Fingerprint Cards has entered into a placing agreement with Carnegie with regard to newly issued class B shares
In order to finance the accelerated growth and intensify participation in the Company’s on-going market expansion, Fingerprint Cards AB (“FPC” or “the Company”) has entered into a placing agreement with Carnegie Investment Bank (“Carnegie”). The Company intends to pursue one or several new issues with a deviation from the current shareholders’ preferential rights, equal to a maximum of 3 million class B shares at market price
FPC has entered into a placing agreement with Carnegie with regard to newly issued class B shares. In brief, the placing agreement implies in brief that Carnegie has undertaken to on a best efforts basis and following instructions from the Company and on one or several occasions place or sell a maximum of 3 million new issued class B shares in the Company. Relative to the current number of outstanding class B shares and the total number of shares outstanding in the Company, the maximum number of class B shares that could be issued under the placing agreement represents an increase of 6.4% and 6.3% respectively. The subscription price will correspond to the volume weighted average price at which Carnegie has placed or sold shares during the relevant day.
The decision to enter into a placing agreement with Carnegie was taken by the Board of Directors of FPC, pursuant to the new issue authorisation of 9,000,000 class B shares which was granted by the 2012 Annual General Meeting, of which the not yet utilised part of the new issue authorisation corresponds to 4,801,451 class B shares.
Potential new issues will strengthen the Company’s financial ability to take an active part in the on-going strong market expansion for fingerprint sensors. The proceeds from the potential new issues are intended to be used for investments in and costs for recruitment of additional personnel, consultants, development projects and acquisitions of technology companies.
“This placing agreement enables FPC to increase financial flexibility and in effect further strengthens the Company’s financial position to capture the very interesting growth opportunities that we foresee, in the most optimal way. We are currently involved in a number of tenders with a handful of larger players within the consumer electronics sector and have recently received a great number of Design Wins from mobile operators all over the world. In addition, we see interesting opportunities to make acquisitions of smaller technology companies to ensure a competitive product and patent portfolio in the future”, says Johan Carlström, President and CEO of Fingerprint Cards AB.
For further information, please contact:
Johan Carlström, CEO of Fingerprint Cards AB (publ), +46 31 60 78 20, email@example.com
About Fingerprint Cards AB (publ)
Fingerprint Cards AB (FPC) markets, develops and produces biometric components and technologies that through the analysis and matching of an individual’s unique fingerprint verify the person’s identity. The technology consists of biometric sensors, processors, algorithms and modules that can be used separately or in combination with each other. The competitive advantages offered by the FPC’s technology include unique image quality, extreme robustness, low power consumption and complete biometric systems. With these advantages and the ability to achieve extremely low manufacturing costs, the technology can be implemented in volume products such as smart cards and mobile phones, where extremely rigorous demands are placed on such characteristics. The Company’s technology can also be used in IT and Internet security, access control, etc.
Fingerprint Cards AB (FPC) is listed on NASDAQ OMX Stockholm (FING B) and has its head office in Gothenburg, Sweden.
Fingerprint Cards AB (publ) discloses this information pursuant to the Swedish Securities Market Act (2007:528) and the Swedish Financial Instruments Trading Act (1991:980). The information was issued for publication on March 8, 2013, at 08:00 a.m.
Issuance, publication or distribution of this press release in certain jurisdictions could be subject to restrictions. The recipient of this press release is responsible for using this press release and the constituent information in accordance with the rules and regulations prevailing in the particular jurisdiction. This press release does not constitute an offer or an offering to acquire or subscribe for any Fingerprint Cards securities in any jurisdiction.