Details on the pricing arrangements for business creator share subscription warrants (BSPCE)

The tax administration has clarified the terms and conditions for setting acquisition prices, specifically the discount rights in the event of acquisition of BSCPEs.  

 Joint-stock companies are concerned(SA,SAS, SE, SCA) :

• Unlisted / small market capitalization (less than 150 million euros)
• Registered with the RCS for less than 15 years
• Liable for corporate tax
Whose capital is held directly and continuously for at least 25% by natural persons or by legal entities themselves held at least 75% by natural persons
• Not have been created as part of a concentration, restructuring, extension or resumption of pre-existing activity except in exceptional circumstances  

The situations giving rise to a reduction in the purchase price of BSCPEs are as follows:  
• Illiquidity, it characterizes a difference in equivalent rights giving right to a reduction in the acquisition price 
• Difference in rights originating in statutory and contractual clauses. 

Ministère du travail, de la santé et des solidarités (travail-emploi.gouv.fr)