IDEX Biometrics has scheduled an extraordinary general meeting (EGM) for August 14, 2025, to seek shareholder approval for the second tranche of a recently completed NOK 30 million private placement. The capital raise is part of the company’s ongoing strategic transformation under the leadership of CEO Catharina Eklof.
Second Tranche Details and Guarantor Support
The placement involves a total of 9.09 million new shares priced at NOK 3.30 each. The first tranche, consisting of 4,731,594 shares, was executed under existing board authorization. The remaining 4,359,315 shares in the second tranche are pending approval at the upcoming EGM. Two affiliated companies, Pinchcliffe AS and Kilen Invest AS, have acted as guarantors for the offering. Pinchcliffe AS is affiliated with CFO and acting CEO Anders Storbråten, while Kilen Invest AS is affiliated with IDEX chairman Morten Opstad. Both guarantors will receive compensation in the form of shares equal to five percent of their guaranteed amount.
“Since becoming CEO this quarter, I have focused on executing our transformation program and implementing key initiatives to reach our targeted quarterly operating expense run rate of $2.5 million,” Eklof said in a July 15, 2025 update.
Commercial Progress and Financial Snapshot
The company recently received formal approval from Visa for its biometric payment application (May 29, 2025), along with Mastercard certification for biometric metal cards using IDEX Pay (July 7, 2025). It also successfully completed a testing phase in India in June 2025 and launched a new biometric card with TaluCard in the UK on July 2, 2025, designed for visually impaired users.
IDEX also secured a contract in Kenya in September 2024 to supply fingerprint sensor technology for school ID cards, helping strengthen its global footprint. Operationally, the company has centralized administrative functions in the UK and Europe, while expanding its workforce in the APAC region to pursue regional growth opportunities.
In Q3 2024, IDEX reported revenue of $60,000 and net income of $1.36 million, largely driven by fair-value adjustments and other non-cash financial gains. The company’s adjusted net loss was $4.8 million, with an operating loss of $5.1 million. These figures underscore the importance of the current funding round to support commercialization and scaling of biometric payment solutions.
Sources: MarketScreener
–
By Ji-seo kim
