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High-profile investor funds Zwipe through biometrics launches expected in 2022

High-profile investor funds Zwipe through biometrics launches expected in 2022
 

Swedish billionaire Erik Selin has invested NOK 104 million (approximately US$11.9 million) in Zwipe through a private placement of 4 million new shares with his Erik Selin Fastigheter AB, and plans to use the funds to fund further development and commercialization of its biometrics portfolio. The company is now funded through commercial launches of biometric payment cards featuring its technology expected in 2022 and beyond, according to the announcement.

Selin is the founder and CEO of Fastighets AB Balder, a residential and commercial property management company, and has a net worth of $3.9 billion, according to Forbes.

Zwipe says the funds will also be used to cover general operating costs and strategic investments.

The subscription price for the private placement is NOK 26.10 ($3) per share, which corresponds with Zwipe shares’ closing price on the Nasdaq First North Growth Market as of August 31. There is no discount on the shares, and Zwipe’s board does not intend to execute a repair issue.

The new shares will be issued on Euronext Growth Oslo and Stockholm’s Nasdaq First North Growth Market following the registration of the share capital increase, which is expected on or around September 30.

The board notes that Erik Selin Fastigheter AB is considered a strong, long-term investor.

Zwipe picked up $10 million in a private placement a year ago which included many primary insiders, which the company said at the time gave it the capital needed beyond the mass market launch of biometric payment cards.

Corporate documents show Zwipe had issued just under 33 million shares prior to the new issuance, giving Selin an ownership stake of around 11 percent. Selin has the second-largest holding in the company, behind Vasastaden/Niclas Eriksson and related parties.

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