Next Biometrics undergoes restructuring as Zwipe plans date to list at Nasdaq First North
Next Biometrics revealed today it has been executing a program to optimize the organization and cost base with its strategic priorities and market opportunities. The company has been focused on a streamlined operating model, reducing costs and enabling revenue growth.
The measures were mostly implemented in Q4 2019 and are expected to result in a 20% reduction in headcount leaving Next with approximately 65 full-time employees following the restructuring. Other operating expenses not related to near-term revenue generation or critical development activities will also be scaled down. Next expects the restructuring to produce annual cost savings of at least NOK 20 million (USD$2.3M).
“We are committed to creating shareholder value through growth, by becoming more customer centric and selectively investing in market-leading products,” explains Peter Heuman, Next Biometrics CEO. “We focus on capturing current market opportunities for our biometric solutions, while at the same time seeking to optimize our organization and cost base to extend the financial runway enabling execution of our long-term plans.”
Heuman was named chief executive in September.
New listing for Zwipe
Zwipe expects to list its shares for trading on Nasdaq First North Growth Market (First North) in Stockholm, under the ticker “ZWIPE”. The first day of trading is planned for Tuesday, January 28, 2020.
First North has assessed the company and confirmed that Zwipe fulfils requirements for listing, subject to customary conditions, including distribution requirements and final formal approval from First North. Zwipe will not issue new shares in connection with the Firth North listing.
Zwipe is currently listed on Merkur Market at Oslo Børs under the ticker “ZWIPE-ME”. Following the listing at First North, Zwipe will be dual-listed and traded on both markets until further notice.
Zwipe applied to be considered for Nasdaq First North Growth Market Listing last month. The company had previously said it would consider a new listing to capitalize on opportunities from the commercialization of biometric smart cards.