Fingerprint Cards AB Updates Following Extraordinary Meeting
Overview of the Extraordinary General Meeting
Fingerprint Cards AB (publ) recently conducted an extraordinary general meeting where significant resolutions were established. This meeting marked a pivotal moment for the company, particularly surrounding its share structure.
Key Resolution: Reverse Share Split
One of the cornerstone decisions from the meeting was the resolution regarding a reverse share split. The board proposed the revocation of earlier determinations made during the annual general meeting concerning share structure. Subsequently, the articles of association have been amended to facilitate this adjustment.
The meeting resolved to consolidate existing shares whereby 2,000 shares will be combined to form one share (a reverse share split at a ratio of 1:2,000). Upon completion of this split, the total number of shares and voting rights will see a substantial reduction from approximately 15.17 billion shares to about 7.59 million shares. This change marks a significant shift in the company's capital structure.
Implications of the Reverse Split
With this reverse split, each share will attain a quota value close to SEK 21.35. It’s essential for existing shareholders to understand that during this process, excess shares will be rounded down and managed through an issuing agent. This agent will handle the sale of fractional shares resulting from the consolidation.
Automatic Share Allocation
New shares will be automatically allocated to the accounts of both shareholders and nominees, minimizing the burden on existing investors during this transition. Any fractional shares that don’t convert into new shares will be canceled, maintaining the integrity of the new share structure.
Future Communication
Once the board has designated the record date for the new share structure, further communications will be disseminated to shareholders via a dedicated press release.
About Fingerprint Cards AB (FPC)
Fingerprint Cards AB is a leading entity in the biometrics field, dedicated to transforming how individuals authenticate their identities. Our mission encompasses providing a secure and smooth experience where users themselves serve as the key to all interactions.
FPC's technologies are trusted globally across various sectors, including enterprise, financial services, and original equipment manufacturers (OEMs). Each day, our solutions facilitate billions of secure and convenient authentications across different devices, cards, and digital platforms.
Our Innovative Solutions
At FPC, we aim to eliminate conventional passwords and provide enhanced security through our cloud-based identity management platforms. Our services encompass a myriad of biometric modalities such as fingerprints, facial recognition, and iris scanning, offering robust security paired with user-friendly mechanisms.
FPC is continually pushing the boundaries of technology to create a passwordless future, thus enhancing security and user experience across the board.
Contact Information
For any inquiries or additional information, please reach out to Investor Relations at +46(0)10-172 00 10 or email us at investrel@fingerprints.com. For press-related queries, contact us at +46(0)10-172 00 20 or via email at press@fingerprints.com.
Frequently Asked Questions
What is a reverse share split?
A reverse share split is a process that consolidates a company's shares to reduce the total number, thereby increasing the individual share price.
How will the reverse share split affect my holdings?
Your holdings will be consolidated; if you owned 2,000 shares, this would reduce to 1 share post-split, but the total value remains the same based on the new share price.
What is the reasoning behind the reverse share split?
The reverse split is intended to enhance the company’s share price and improve market perception, facilitating better investment opportunities.
When will the new share structure take effect?
A specific record date for the reverse share split will be announced soon, followed by a formal announcement from the board.
Where can I find more information about Fingerprint Cards AB?
For detailed information, you can visit the official website or follow us on social media for the latest updates!
About The Author
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