IDEX Biometrics Closes NOK 70 Million Private Placement Successfully

IDEX Biometrics Completes Successful NOK 70 Million Private Placement

IDEX Biometrics ASA recently completed a significant private placement that raised NOK 70 million. This offer attracted substantial interest from investors, reflecting confidence in the company's ongoing initiatives to enhance its biometrics technology product lines.

Overview of the Private Placement

The company initially aimed to raise between NOK 55 and 65 million but experienced overwhelming demand, resulting in increased proceeds. A total of 466,666,666 new shares, known as Offer Shares, have been issued at a price of NOK 0.15 each. The funds raised will play a crucial role in furthering the company's commercialization efforts, product development, and other corporate needs.

Details on Share Allocation

The share issuance was structured in two tranches. The first tranche involves 101,624,966 Offer Shares, while the second comprises 365,041,700 shares. Each tranche's completion is conditional upon various approvals, including a board authorization that will be secured in an extraordinary general meeting.

Warrants Issuance

Investors participating in the private placement will receive warrants without any additional costs. For every two Offer Shares allocated, investors will receive two warrants (Warrants A and Warrants B), which will allow them to subscribe for one new share at the initial offer price during specified periods. Such arrangements provide additional investment flexibility, enabling stakeholders to further engage with the company as it continues to grow.

Utilization of Proceeds

The net proceeds from this placement will significantly contribute to several strategic areas within IDEX. This includes enhancing product development to meet consumers' evolving needs and addressing key market demands through innovative biometrics solutions. Moreover, the funds will be designed to support capital expenditures and enhance working capital.

Subsequent Offering Plans

Following the complete execution of this private placement, IDEX plans a subsequent repair offering aimed at shareholders who didn't participate in the private placement. This subsequent offering will ensure existing shareholders can also capitalize on the new developments and will mirror the same pricing strategy as the private placement.

Considerations for Stakeholders

IDEX Biometrics has taken significant care to align this placement with equal treatment obligations under Norwegian law. The Board anticipates that the current economic landscape presents an opportune moment for raising capital through this method, as it allows for an efficient equity raise compared to traditional methods like a rights issue.

Future Trading Prospects

The Offer Shares are expected to become tradable on the Oslo Stock Exchange, pending the satisfaction of requisite conditions and the publication of the company’s prospectus. The trading of the new shares will take place once certain criteria, established under regulatory frameworks, have been met.

About IDEX Biometrics ASA

IDEX Biometrics ASA (OSE: IDEX) stands at the forefront of fingerprint biometrics technology, providing innovative authentication solutions for payments, access control, and digital identity applications. Its cutting-edge products not only enhance security but also significantly improve user experience. By working closely with leading card manufacturers and tech companies, IDEX continues to push the boundaries of what's possible in the biometric authentication space.

Contact Information

For those seeking more detailed information, they can reach out to Marianne Bøe, Head of Investor Relations, at +47 91 80 01 86.

Frequently Asked Questions

What was the total amount raised in the private placement?

The total amount raised in the private placement was NOK 70 million.

What will the funds from the private placement be used for?

The proceeds will be used for product development, market initiatives, working capital needs, and other corporate purposes.

Will there be any additional share offerings?

Yes, there will be a subsequent offering for existing shareholders who did not participate in this private placement.

How are the new shares expected to perform in the market?

The new shares are anticipated to be tradable on the Oslo Stock Exchange by the end of the month, following regulatory approvals.

Who should I contact for investor relations inquiries?

For inquiries regarding investor relations, Marianne Bøe, Head of Investor Relations, can be contacted directly.

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