Rock and Roll
Idemia and Unionpay :-) may be Gemalto
Oslo, Norway, 12 May 2020: IDEX Biometrics ASA (the “Company”), a leading provider of advanced fingerprint identification and authentications solutions, has successfully conducted a private placement of new shares (the “Private Placement”). The gross proceeds of the Private Placement amounts to approximately NOK 105 million (USD 10.3 million) through the allocation of 65,341,413 new shares (the "Offer Shares") and an offer price of NOK 1.60 per share (the "Offer Price"). The Private Placement took place through an accelerated book building process on 11 May 2020 after close of Oslo Børs.
The net proceeds from the Private Placement will be used to fund growth opportunities and for general corporate purposes.
Vince Graziani, CEO of IDEX said: “We are very pleased to secure this funding from existing and new shareholders. This capital will enable the company to deliver on our commitments to current customers and new customers for our impending large scale commercialization. This investment is a strong endorsement of the massive value creation potential of IDEX’s fingerprint sensor technology in the biometric payment cards market. With the recent certifications from two of the world’s largest payment networks, payment card makers and card issuers can begin to supply contactless biometric payment cards with confidence.”
This fundraising is expected to meet the company’s capital requirements and the board expects that this capital will fund the company through commercial launch with customers in Europe and China over the next 12 months. IDEX is an international company and intends to pursue options to list its shares on the Nasdaq in additon to it’s current listing on the Oslo Bors.
Following the capital increase in connection the Private Placement, the Company will have a share capital amounting to NOK 117,499,521.75 divided into 783,330,145 shares at NOK 0.15 nominal value per share.
The Offer Shares were placed to Norwegian and international institutional investors and existing shareholders of the Company. The Company’s board believes that the Private Placement is an appropriate funding mechanism at the current time and is in the best interest of the Company and all of its shareholders. The board considers it is appropriate to waive the existing shareholders' preferential right to subscribe for the Offer Shares.
The Offer Shares will be issued as soon as practicable under the board's current authorization to issue shares as granted by the Company’s extraordinary general meeting held on 12 December 2019.
The Offer Shares will be settled with existing and unencumbered shares in the Company that are already listed on the Oslo Stock Exchange, pursuant to a share lending agreement (the “Share Lending Agreement”) between certain existing shareholders, ABG Sundal Collier ASA and the Company, in order to facilitate delivery of listed shares in the Company to applicants. The Offer Shares delivered to the applicants will thus be tradable from allocation, expected on 12 May 2020. The Manager (as defined below) will settle the share loan with new shares in the Company to be issued pursuant to a board authorisation granted by the Company's extraordinary general meeting held on 12 December 2019.
ABG Sundal Collier ASA acted as sole manager and bookrunner (the "Manager") in connection with the Private Placement.
Oslo, Norway, 12 May 2020: IDEX Biometrics ASA (the “Company”), a leading provider of advanced fingerprint identification and authentications solutions, has successfully conducted a private placement of new shares (the “Private Placement”). The gross proceeds of the Private Placement amounts to approximately NOK 105 million (USD 10.3 million) through the allocation of 65,341,413 new shares (the "Offer Shares") and an offer price of NOK 1.60 per share (the "Offer Price"). The Private Placement took place through an accelerated book building process on 11 May 2020 after close of Oslo Børs.
The net proceeds from the Private Placement will be used to fund growth opportunities and for general corporate purposes.
Vince Graziani, CEO of IDEX said: “We are very pleased to secure this funding from existing and new shareholders. This capital will enable the company to deliver on our commitments to current customers and new customers for our impending large scale commercialization. This investment is a strong endorsement of the massive value creation potential of IDEX’s fingerprint sensor technology in the biometric payment cards market. With the recent certifications from two of the world’s largest payment networks, payment card makers and card issuers can begin to supply contactless biometric payment cards with confidence.”
This fundraising is expected to meet the company’s capital requirements and the board expects that this capital will fund the company through commercial launch with customers in Europe and China over the next 12 months. IDEX is an international company and intends to pursue options to list its shares on the Nasdaq in additon to it’s current listing on the Oslo Bors.
Following the capital increase in connection the Private Placement, the Company will have a share capital amounting to NOK 117,499,521.75 divided into 783,330,145 shares at NOK 0.15 nominal value per share.
The Offer Shares were placed to Norwegian and international institutional investors and existing shareholders of the Company. The Company’s board believes that the Private Placement is an appropriate funding mechanism at the current time and is in the best interest of the Company and all of its shareholders. The board considers it is appropriate to waive the existing shareholders' preferential right to subscribe for the Offer Shares.
The Offer Shares will be issued as soon as practicable under the board's current authorization to issue shares as granted by the Company’s extraordinary general meeting held on 12 December 2019.
The Offer Shares will be settled with existing and unencumbered shares in the Company that are already listed on the Oslo Stock Exchange, pursuant to a share lending agreement (the “Share Lending Agreement”) between certain existing shareholders, ABG Sundal Collier ASA and the Company, in order to facilitate delivery of listed shares in the Company to applicants. The Offer Shares delivered to the applicants will thus be tradable from allocation, expected on 12 May 2020. The Manager (as defined below) will settle the share loan with new shares in the Company to be issued pursuant to a board authorisation granted by the Company's extraordinary general meeting held on 12 December 2019.
ABG Sundal Collier ASA acted as sole manager and bookrunner (the "Manager") in connection with the Private Placement.