Valneva (VALN) ownership shifts after EUR84m EUR84m reserved share offering

Rhea-AI Filing Summary

Valneva SE’s major French shareholders have updated their disclosed stakes following new share issuance and recent trading. The filing shows that Bpifrance Participations now holds 7,158,835 Ordinary Shares and 14,317,670 voting rights, representing about 7% of Valneva’s voting rights as of May 5, 2026. CDC Croissance holds 4,755,872 Ordinary Shares and the same number of voting rights. Valneva completed a EUR84 million reserved offering of 15,893,817 new shares with attached warrants, which diluted these investors’ positions. Over the last 60 days, Bpifrance Participations sold 356,003 shares in open-market trades, while CDC Croissance bought 130,000 shares and sold 289,645 shares at disclosed weighted-average prices.

Key Figures

Reserved offering size: EUR84 million New shares issued: 15,893,817 shares Bpifrance Participations shares: 7,158,835 shares +5 more

8 metrics

Reserved offering size EUR84 million Valneva reserved offering expected to close May 5, 2026

New shares issued 15,893,817 shares New ordinary shares with one warrant attached to each

Bpifrance Participations shares 7,158,835 shares Ordinary Shares held directly as of May 5, 2026

Bpifrance voting rights 14,317,670 voting rights Approx. 7.0% of 204,237,106 voting rights outstanding

CDC Croissance shares 4,755,872 shares Ordinary Shares and equal voting rights as of May 5, 2026

Bpifrance recent sales 356,003 shares Open-market sales in March 2026 at ~EUR4.93–4.96

CDC Croissance buys 130,000 shares Purchases on March 9 and 12, 2026 around EUR4.51–4.54

CDC Croissance sale 289,645 shares Sale on March 30, 2026 at EUR2.81 weighted average

Key Terms

Reserved Offering, double voting rights, beneficial owner, treasury shares, +2 more

6 terms

Reserved Offering financial

"The Issuer completed an EUR84 million reserved offering subscribed by a limited number of investors"

double voting rights financial

"The Reporting Person's Ordinary Shares have double voting rights, resulting in 14,317,670 voting rights"

Shares with double voting rights give their holders two votes per share on corporate matters instead of the usual one, concentrating control in the hands of certain shareholders. For investors this matters because it affects who ultimately makes decisions—like board appointments and mergers—so a small group can steer the company even if they own a minority of economic value; think of it as some neighbors having two house keys that let them decide communal rules.

beneficial owner financial

"Bpifrance may be deemed to be the beneficial owner of 7,158,835 Ordinary Shares and 14,317,670 Voting Rights"

A beneficial owner is the person who ultimately owns or controls a financial asset or property, even if their name isn't directly on official documents. Think of it like someone who secretly holds the keys to a safe deposit box—others may appear to have access, but the true owner is the one who benefits from what's inside. Identifying beneficial owners helps ensure transparency and prevent illegal activities like money laundering or fraud.

treasury shares financial

"U.S. law, which requires treasury shares to be excluded from the calculation of outstanding shares"

Treasury shares are a company’s own stock that it has repurchased and keeps on its books instead of canceling or leaving in the hands of outside investors. Think of them like coupons a business puts back in a drawer: they don’t vote or receive dividends while held, but they can be reissued later for employee pay or fundraising. For investors this matters because buybacks change the number of shares that count toward earnings and ownership, can boost per‑share metrics, and use corporate cash that might otherwise go to growth or dividends.

voting rights financial

"The ownership percentages are calculated based on 189,646,915 Ordinary Shares outstanding and 204,237,106 Voting Rights"

Voting rights are the ability of shareholders to have a say in important company decisions, like choosing leaders or approving big changes. They matter because they give owners a voice in how the company is run, similar to how voters influence elections, ensuring the company acts in shareholders’ interests.

Schedule 13D regulatory

"This Amendment is being filed by Bpifrance Participations S.A. pursuant to Section 13(d)(3) of the Securities Exchange Act of 1934"

A Schedule 13D is a legal document that investors file with regulators when they buy a large enough stake in a company to potentially influence its management or decisions. It provides details about the investor’s intention, ownership stake, and plans, helping other investors understand who is gaining control and what their motives might be.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13D

Under the Securities Exchange Act of 1934

(Amendment No. 5)

Valneva SE

(Name of Issuer)

Ordinary Shares, nominal value EUR0.15 per share

(Title of Class of Securities)

92025Y103

(CUSIP Number)

Sophie Paquin
6-8, boulevard Haussmann,
Paris, I0, 75009
33 6 37 85 94 06

John Partigan
Nixon Peabody LLP, 799 9 Street NW Ste 500
Washington, DC, 20001
202-585-8000

Lloyd Spencer
Nixon Peabody LLP, 799 9 Street NW Ste 500
Washington, DC, 20001
202-585-8000

(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)

05/05/2026

(Date of Event Which Requires Filing of This Statement)

If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§ 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box.

The information required on the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

schemaVersion:

SCHEDULE 13D

CUSIP Number(s): 92025Y103

1

Name of reporting person

Bpifrance Participations S.A.

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

FRANCE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 14,317,670.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 7,158,835.00

11

Aggregate amount beneficially owned by each reporting person

14,317,670.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

7.0 %

14

Type of Reporting Person (See Instructions)

OO

Comment for Type of Reporting Person:

Note in relation to Items 8, 10, 11 and 13: The Reporting Person beneficially owns 7,158,835 Ordinary Shares. The Reporting Person's Ordinary Shares have double voting rights, resulting in 14,317,670 voting rights related to such shares. Upon the sale of Ordinary Shares by the Reporting Person, the double voting rights are extinguished. The aggregate amount beneficially owned and percent of class reported above are based on the Reporting Person's voting rights and the 204,237,106 voting rights outstanding as of May 5, 2026.

SCHEDULE 13D

CUSIP Number(s): 92025Y103

1

Name of reporting person

EPIC Bpifrance

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

FRANCE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 14,317,670.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 7,158,835.00

11

Aggregate amount beneficially owned by each reporting person

14,317,670.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

7.0 %

14

Type of Reporting Person (See Instructions)

OO

Comment for Type of Reporting Person:

Note in relation to Items 8, 10, 11 and 13: The Reporting Person beneficially owns 7,158,835 Ordinary Shares. The Reporting Person's Ordinary Shares have double voting rights, resulting in 14,317,670 voting rights related to such shares. Upon the sale of Ordinary Shares by the Reporting Person, the double voting rights are extinguished. The aggregate amount beneficially owned and percent of class reported above are based on the Reporting Person's voting rights and the 204,237,106 voting rights outstanding as of May 5, 2026.

SCHEDULE 13D

CUSIP Number(s): 92025Y103

1

Name of reporting person

Bpifrance S.A.

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

FRANCE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 14,317,670.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 7,158,835.00

11

Aggregate amount beneficially owned by each reporting person

14,317,670.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

7.0 %

14

Type of Reporting Person (See Instructions)

OO

Comment for Type of Reporting Person:

Note in relation to Items 8, 10, 11 and 13: The Reporting Person beneficially owns 7,158,835 Ordinary Shares. The Reporting Peron's Ordinary Shares have double voting rights, resulting in 14,317,670 voting rights related to such shares. Upon the sale of Ordinary Shares by the Reporting Person, the double voting rights are extinguished. The aggregate amount beneficially owned and percent of class reported above are based on the Reporting Person's voting rights and the 204,237,106 voting rights outstanding as of May 5, 2026.

SCHEDULE 13D

CUSIP Number(s): 92025Y103

1

Name of reporting person

Caisse des depots et consignations

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

WC

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

FRANCE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 19,074,653.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 11,915,818.00

11

Aggregate amount beneficially owned by each reporting person

19,074,653.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

9.3 %

14

Type of Reporting Person (See Instructions)

OO

Comment for Type of Reporting Person:

Note in relation to Items 8, 10, 11 and 13: The Reporting Person beneficially owns 11,915,818 Ordinary Shares. Certain of the Reporting Person's Ordinary Shares have double voting rights, resulting in 19,074,653 voting rights related to such shares. Upon the sale of Ordinary Shares by the Reporting Person, any double voting rights are extinguished. The aggregate amount beneficially owned and percent of class reported above are based on the Reporting Person's voting rights and the 204,237,106 voting rights outstanding as of May 5, 2026.

SCHEDULE 13D

CUSIP Number(s): 92025Y103

1

Name of reporting person

CDC Croissance S.A.

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

WC

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

FRANCE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 4,755,872.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 4,755,872.00

11

Aggregate amount beneficially owned by each reporting person

4,755,872.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

2.3 %

14

Type of Reporting Person (See Instructions)

OO

Comment for Type of Reporting Person:

Note in relation to Items 8, 10, 11 and 13: The Reporting Person beneficially owns 4,755,872 Ordinary Shares, which do not have double voting rights. The aggregate amount beneficially owned and percent of class reported above are based on 204,237,106 voting rights outstanding as of May 5, 2026.

SCHEDULE 13D

Item 1.	Security and Issuer
(a)	Title of Class of Securities: Ordinary Shares, nominal value EUR0.15 per share
(b)	Name of Issuer: Valneva SE
(c)	Address of Issuer's Principal Executive Offices: Ilot Saint-Joseph, Bureaux Convergence, 12ter Quai Perrache, Lyon, FRANCE , 69002.
Item 1 Comment: Introductory Statement: This Amendment No. 5 (this "Amendment") is being filed by Bpifrance Participations S.A., a societe anonyme incorporated under the laws of the Republic of France ("Bpifrance Participations"), EPIC Bpifrance, a French public institution of industrial and commercial nature ("EPIC" ), Bpifrance S.A., a societe anonyme incorporated under the laws of the Republic of France ("Bpifrance"), Caisse des Depots et consignations, a French special public entity (etablissement special) ("CDC") and CDC Croissance S.A., a societe anonyme incorporated under the laws of the Republic of France ("CDC Croissance") (collectively, the "Reporting Persons") pursuant to Section 13(d)(3) of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). This Amendment relates to the Ordinary Shares, nominal value EUR0.15 per share (the "Ordinary Shares") of Valneva SE (the "Issuer").This Amendment amends and supplements the Schedule 13D relating to Ordinary Shares of the Issuer filed with the Securities and Exchange Commission (the "SEC") on November 16, 2022, as amended by: (i) Amendment No. 1 to Schedule 13D filed with the SEC on June 30, 2023; (ii) Amendment No. 2 to Schedule 13D filed with the SEC on September 20, 2024; (iii) Amendment No. 3 to Schedule 13D filed with the SEC on September 5, 2025; and (iv) Amendment No. 4 to Schedule 13D filed with the SEC on March 10, 2026 (collectively, as amended, the "Schedule 13D"). Except as specifically provided herein, this Amendment does not modify any of the information previously reported in the Schedule 13D. Capitalized terms used herein shall have the meanings ascribed to them in the Schedule 13D.
Item 2.	Identity and Background
(c)	Information concerning the executive officers and directors of Bpifrance Participations, EPIC, Bpifrance, CDC and CDC Croissance required to be disclosed in response to Item 2 and General Instruction C to Schedule 13D is provided in Exhibit 99.2 to this Amendment and incorporated herein by reference.
(d)	None of the Reporting Persons, nor, to the best of their knowledge, any of the persons referred to in Exhibit 99.2 has, during the last five years, been convicted in a criminal proceeding (excluding traffic violations and similar misdemeanors).
(e)	None of the Reporting Persons, nor, to the best of their knowledge, any of the persons referred to in Exhibit 99.2 has, during the last five years, been a party to a civil proceeding of a judicial or administrative body of competent jurisdiction and as a result of such proceeding was or is subject to a judgment, decree, or final order enjoining future violations of, or prohibiting or mandating activities subject to, Federal or state securities laws or finding any violation with respect to such laws.
Item 3.	Source and Amount of Funds or Other Consideration
	Item 3 of the Schedule 13D is hereby amended and supplemented as follows: CDC Croissance used working capital for the purchases of Ordinary Shares reported in this Amendment.
Item 4.	Purpose of Transaction
	Item 4 of the Schedule 13D is hereby amended and supplemented as follows: The Issuer completed an EUR84 million reserved offering subscribed by a limited number of investors which is expected to close on May 5, 2026 (the "Reserved Offering"). In the Reserved Offering, the Issuer issued 15,893,817 new ordinary shares (the "New Shares"), and one share warrant is attached to each New Share. The Reporting Persons did not participate in the Reserved Offering. The New Shares issued in the Reserved Offering represented an increase in the share capital of the Issuer which resulted in a dilution of the Reporting Persons' holdings. In the past 60 days, Bpifrance Participations sold 356,003 Ordinary Shares. Bpifrance Participations sold the amount of Ordinary Shares on the date and at the price set forth below in open market transactions. Unless otherwise noted, the sales of the Ordinary Shares were sold in multiple transactions at varying prices. The Reporting Persons undertake to provide the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each price within the ranges set forth in this Schedule 13D. March 10, 2026: - 226,532 Ordinary Shares at a weighted average price of EUR4.93 per share (multiple transactions at prices ranging from EUR4.85 to EUR5.03, inclusive). March 11, 2026: - 5,318 Ordinary Shares at a weighted average price of EUR4.96 per share (multiple transactions at prices ranging from EUR4.90 to EUR4.96, inclusive). March 18, 2026: - 124,153 Ordinary Shares at a weighted average price of EUR4.94 per share (multiple transactions at prices ranging from EUR4.85 to EUR5.00, inclusive). Since the filing of Amendment No. 4, CDC Croissance has acquired 130,000 Ordinary Shares and sold 289,645 Ordinary Shares. CDC Croissance purchased and sold the amount of Ordinary Shares on the date and at the price set forth below in open market transactions. Unless otherwise noted, the purchases and sales of the Ordinary Shares were purchased or sold in multiple transactions at varying prices. The Reporting Persons undertake to provide the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares purchased at each price within the ranges set forth in this Schedule 13D. Purchased Ordinary Shares March 9, 2026: - 78,518 Ordinary Shares at a weighted average price of EUR4.51 per share (multiple transactions at prices ranging from EUR4.43 to EUR4.60, inclusive). March 12, 2026: - 51,482 Ordinary Shares at a weighted average price of EUR4.54 per share (multiple transactions at prices ranging from EUR4.49 to EUR4.60, inclusive). Sold Ordinary Shares March 30, 2026: - 289,645 Ordinary Shares at a weighted average price of EUR2.81 per share (multiple transactions at prices ranging from EUR2.75 to EUR2.88, inclusive). All of the Ordinary Shares that are held of record by the Reporting Persons as reported herein were acquired for investment purposes. The Reporting Persons retain the right to change their investment intent, from time to time to acquire additional Ordinary Shares or other securities of the Issuer, or to sell or otherwise dispose of all or part of the Ordinary Shares or other securities of the Issuer, if any, beneficially owned by them, in any manner permitted by law. The Reporting Persons may engage from time to time in ordinary course transactions with financial institutions with respect to the securities described herein. Except as set forth above, none of the Reporting Persons currently has any plans or proposals which would be related to or would result in any of the matters described in Items 4(a)-(j) of the Instructions to Schedule 13D. However, as part of the ongoing evaluation of investment and investment alternatives, the Reporting Persons may consider such matters and, subject to applicable law, may formulate a plan with respect to such matters, and, from time to time, may hold discussions with or make formal proposals to management or the board of directors of the Issuer or other third parties regarding such matters.
Item 5.	Interest in Securities of the Issuer
(a)	Item 5(a) of the Schedule 13D is hereby amended and supplemented as follows: As of the date hereof, (i) Bpifrance Participations holds directly 7,158,835 Ordinary Shares and 14,317,670 Voting Rights, and (ii) CDC Croissance held, through CDC PME CROISSANCE, 4,755,872 Ordinary Shares and 4,755,872 Voting Rights. As of the date hereof, none of Bpifrance, EPIC or CDC holds any Ordinary Shares directly. Bpifrance may be deemed to be the beneficial owner of 7,158,835 Ordinary Shares and 14,317,670 Voting Rights, indirectly through its 99.99% ownership of Bpifrance Participations. EPIC may be deemed to be the beneficial owner of 7,158,835 Ordinary Shares and 14,317,670 Voting Rights, indirectly through its joint ownership and control of Bpifrance. CDC may be deemed to be the beneficial owner of (x) 7,158,835 Ordinary Shares and 14,317,670 Voting Rights, indirectly through its joint ownership and control of Bpifrance, (y) 4,755,872 Ordinary Shares and 4,755,872 Voting Rights, indirectly through its ownership of CDC Croissance and (z) 1,111 Ordinary Shares and 1,111 Voting Rights, indirectly through its ownership of CNP Assurances. The ownership percentages are calculated based on 189,646,915 Ordinary Shares outstanding and 204,237,106 Voting Rights as of May 5, 2026, as reported by the Issuer. The amount of outstanding Ordinary Shares and Voting Rights disclosed above is calculated under U.S. law, which requires treasury shares to be excluded from the calculation of outstanding shares. Under French law, treasury shares are required to be included in the calculation of outstanding shares. Using the French law requirements, the Issuer has 189,771,237 outstanding Ordinary Shares and 204,361,428 outstanding Voting Rights, and (i) Bpifrance Participations' Ordinary Share holdings represent approximately 3.8% of the Issuer's outstanding Ordinary Shares, and its Voting Rights represent approximately 7.0% of outstanding Voting Rights, and (ii) CDC Croissance's Ordinary Share holdings represent approximately 2.5% of the Issuer's outstanding Ordinary Shares, and its Voting Rights represent approximately 2.3% of outstanding Voting Rights.
(b)	Item 5(b) of the Schedule 13D is hereby amended and supplemented as follows: See the information contained on the cover pages of this Amendment, which is incorporated herein by reference.
(c)	Item 5(c) of the Schedule 13D is hereby amended and supplemented as follows: The information set forth in Item 4 is hereby incorporated by reference to this Item 5(c). Except as disclosed in this Amendment, there have been no reportable transactions with respect to the Ordinary Shares of the Issuer within the last 60 days by the Reporting Persons, or, to the best of their knowledge, any of the persons referred to in Exhibit 99.2.
Item 7.	Material to be Filed as Exhibits.
	EX 99.1 - Joint Filing Agreement, dated as of September 19, 2024, by and among the Reporting Persons (incorporated by reference to Exhibit 99.1 to the Reporting Person's Schedule 13D/A filed on September 20, 2024) EX 99.2 - Information with respect to the Directors and Executive Officers of the Reporting Persons

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Bpifrance Participations S.A.

Signature:	/s/ Sophie Paquin
Name/Title:	Sophie Paquin/Director of Legal Affairs
Date:	05/12/2026

EPIC Bpifrance

Signature:	/s/ Sophie Paquin
Name/Title:	Sophie Paquin/Director of Legal Affairs
Date:	05/12/2026

Bpifrance S.A.

Signature:	/s/ Boubaker Dione
Name/Title:	Boubakar Dione/Group Director of Legal Affairs
Date:	05/12/2026

Caisse des depots et consignations

Signature:	/s/ Laurence Giraudon
Name/Title:	Laurence Giraudon/Chief Operating Officer, Finance and Operations Department, Asset Management Division
Date:	05/12/2026

CDC Croissance S.A.

Signature:	/s/ Aude de Lardemelle
Name/Title:	Aude de Lardemelle/Executive Director
Date:	05/11/2026

FAQ

What ownership stake does Bpifrance Participations now hold in Valneva (VALN)?

Bpifrance Participations holds 7,158,835 Ordinary Shares and 14,317,670 voting rights in Valneva, representing about 7% of total voting rights. These figures reflect double voting rights on its shares and are based on 204,237,106 voting rights outstanding as of May 5, 2026.

How much did CDC Croissance disclose owning in Valneva (VALN) in this filing?

CDC Croissance reported beneficial ownership of 4,755,872 Ordinary Shares and 4,755,872 voting rights in Valneva. This corresponds to about 2.3% of voting rights using 204,237,106 voting rights outstanding as of May 5, 2026, calculated under U.S. law excluding treasury shares.

What was the size of Valneva’s reserved offering mentioned in the Schedule 13D/A?

Valneva completed a reserved offering of EUR84 million subscribed by a limited number of investors. The company issued 15,893,817 new ordinary shares, with one share warrant attached to each new share, leading to an increase in share capital and dilution of existing holdings.

What recent share transactions did Bpifrance Participations make in Valneva (VALN)?

Bpifrance Participations sold 356,003 Valneva Ordinary Shares in open-market trades during the last 60 days. These sales occurred on March 10, 11, and 18, 2026, at weighted average prices around EUR4.93–EUR4.96 per share across multiple transactions within stated price ranges.

What recent trading activity did CDC Croissance report in Valneva (VALN) shares?

CDC Croissance bought 130,000 Valneva shares on March 9 and 12, 2026 at weighted average prices near EUR4.51–EUR4.54, and sold 289,645 shares on March 30, 2026 at a weighted average price of EUR2.81, all executed as multiple open-market transactions within disclosed price ranges.

How do double voting rights affect Valneva holdings for these French investors?

Certain Valneva Ordinary Shares held by Bpifrance Participations and CDC carry double voting rights, so voting rights exceed share count. For example, 7,158,835 shares correspond to 14,317,670 voting rights. Double voting rights are extinguished when the relevant Ordinary Shares are sold by the reporting holder.