Precise Biometrics commences $11M rights issue to fund post-merger position

Precise Biometrics has laid out is plan for a previously-announced rights issue to raise 110 million Swedish kronor (roughly US$11.3 million), with the net proceeds paying for the integration with Fingerprint Cards, repaying bridge financing and bankrolling steps to synergies, product development and priority commercial initiatives.

The rights issue consists of up to 134,508,376 ordinary shares in Precise at a subscription price of SEK 0.82 ($0.084) per share, a 35 percent discount on the closing price as of July 20. The company has SEK 100 million in guarantee commitments, SEK 20 million more than when the rights issue was announced in March.

The company believes it can realize SEK 45 million in cost synergies annually from the merger.

Article Topics

biometrics  |  Fingerprint Cards  |  Precise Biometrics  |  stocks