NEXT Sees Capital Influx from Private Placement

NEXT Sees Capital Influx from Private PlacementNEXT Biometrics has raised NOK 165 million, or roughly $20.2 million USD, through a private placement’s gross proceeds. The offering saw 1,240,000 shares at NOK 133 each.

In a statement announcing the capital influx, the company asserted that the private placement was oversubscribed, with institutional investors and current shareholders alike expressing interest in the offer. NEXT CEO Tore Etholm-Idsøe said that the net proceeds “will be used to invest in increased flexible sensor production capacity, further smart card related R&D and general corporate purposes.”

Those plans appear to cement the company’s strategy to target the biometric smart card market, an aim announced last autumn; and also point to its continued focus on flexible sensor technology. And given that NEXT just received its first major order for its biometric smart cards, it appears to be on track with respect to these strategic aims.

NEXT’s Board of Directors is currently aiming to offer 200,000 additional shares to shareholders who did not receive shares in the private placement, which should help to further shore up capital as the company continues to pursue the smart cards market and R&D advancement.

May 5, 2016 – by Alex Perala