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Adding debt and cutting costs, Idex says it’s good to 2025

Adding debt and cutting costs, Idex says it’s good to 2025
 

Idex Biometrics has raised NOK 35 million (US$3.22 million) in a private placement of 78.6 million new shares priced at NOK 0.445 ($0.041) each. The biometrics sensor, chip and software maker also has signed a term sheet for a proposed convertible NOK 100 million ($9.2 million) bond with an unidentified institutional investor.

At the same time, Idex is cutting operating expenses to $4 million per quarter. No specifics have been announced.

Officials say that the cuts and the signed and anticipated debt deals will fund Idex until 2025.

Specifically, the net proceeds of the completed placement will fund commercialization, development, marketing and working capital requirements, according to the card-based ID verification company. Settlement is expected on a delivery-versus-payment basis November 20.

CEO Vince Graziani and chair Lawrence John Ciaccia have been allocated 625,280 new shares each at the offer price.

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