Fingerprint Cards Receives FDI Approval, Strengthens Capital Structure
Fingerprint Cards AB (FING B), a global leader in biometric technology, has achieved a major milestone by securing approval for Foreign Direct Investment (FDI). This approval allows the company to subscribe to an additional 138,662,665 B-shares as part of a partially guaranteed rights issue. This strategic initiative is expected to generate approximately SEK 312.4 million from current shareholders. The Inspectorate of Strategic Products (ISP) granted this approval in accordance with the Screening of Foreign Direct Investment Act.
Subscription Details
Thanks to the favorable decision from the ISP, Fingerprints has effectively moved forward with the subscription under HCM's guarantee commitments. The funds raised through this stock subscription are anticipated to enhance the company's financial stability, aiding in the repayment of outstanding convertible bonds, which amount to around SEK 105 million, along with any accrued interest. This financial strategy is crucial as it underscores Fingerprints' dedication to maintaining robust capital dynamics.
Changes to Share Capital and Voting Rights
Once the subscription is registered with the Swedish Companies Registration Office, Fingerprints will undergo a significant transformation in its capital structure. The company's share capital will increase by approximately SEK 6,037,720.02, bringing the total to around SEK 159,722,063.95. Furthermore, the total number of shares will rise by 138,662,665, leading to a new total of 3,668,187,158 shares. This expansion will also affect voting rights, increasing them to a total of 3,739,062,158, which reflects a dilution effect of about 3.78 percent in terms of shares and approximately 3.71 percent regarding voting power.
Expert Guidance and Future Outlook
To effectively manage the complexities associated with this rights issue, Fingerprints has appointed Pareto Securities as the Sole Manager and Bookrunner for the transaction, ensuring an efficient process. Additionally, Gernandt & Danielsson Advokatbyrå KB is serving as the legal advisor, reinforcing the company’s commitment to compliance and strategic execution.
Insights from the CEO and Contact Information
Adam Philpott, the CEO of Fingerprints, highlights the significance of this development for the company's growth path. He is available for inquiries through Investor Relations at +46(0)10-172 00 10 or via email at investrel@fingerprints.com. For further information, the press team can be reached at +46(0)10-172 00 20.
Frequently Asked Questions
What was the primary achievement for Fingerprints recently?
Fingerprint Cards AB secured FDI approval, allowing it to subscribe to additional B-shares in a rights issue.
How much does Fingerprints aim to raise through this rights issue?
The company aims to raise approximately SEK 312.4 million from the rights issue.
What changes occur in Fingerprints' share capital after this subscription?
With the new subscription, the share capital will increase by about SEK 6,037,720.02 to a total of approximately SEK 159,722,063.95.
Who are the advisors engaged by Fingerprints for this process?
Pareto Securities acts as the Sole Manager and Bookrunner, while Gernandt & Danielsson Advokatbyrå KB provides legal advice.
What steps should potential investors consider given the new developments?
Potential investors should stay informed and consult with independent financial advisors regarding the implications of the rights issue on their investments.
