Fingerprint Cards AB, announces that it has completed a private placement of 2,500,000 new class B shares, providing the Company with $21.5 million before transaction costs.
Fingerprint Cards AB, announces that it has completed a private placement of 2,500,000 new class B shares, providing the Company with $21.5 million before transaction costs.
The private placement, which was announced on 22 January 2014, has allowed FPC to place 2,500,000 new class B shares with international institutional investors at a price of $8.6 per share.
The proceeds from the private placement are intended to be used to fund the development of the Company and for general corporate purposes.
For the purpose of the private placement, the Board of Directors of FPC has resolved, pursuant to the authorization given by the 2013 annual general meeting, on a directed issue of 2,500,000 new class B shares. The purpose of the resolution to issue new shares, deviating from the shareholders' preferential rights, is primarily to broaden the long-term international institutional ownership in FPC, and to take advantage of an opportunity to raise capital for the above-mentioned purposes on attractive terms, thereby promoting FPC‘s ability to create further value to all shareholders.
Through the issue, share capital increases by $77.9from $1,688,236to $1,766,162. The new issue results in an equity dilution of 4.6 % after completed issue.
“We are pleased to once again have attracted interest from international institutional investors and welcome them as new shareholders. To have a strong financial position is important as we expect significant ramp up in order volumes for this year and the years to come,” said Johan Carlstrom, CEO of FPC.