Sensor maker Subsequent Biometrics says it has raised gross proceeds of NOK 60 million in a personal placement – debt financing – meant to enliven its operations and put together for anticipated new orders.
There are formalities but to be resolved, however the firm’s board has allotted 12 million shares at NOK 5 (US$0.47) per share. Web proceeds will probably be lower than NOK 60 million ($5.6 million).
In a press release carried by inventory information writer MarketScreener, executives mentioned the position will “ensure healthy balance sheet and meet working capital requirements due to substantial orders.”
Earlier this month, they announced that that they had signed a multi-year FAP20 sensor order valued at NOK 15 million ($1.4 million) with an unnamed new buyer in India. The debt is anticipated to assist Subsequent get first the shipments out within the second quarter of 2024.
Additionally this month, Subsequent signed a contract valued at NOK 18 million ($1.6 million) for FAP sensors. The customer was recognized as XM Holder, a Chinese language electronics distributor. Subsequent signed a sensor gross sales contract with XM in August 2022.
Ulf Ritsvall, senior VP of gross sales and advertising, mentioned the sensor has been authorised for integration with India’s Aadhaar program. Safety necessities for Aadhaar methods have been strengthened, requiring relevant vendors to satisfy this system’s so-called L1 certification.
Ritsvall takes over as Subsequent CEO October 1.
Author: Jim Nash
Date: 2023-09-27 14:46:16