The stock options are personal and non-transferable, and any shares acquired upon exercise must be sold to existing shareholders and/or new investors designated by the company, in accordance with the specific terms of the programme.
