Fingerprint Cards enters into placing agreement with Carnegie Investment Bank

Fingerprint Cards (FPC) has been growing at an incredible rate. In the last year, the company has made some significant moves and deals, and has now entered into a placing agreement with Carnegie Investment Bank, with regard to newly issued class B shares.

FPC intends to pursue one or several new issues through this agreement, with a deviation from the current shareholders’ preferential rights, equal to a maximum of 3 million class B shares at market price. Relative to the current number of outstanding class B shares and the total number of shares outstanding in the company, the maximum number of class B shares that could be issued under the placing agreement represents an increase of 6.4% and 6.3% respectively. The subscription price will correspond to the volume weighted average price at which Carnegie has place or sold shares during the relevant day.

The decision to enter into the placing agreement was made by the company’s board of directors. These newly issued shares could strengthen FPC’s ability to take an active part in the on-going strong market expansion for fingerprint sensors. The proceeds from the potential new issues are intended to be used for investments in and costs for recruitment of additional personnel, consultants, development projects and acquisitions of tech companies.

“This placing agreement enables FPC to increase financial flexibility and in effect further strengthens the Company’s financial position to capture the very interesting growth opportunities that we foresee, in the most optimal way,” Johan Carlström, President and CEO of Fingerprint Cards AB said. “We are currently involved in a number of tenders with a handful of larger players within the consumer electronics sector and have recently received a great number of Design Wins from mobile operators all over the world. In addition, we see interesting opportunities to make acquisitions of smaller technology companies to ensure a competitive product and patent portfolio in the future.”

Reported previously in BiometricUpdate.com, in January, FPC received an initial order for 800,000 units of its 1080A swipe sensor, from World Wide Touch Technology, which designs and manufactures fingerprint modules for laptops.

Also, in January, FPC received an initial production order from CrucialTec for 100,000 the same swipe sensors. This initial volume covers the pilot run for a line of mobile phones in Japan, scheduled for launch in the second quarter of 2013. The company anticipates larger orders from April onwards.

 

Article Topics

authentication  |  fingerprint scanner  |  fingerprint verification  |  verification