FrontOffice increases its holdings in Quickbit eu AB (publ)
FrontOffice Nordic AB (publ) (”FrontOffice”) has acquired 2 000 000 shares in Quickbit eu AB (publ) (”Quickbit”) before Quickbit’s planned IPO. FrontOffice acquired the shares from existing shareholders at the price 2,40 SEK/share, which corresponds to a total investment of 4,8 MSEK. The acquisition was purchased through a share issue of 1 371 428 B shares to 3,50 SEK.
The board of Directors in FrontOffice have, with support from its authorization from its AGM which took place at the 15th of May 2018, decided about an offset issue with deviation from the shareholders precedence to regulate the purchase sum of the acquisition of shares in Quickbit to signing rate of 3,50 SEK.
The 1 371 428 newly issued shares of class B means a dilution effect corresponding to approx. 3 % of the votes and approx. 4,9 % of the capital in FrontOffice. The new issuing entails a raise of capital with approx. 68 571 SEK. The amount of outstanding shares are after registration, 2 000 000 class A shares and 26 109 211 class B shares (total of 28 109 211 shares) and its capital will amount to approx. 1 416 988 SEK.*
“FrontOffice continues to invest within Fintech. Quickbit is a company with potential which also stands in front of an IPO, which makes the company even more interesting” says Johan Lund CEO, FrontOffice Nordic AB (publ).
About the investment:
Amount of shares: 2 000 000
Total investment: 4 800 000 SEK (2,40 SEK/share), regulated through newly issued FrontOffice B shares to a share price of 3,50 SEK.
FrontOffice total holding in Quickbit after completed investment equals to 3 480 000 shares (approx.. 6 % of capital and votes) together with 540 000 warrants.
FrontOffice holds before current investment 1 480 000 shares and 540 000 warrants in Quickbit.
About Quickbit eu AB (publ)
QuickBit.eu AB is a new Swedish public company involved in the innovative fintech industry. Quickbit is a group of predominantly Swedish entrepreneurs and IT professionals with extensive experience in delivering solutions to the financial services industry, with a particular expertise in online payment solutions. Over the past few years Quickbit have observed the cryptocurrency marketplace from afar and have long felt that the current process of online purchasing is far too complicated and slow.
Quickbit is the first streamlined solutions that provides customers with a quick, easy, and most importantly, secure method of purchasing or selling bitcoins.
*Dilution and disclosure of share capital and outstanding shares include resolved but not yet registered B shares
For more information, please contact:
FrontOffice Nordic AB (publ)
+4670 - 55 653 54
About FrontOffice Nordic AB (publ)
FrontOffice Nordic AB (publ) invests in growing companies, especially in companies which have had temporary payment difficulties but has a solid business idea. By being an active owner and contribute with both strategic competence and operational improvements, FrontOffice creates conditions for value growing investments.