Summary of Figure Technology Solutions Conference Call Company Overview - **Company**: Figure Technology Solutions (NasdaqGS:FIGR) - **Event Date**: November 18, 2025 - **Key Speakers**: Mike Cagney (Executive Chairman), Michael Tannenbaum (CEO), Macrina Gill (CFO), Claire Hovey (COO) Key Industry and Company Developments - **Launch of Blockchain-Native Public Equity Security**: Figure announced the first-ever blockchain-native public equity security, enhancing how public securities can be issued, traded, and financed [4][10] - **Advantages of Blockchain-Native Equity**: - Faster bilateral settlement - 24/7 trading capabilities - Cross-collateralization of securities - Transparent lending and borrowing of stock [4][6][8] - **Non-Dilutive Offering**: The offering will be non-dilutive, involving existing shareholders selling their shares while Figure mints new blockchain stock, keeping the total share count unchanged [5][7] Market Infrastructure and Trading Model - **Decentralized Trading Model**: The blockchain-native equity will trade on an alternative trading system (ATS) without reliance on traditional intermediaries like DTCC or prime brokers, allowing for direct trades between self-custody wallets [6][15] - **Cost Savings and User Experience**: The new model is expected to deliver material cost savings, better stock loan economics, and an improved user experience [6][9] - **Integration with Democratized Prime**: The blockchain-native equity will serve as a foundational element for the Democratized Prime DeFi platform, enhancing liquidity and market efficiency [10][12] Regulatory and Compliance Aspects - **SEC Registration**: The blockchain-native equity will be fully registered with the SEC, ensuring compliance with investor protections and governance frameworks [7][8] - **KYC and AML Compliance**: The same KYC requirements will apply as with traditional brokerages, ensuring regulatory compliance [30][34] Market Dynamics and Future Outlook - **Liquidity Mechanism**: A mechanism will allow swapping between blockchain and NASDAQ securities, expected to enhance liquidity across both platforms [20][21] - **Potential for Premium Trading**: The blockchain-native equity may trade at a premium due to its enhanced utility and cross-collateralization capabilities [21][50] - **Expansion into Other Asset Classes**: Figure aims to extend its blockchain model into other asset classes, including commodities and currencies, beyond just equity [16][41] Competitive Landscape - **Disruption of Traditional Markets**: Figure's approach is seen as a direct competitive challenge to traditional equity markets, potentially leading to a shift away from reliance on intermediaries [15][24][48] - **Interest from Other Market Participants**: There is significant interest from asset managers and broker-dealers in adopting this blockchain-based approach, indicating a shift in market dynamics [22][24] Conclusion - **Ambitious Undertaking**: Figure is positioning itself at the forefront of transforming capital markets through blockchain technology, aiming to restore economics to asset holders and disrupt traditional intermediation [78]

Core Points - Kaldvík AS successfully completed a private placement raising approximately NOK 532 million (around EUR 46.2 million) [1] - The private placement consists of two tranches: Tranche 1 with 5,976,172 shares and Tranche 2 with 32,034,878 shares, pending approval from an extraordinary general meeting [2] - Austur Holding AS lent 1,724,097 existing shares to facilitate the settlement of the private placement [3] Transactions by Close Associates - Austur Holding AS subscribed for 27,045,027 new shares in the private placement and lent shares to DNB Carnegie for settlement [5] - AR-Invest AS, associated with primary insider Asle Rønning, subscribed for 32,910 new shares in the private placement [5]