Idex loses NOK 90M ID Centric investment, turns to smaller share sale

Idex Biometrics is considering a private placement for 10 percent of its shares to replace a canceled deal.

A proposed private placement with ID Centric that would have supplied Idex with NOK 90 million Norwegian kroner (approximately US$9.7 million) in return for a 20 percent stake and an initial order of fingerprint sensors for its biometric ID cards worth $1.75 million has been cancelled by mutual agreement, according to the announcement. A commercial partnership may replace the deal so ID Centric can still buy the biometric sensors.

CEO Anders Storbråten, privately and through Altea AS, and major shareholder and board member Robert Keith have each pre-committed to subscribe for NOK 10 million ($1.1 million) in offer shares. Keith and close associates are the primary shareholder in Idex, with 23.8 percent before the private placement.

Storbråten already owned more than 18 percent of Idex directly and through wholly-owned investment company Pinchcliffe AS when Altea AS increased its ownership stake in Idex to 10.77 percent with an investment close to NOK 22 million as part of a private placement round in January.

Article Topics

biometric sensors  |  biometrics  |  Idex Biometrics  |  stocks