Zwipe Announces Major Share Offering

Zwipe has announced a plan to raise up to NOK 120 million, or about $13.7 million USD, through private and public equity.

An initial tranche will comprise a private placement offered to major shareholders and “certain new investors in Norway and Sweden,” the company explained in a statement. Zwipe said these interests have “pre-committed” to the purchase of 4.5 million shares valued at NOK 90 million, or about $10.3 million USD.

A second tranche will comprise a public offering of up to 1.5 million shares valued at NOK 30 million, or about $3.4 million USD.

In announcing the plan, Zwipe CEO André Løvestam framed it around the anticipated boom of the biometric payment cards market, with Zwipe being a leading player in the development of fingerprint-scanning cards.

“We are partnering with global leaders and are well protected with a strong IP portfolio,” Løvestam said. “We are preparing for a commercial breakthrough for our biometric payment card solution in the second half of 2019 and accelerating growth in 2020 and beyond, both within biometric payment cards, wearables and other form factors and verticals.”

Zwipe says that the application period for its share offering will begin on January 10th and will end January 17th, with delivery and the first day of trading to occur later this month. But the offering will be conditional on a few terms, including Zwipe’s successful admission to Oslo Børs’ Merkur Market, and approval for the offering at an extraordinary general meeting to be held on or about January 18th.

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January 8, 2019 – by Alex Perala