NEXT Biometrics raises $18.7M to invest in flexible sensors

February 7, 2017 - 

NEXT Biometrics Group ASA has raised approximately 156 million NOK (US$18.7 million) in gross proceeds through a private placement consisting of 1,167,000 new shares at a price of NOK 134 (US$16) per share.

The company said it will invest the net proceeds from the private placement – which drew strong interest from both existing shareholders as well as new “high quality institutional investors” – in increased flexible sensor production capacity, further smart card related R&D and general corporate purposes.

As managers, Carnegie, DNB Markets and Pareto Securities advised on the private placement of new shares directed towards Norwegian and international investors after the close of Oslo Stock Exchange on Monday.

The new shares will be issued based on a board authorization granted by NEXT Biometrics’ general meeting on June 15, 2016.

Once the new share capital relating to the private placement is registered, NEXT will have an issued share capital of NOK 16,325,980 (US$19.6 million), divided into 16,325,980 shares, which works out to NOK 1.00 (US$0.12) per share.

The achieved share price reflects a 3.9% discount of the closing market price on Monday.

Previously reported, NEXT Biometrics’ board of directors appointed former Motorola executive Ritu Favre as the company’s new CEO.

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About Justin Lee

Justin Lee has been a contributor with Biometric Update since 2014. Previously, he was a staff writer for web hosting magazine and website, theWHIR. For more than a decade, Justin has written for various publications on issues relating to technology, arts and culture, and entertainment. Follow him on Twitter @BiometricJustin.