Idex Biometrics raises $10 million to serve scaling smart card market
Idex Biometrics has privately placed 120 million new shares at NOK 0.75 per share (US$0.08), raising NOK 90.0 million ($9.9 million) to accommodate capital requirements and board demands, the company announced.
The shares were privately placed at some 1 percent under the closing price for eight shareholders at the Oslo Stock Exchange on November 15, 2019. The placement is broken down into one tranche of 55.4 million shares and a second tranche of 64.6 million shares. An extraordinary general meeting will be held around December 12, 2019, when the second tranche will be discussed.
Following the tranche one capital increase, Idex will have a share capital amounting to NOK 98,012,120.85 (roughly $10,000,000) divided into 653,414,139 shares at NOK 0.15 nominal value per share. Following the tranche two capital increase, Idex will have a share capital amounting to NOK 107,698,309.80 (roughly $11,000,000) divided into 717,988,732 shares at NOK 0.15 nominal value per share.
“We are delighted to secure this funding from existing shareholders,” said Stan Swearingen, CEO of Idex Biometrics. “This funding will secure necessary capital to meet the impending market growth and large-scale commercialization of biometric smart cards, and enable IDEX to be a leader in the large and growing biometric smart card market. This investment is a strong endorsement of the significant value-creation potential of IDEX’s fingerprint biometric technology for its customers, partners, and shareholders.”
Idex Biometrics aims to leverage its off‐chip technology to become a global leader in delivering fingerprint solutions to mass markets. In October, the biometric company started production ramp preparations to fulfill a multi-year order commitment, which includes a multimillion-dollar commitment for Idex’s SmartFinger IDX 3200 dual-interface sensors, enhanced with advanced security features. In November, Idex Biometrics partnered with Australian firm Quest Payment Systems to expand use of biometric smart cards in Australasia.