Heavily oversubscribed Idex Biometrics private placement brings in $30M
The private placement Idex Biometrics conducted to raise $25 million has brought in even more than expected, with the company issuing 89,777,824 new shares at NOK 2.85 (US$0.33) per share.
The fingerprint biometrics provider announced plans to raise its second large investment of the year to sustain the company past the break-even point in cash flow earlier this week in the wake of a pair of key certifications for its biometric payment card technology.
The private placement was multiple times oversubscribed, according to the announcement, having received strong interest from Norwegian, Nordic, and international institutional investors. This interest prompted Idex to increasing the offering size, allowing it to raise $30 million, or NOK 256 million.
Following the registration of the share capital increase the company has a share capital of NOK 151,392,751.80 (roughly $17.5 million), made up of 1,009,285,012 shares at a nominal value of NOK 0.15 ($0.017) each.