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share, raising NOK 90.0 million (USD 9.9 million).
This fundraising will meet the company’s capital requirements and the board
expects, based on current market conditions, that these funds will take the
company through to profitability.
The new shares were placed to eight shareholders about 1 % below the closing
price at Oslo Børs on 15 November 2019. The 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 new shares because the placement secures timely financing for the
company while balancing shareholders’ dilution and risk.
The placement is divided into two tranches. Tranche one, consisting of 55.4
million shares, will be issued as soon as practical under the board’s current
authorization to issue shares in private placements. The second tranche,
consisting of 64.6 million shares, will be issued subject to approval by an
extraordinary general meeting. The board has resolved to call an extraordinary
general meeting to be held on or around 12 December 2019. A notice of the
extraordinary general meeting will be issued in due course. The company will
issue a listing prospectus in connection with tranche two.
Following the tranche one capital increase, IDEX will have a share capital
amounting to NOK 98,012,120.85 divided into 653,414,139 shares at NOK 0.15
nominal value per share. Following the tranche two capital increase, IDEX will
have a share capital amounting to NOK 107,698,309.80 divided into 717,988,732
shares at NOK 0.15 nominal value per share.
The company’s strategy to be a leader in delivering fingerprint solutions to
mass markets is based on a unique flexible and cost efficient off-chip
technology. Recent milestones achieved by the company highlight the tangible
progress the company has made and validates the growing demand for biometric
solutions. In the biometric payment card market, the company’s largest potential
revenue opportunity, there are positive developments in manufacturing and
certification, while the company’s remote enroll solution has the potential to
become the industry standard. In the access control market, the company is
seeing the beginning of shipments and design-in wins and the company expects
that both markets will see volume shipments in 2020.
Stan Swearingen, CEO of IDEX said: “We are delighted to secure this funding from
existing shareholders. This funding will secure necessary capital to meet the
impending market growth and large-scale commercialization of biometric smart
cards, and enable IDEX to be a leader in the large and growing biometric smart
card market. This investment is a strong endorsement of the significant value-
creation potential of IDEX’s fingerprint biometric technology for its customers,
partners, and shareholders.”
For further information contact:
Derek P. D’Antilio, CPA;
Chief Financial Officer
Tel: +1 978 273 1344
derek.d’antilio@idexbiometrics.com
Erling Svela
VP Finance
Tel: +47 4062 1040
erling.svela@idexbiometrics.com
About IDEX Biometrics
IDEX Biometrics ASA (OSE: IDEX and OTCQB: IDXAF) is a leading provider of
fingerprint identification technologies offering simple, secure and personal
authentication for all. We help people make payments, prove their identity,
gain access to information, unlock devices or gain admittance to buildings with
the touch of a finger. We invent, engineer, and commercialize these secure, yet
incredibly user-friendly solutions. Our total addressable market represents a
fast growing multi-billion-unit opportunity.
For more information, visit www.idexbiometrics.com
(http://www.idexbiometrics.com) and follow @IDEXBiometrics
This information is subject to the disclosure requirements pursuant to Section
5-12 the Norwegian Securities Trading Act
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