Bpifrance and CDC Report Diluted Position and Share Sales in Valneva SE Following Reserved Offering

Bpifrance Participations S.A., alongside its affiliates including Caisse des Dépôts et Consignations (CDC), filed Amendment No. 5 to their Schedule 13D for Valneva SE (VALN) on May 12, 2026. The filing reports that Bpifrance Participations holds 7,158,835 ordinary shares, which carry double voting rights, totaling 14,317,670 voting rights (7.0% of the class). CDC Croissance S.A. holds an additional 4,755,872 shares (2.3% of voting rights). The reporting group's overall percentage ownership decreased primarily due to dilution from Valneva's EUR84 million reserved offering of 15,893,817 new shares, in which the reporting persons did not participate. Additionally, Bpifrance Participations sold 356,003 shares in the open market during March 2026 at prices ranging from EUR4.85 to EUR5.03. CDC Croissance also actively traded the stock, purchasing 130,000 shares and selling 289,645 shares during the same period. The reporting persons maintain their holdings for investment purposes and may adjust their positions based on ongoing evaluations.