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Fingerprint Cards AB (publ) updates on upcoming reverse share split
GlobeNewswire News Roomยท 2025-07-16 10:10
Core Viewpoint - Fingerprint Cards AB (FPC) has announced a revised plan for a reverse share split due to unforeseen technical issues that prevented the initial execution of the split [1][2][4]. Group 1: Reverse Share Split Details - The initial reverse share split was halted because the estimated number of shares required for rounding up shareholders' holdings was significantly underestimated, leading to potential costs for the company [2]. - The Board of Directors proposed a new method called the "rounding down-method," where excess Class B shares will be transferred to the company's ownership, and shareholders will receive cash compensation for any excess shares [3]. - The reverse share split will occur at a ratio of 1:2,000, reducing the total number of shares from 15,175,375,766 to 7,587,687 shares, while maintaining class-specific rights and characteristics [3][4]. Group 2: Company Background and Future Plans - The reverse share split is part of FPC's strategy to align its operational and financial progress with growth initiatives and to achieve an appropriate number of shares [4]. - The company plans to execute the reverse share split in the third quarter of 2025, with further details to be announced in a separate press release [4].