IDEX Biometrics ASA: Private placement of NOK 70 million successfully placed

Core Viewpoint - IDEX Biometrics ASA has successfully completed a private placement of new shares, raising gross proceeds of NOK 70 million, significantly oversubscribed, to support its commercialization and product development efforts [3][4]. Private Placement Details - The private placement raised NOK 70 million through the issuance of 466,666,666 new shares at a price of NOK 0.15 per share [3]. - The private placement is structured in two tranches: Tranche 1 includes 101,624,966 shares, and Tranche 2 includes 365,041,700 shares [5]. - Completion of Tranche 1 is subject to board authorization and an extraordinary general meeting (EGM I) on 23 September 2024, while Tranche 2 requires approval at a subsequent EGM II expected around 9 October 2024 [5][7]. Use of Proceeds - The net proceeds from the private placement will be allocated to commercialization efforts, product development, market development expenses, working capital needs, and general corporate purposes [4]. Warrants Issuance - Subscribers will receive two warrants for every two shares allocated, allowing them to subscribe for additional shares at the same offer price [6]. - Warrants A can be exercised within 14 days following the Q4 2024 financial report, while Warrants B can be exercised from 31 March 2025 to 11 April 2025 [6]. Settlement and Trading - Settlement for Tranche 1 is expected around 26 September 2024, and for Tranche 2 around 14 October 2024 [10]. - The shares are anticipated to become tradable on the Oslo Stock Exchange by the end of October 2024, pending the publication of an approved prospectus [11]. Subsequent Offering - A subsequent repair offering will be conducted for existing shareholders not allocated shares in the private placement, with a maximum amount of NOK 21 million [13]. - The offer price in the subsequent offering will match the private placement price, and oversubscription will be allowed [13]. Compliance and Equal Treatment - The private placement complies with equal treatment obligations under Norwegian law, allowing the company to raise capital efficiently at a 37.5% discount to the closing price on 16 September 2024 [12].