IDEX Biometrics‘ efforts to attract investor attention continue, with the company announcing a new securities offering to be listed on the Nasdaq Capital Market.
Called an “American Depository Share” (or “ADS”), the offering will essentially be a package of Ordinary Shares in IDEX. Each ADS will comprise 75 Ordinary Shares, and the securities will trade under the symbol IDBA.
The ADSs will begin trading on March 1st. IDEX hasn’t issued any new shares for the offering; they are simply a means of extending its reach to more of the American securities market. IDEX previously sought to make inroads into the American market through the OTCQB Venture Market exchange, trading on that exchange under the ticker IDXAF.
The news comes roughly a year after IDEX announced the appointment of Marianne Bøe as its investor relations specialist, and appears to be a maneuver aimed at capitalizing on the growing interest in biometric payment cards, an area in which IDEX has been highly active. Commenting at the time of her appointment, Bøe had said, “We expect that the interest from the financial community will increase as the company launches new products and increases its commercial traction.”
Earlier this month, China UnionPay had issued important certifications for two biometric payment cards featuring IDEX technology. And just last week, IDEX announced that its technology would be used in a hardware wallet designed to house digital currency in a trial being run by the Postal Savings Bank of China.
While the new ADSs will trade on the Nasdaq, IDEX’s shares will also continue to trade on the Oslo Børs, a market operated by the Oslo Stock Exchange. Shareholders will be able to convert their OSE shares into ADSs with the help of a broker, but are under no obligation to do so.
February 24, 2021 – by Alex Perala