OSLO, NORWAY – 8 FEBRUARY 2023 - Reference is made to the extraordinary general meeting held on 2 December 2022 in Zwipe AS (the "Company" or "Zwipe"), regarding the resolution to complete a guaranteed rights issue in the Company, raising gross proceeds of approximately NOK 100 million (the "Rights Issue”).
Due to the Norwegian Private Limited Liability Companies Act requiring that the subscription period in share capital increases cannot be later than three months from the general meeting's resolution on the share capital increase and because the subscription period for the Rights Issue is planned to begin on 6 March 2023 and end on 20 March 2023, the board of directors of Zwipe (the "Board") calls for a new extraordinary general meeting (the "EGM") to repeat the resolution resolved by the extraordinary general meeting on 2 December 2022 by making the same resolution once again. For the avoidance of doubt, the Rights Issue to be voted on at the EGM is the same Rights Issue as was resolved by the general meeting on 2 December 2022. Further, the Board proposes that the Company's articles of association are amended to facilitate advanced voting at future general meetings.
The EGM will be held on 15 February 2023 at 12:00 hours CET. The general meeting will be held as a virtual meeting on Microsoft Teams.
Please find attached the notice to the EGM. The notice is also available on the Company's website, https://zwipe.com/investors.
The deadline for registration of attendance and proxies is 14 February 2023 at 16:00 hours CET. Shareholders are encouraged to register their notice of attendance and proxies via the link found on the Company's website https://zwipe.com/investors/general-meetings.
Alternatively, the notice of attendance and proxy forms included in the notice may be sent by e-mail to genf@dnb.no, or by regular post to DNB Bank ASA, Registrar's Department, P.O. Box 1600 Sentrum, 0021 Oslo, Norway.
In order to receive the link to the Microsoft Teams meeting, Zwipe's administration will need to have the shareholder's or proxy holder's e-mail address in advance. Thus, shareholders must after having registered their attendance also register their or its proxy's e-mail address by sending an email to ir@zwipe.com.
The Board has proposed the following agenda:
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About Zwipe
Zwipe believes the inherent uniqueness of every person is the key to a safer future. We work with great passion across networks of international organizations, industries and cultures to make convenience safe and secure. We are pioneering next-generation biometric card and wearables technology for payment and physical & logical access control and identification solutions. We promise our customers and partners deep insight and frictionless solutions, ensuring a seamless user experience with our innovative biometric products and services. Zwipe is headquartered in Oslo, Norway, with a global presence.
To learn more, visit http://www.zwipe.com.
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This is information that Zwipe AS is obligated to make public pursuant to the continuing obligations of companies admitted to trading on Euronext Growth Oslo (Euronext Growth Oslo Rule Book – Part II) and on Nasdaq First North Growth Market. Certified Adviser on Nasdaq First North is FNCA Sweden AB, info@fnca.se. The information was submitted for publication, through the agency of the contact person set out below, at 12:00 CET on 8 February 2023.
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For more information, please contact:
Danielle Glenn, CFO and Head of IR
Tel: +47 909 98 201 and e-mail: ir@zwipe.com
OSLO, NORWAY and GURUGRAM, INDIA – 8 FEBRUARY 2023 – Antworks Money, a Gurugram based neobanking platform, has selected Zwipe to offer biometric payment cards in India. With this partnership Zwipe will gain further traction in the Indian market for biometric payment cards.
As part of the collaboration both companies have agreed to develop and leverage the growing market opportunities in India for biometric on-card payment solutions. Moving forward Antworks Money will promote Zwipe Pay solutions to banks and financial institutions in India and collaborate with Zwipe’s local card manufacturing partners
Commenting on this Rajeev Mahajan, Founder and CEO of Antworks Money said “Our partnership with Zwipe will enable us to start offering Zwipe’s products to banks, credit card issuers and PPI card issuers. We believe that Zwipe’s products are well suited for the Indian market and will help to eliminate the fraudulent use of contactless payment cards. We are also planning to introduce co-branded credit cards in partnership with a bank, which will have Zwipe’s biometric cards as one of the key differentiators.”
“The Indian fintech sector is witnessing significant progress and we are proud to partner with Antworks Money who provide a wide range of credit-focused neobanking services in the region. This is a landmark agreement for Zwipe that will help to drive our growth plans in the Indian market,” said Robert Puskaric, CEO of Zwipe.
About Antworks Money
Antworks Money is in the business of providing full stack neobanking services to small businesses and their employees. Antworks Money has partnered with well-known banks and NBFCs to offer neobanking services to its users. To learn more, please visit www.antworksmoney.com. For product information please email at paymentcards@antworksmoney.com
About Zwipe
Zwipe believes the inherent uniqueness of every person is the key to a safer future. We work with great passion across networks of international organizations, industries & cultures to make convenience safe & secure. We are pioneering next-generation biometric card technology for both payment and physical & logical access control and ID solutions. We promise our customers and partners deep insight and frictionless solutions, ensuring a seamless user experience with our innovative biometric products and services. Zwipe is headquartered in Oslo, Norway with a global presence. To learn more, please visit www.zwipe.com
OSLO, NORWAY – 3 February 2023 – Zwipe AS ("Zwipe" or "the company") today announces its results for the second half of 2022.
Significant events H2 2022
H2 2022 operational review
Zwipe ended the year on a positive note with sequential quarterly growth of 172% and 2.3 mNOK in Q4 revenue, the highest sales revenue in a quarter in Zwipe’s history. During the fourth quarter, we announced the single largest commercial order in a quarter to date for Zwipe and received other smaller orders from SCMs in the Middle East and Asia. Further traction with these SCMS is expected in 2023.
Zwipe’s first major focus for Zwipe Pay in the period was on executing our signed issuers’ pilots. In total, seven issuer pilot projects are being executed – including our first pilot with a major Nordic bank, the global Tier-1 bank pilot and the MEPS pilot. Owing to recently implemented technical changes to improve user experience and product performance, we expect not only streamlined pilot project execution but a significantly faster pace of pilot project launches in the coming quarters.
The second focus for Zwipe Pay in the second half was helping our SCM customers get certified and production ready. KL Hi-Tech in India became the fourth SCM to receive their Visa LoA for production of BPCs using the Zwipe Pay platform, while Tag Systems became the first customer to receive approval from Mastercard. The latter followed Zwipe’s own certification from Mastercard in August.
For Zwipe Access, we continued to lay the groundwork for commercial deployments in 2023. We successfully completed the pilot project for Fraport AG at Frankfurt International Airport, and Zwipe is shortlisted as an access control solutions provider when Fraport moves forward with its tender process in 2023. We also further strengthened our position in the airport vertical when Civix, a leading US provider of airport security solutions, selected Zwipe’s access control technology to augment their airport security propositions.
On the organizational side, after significant management changes in the first half, Jens Hansen joined the management team in September to head up the newly created Customer Success department.
H2 2022 financial review
Zwipe reported total revenues of 3.1 mNOK during H2 2022 versus 1.1 mNOK in H2 2021, mostly related to the sale of payment products and services. Total operating expenses increased by 2.1 mNOK to 59.6 mNOK in H2 2022 from 57.5 mNOK in H2 2021. Net income for H2 2022 was -56.5 mNOK, essentially unchanged from -56.4 mNOK in H2 2021. For the full year, revenue was 3.9 mNOK compared to 2.5 mNOK in 2021. Adjusted EBITDA totaled -96.4 mNOK in 2022 compared to -81.7 mNOK in 2021.
During the second half of 2022, cash flow from operations and investments, before financing and facilitation, decreased by -13.4 mNOK to -60.6 mNOK. The underlying average monthly operating cash flow in the second half of 2022 was -10.1 mNOK compared to -7.9 mNOK in the same period last year. This was in line with expectations, and the average monthly burn rate is expected to decrease again in 2023.
On 31 December 2022, cash and equivalents were 50.5 mNOK, down from 152.3 mNOK at the end of 2021, and down from 109.7 mNOK on 30 June 2022. Total equity as of 31 December 2022 was 55.4 mNOK. Total liabilities totaled 14.1 mNOK on 31 December 2022 and were entirely comprised of short-term liabilities. This resulted in an equity ratio of 80%, roughly stable versus the position at the end of 2021.
On 22 November 2022, Zwipe announced a rights issue raising approximately 100 mNOK in capital. The rights issue is fully guaranteed through a combination of subscription commitments and underwriting commitments from the three largest shareholders in Zwipe. It is being carried out in order to strengthen the company’s financial position and enable the transition from start-up to scale-up. The transaction is expected to close in March 2023 and will ensure the Group has sufficient working capital for the period covering at least 12 months from the date of close.
Going forward
We enter the new year with good momentum in the order book and belief that organization is structured to enable a year of significant growth. Zwipe will use the funds from the rights issue to execute on our technology roadmap, accelerate our go-to-market strategy in both Zwipe Pay and Zwipe Access, assist our SCMs in becoming certified and mass production ready, and progress more rapidly with pilot projects.
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Results presentation
CEO Robert Puskaric and CFO Danielle Glenn will present the H2 2022 results by webcast today, Friday February 3rd, at 10:00 CEST.
Webcast details
Date: 3 February 2023
Time: 10:00 CET
Format: Webcast and Q&A
Language: English
Link: https://app.webinar.net/jQ7xPJLdgnw
Participants will be required to register to view the webcast and participate in the Q&A
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This information is subject to the disclosure requirements in the Market Abuse Regulation (EU 596/2014) and the Norwegian Securities Trading Act section 5-12, and is information that Zwipe AS is obligated to make public pursuant to the continuing obligations of companies admitted to trading on Euronext Growth Oslo (Euronext Growth Oslo Rule Book – Part II) and on Nasdaq First North Growth Market. Certified Adviser on Nasdaq First North is FNCA Sweden AB, info@fnca.se . The information was submitted for publication, through the agency of the contact person set out below, at 08:00 on 3 February 2023.
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About Zwipe
Zwipe believes the inherent uniqueness of every person is the key to a safer future. We work with great passion across networks of international organizations, industries and cultures to make convenience safe and secure. We are pioneering next-generation biometric card and wearables technology for payment and physical & logical access control and identification solutions. We promise our customers and partners deep insight and frictionless solutions, ensuring a seamless user experience with our innovative biometric products and services. Zwipe is headquartered in Oslo, Norway, with a global presence. To learn more, visit http://www.zwipe.com.
For more information, please contact:
Danielle Glenn, CFO and Head of IR
+47 909 98 201
OSLO, NORWAY – 30 January 2023 – Zwipe AS will publish its H2 2022 report on 3 February 2023 at 08:00 CET. On the same day at 10:00 CET, the Company will host a webcast to present the report. After the presentation, the webcast will be opened up for questions from the audience.
Participants are strongly encouraged to submit their questions prior to the webcast on the registration page below or by sending questions to ir@zwipe.com. Participants will be required to register to view the webcast and participate in the Q&A.
Webcast details
Date: 3 February 2023
Time: 10:00 CET
Format: Webcast and Q&A
Language: English
Link: https://app.webinar.net/jQ7xPJLdgnw
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About Zwipe
Zwipe believes the inherent uniqueness of every person is the key to a safer future. We work with great passion across networks of international organizations, industries and cultures to make convenience safe and secure. We are pioneering next-generation biometric card and wearables technology for payment and physical & logical access control and identification solutions. We promise our customers and partners deep insight and frictionless solutions, ensuring a seamless user experience with our innovative biometric products and services. Zwipe is headquartered in Oslo, Norway, with a global presence. To learn more, visit http://www.zwipe.com.
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For more information, please contact:
Danielle Glenn, CFO and Head of IR
+47 909 98 201
ir@zwipe.com
HYDERABAD, INDIA and OSLO, NORWAY – 15 December 2022 – KL Hi-Tech, a leading provider of secure print products and solutions in India, has obtained the Letter of Approval (LoA) from VISA for its biometric payment card built on the Zwipe Pay platform.
With this Letter of Approval (LoA), consumers can use biometric payment cards from KL Hi-Tech built on the Zwipe Pay technology working seamlessly across Visa’s global payment network. This will address the increasing market demand for more security and convenience through biometric payment authentication.
On this development, Kartik Shekar, Vice President at KL Hi-Tech said, “We are extremely proud and pleased to receive the Visa LoA allowing the issuance and deployment of our biometric cards globally. This LoA comes at a point in time where we are seeing strong interest from issuers in our core markets to launch biometric payment cards based on the Zwipe Pay platform. This is an important milestone in our journey towards developing biometric solutions for the Fintech & Banking industry in the region and enabling a more secure and seamless user experience. Given India’s appetite for the next generation of payments, and the mass adoption of digital payments, biometric cards will only supplement the country’s vision to bring technology and finance together for years to come.”
Zwipe obtained its VISA Letter of Approval (LoA) for the Zwipe Pay platform on 24 March 2022, enabling smart card manufacturers working with Zwipe to swiftly obtain VISA certification for their own biometric payment card designs.
“We are pleased to see that KL Hi-Tech has now received the Visa LoA for their biometric cards based on the Zwipe Pay platform. Achieving this key milestone has a very positive impact on the commercial rollout of Zwipe Pay enabled biometric payment cards in the region. On behalf of everyone at Zwipe, I congratulate the team at KL Hi-Tech on this achievement,” said Robert Puskaric, CEO of Zwipe.
About KL HI-TECH
KL HI-TECH is one of India's largest banking card manufacturers with an annual production capacity of over 30 million banking cards. In 2021 it was ranked as the 2nd largest banking card manufacturer in India as per the latest Nilson Report. It is a trusted partner to Central and State Governments, Banks and Financial Institutions, Telecom Companies, Universities and Colleges, Central and State Election Commissions, and Transport Utilities, it provides fool proof and secure Smartcard and security printing solutions.
For more information, contact info@klhitech.com
About Zwipe
Zwipe believes the inherent uniqueness of every person is the key to a safer future. We work with great passion across networks of international organizations, industries & cultures to make convenience safe & secure. We are pioneering next-generation biometric card technology for both payment and physical & logical access control and ID solutions. We promise our customers and partners deep insight and frictionless solutions, ensuring a seamless user experience with our innovative biometric products and services. Zwipe is headquartered in Oslo, Norway, with a global presence. To learn more, visit www.zwipe.com
OSLO, NORWAY – 2 DECEMBER 2022 - Reference is made to the stock exchange announcement published by Zwipe AS (the "Company" or "Zwipe") on 22 November 2022 and the notice dated 23 November 2023 of an extraordinary general meeting in the Company to be held on 2 December 2022 (the "EGM"), both regarding a contemplated fully guaranteed rights issue in the Company, raising gross proceeds of approximately NOK 100 million (the "Rights Issue”).
The EGM has today approved the Rights Issue. The minutes from the EGM have been attached to this notice and have also been made available on the Company's website, https://zwipe.com/investors.
Correction of the stock exchange announcement regarding the Rights Issue published by the Company on 22 November 2022:
Pursuant to the EGM's resolution and in accordance with the Oslo Stock Exchange's procedural rules for trading in subscription rights, the subscription rights in the Rights Issue will be tradable from commencement of the subscription period and until 16:30 CET four (4) trading days prior to the end of the subscription period, i.e. on 14 March 2023 (and not on 15 March 2023 as announced in the stock exchange announcement regarding the Rights Issue published by the Company on 22 November 2022), subject to the prospectus for the Rights Issue being approved in time for the subscription period to start on 6 March 2023.
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About Zwipe
Zwipe believes the inherent uniqueness of every person is the key to a safer future. We work with great passion across networks of international organizations, industries and cultures to make convenience safe and secure. We are pioneering next-generation biometric card and wearables technology for payment and physical & logical access control and identification solutions. We promise our customers and partners deep insight and frictionless solutions, ensuring a seamless user experience with our innovative biometric products and services. Zwipe is headquartered in Oslo, Norway, with a global presence.
To learn more, visit http://www.zwipe.com.
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This is information that Zwipe AS is obligated to make public pursuant to the continuing obligations of companies admitted to trading on Euronext Growth Oslo (Euronext Growth Oslo Rule Book – Part II) and on Nasdaq First North Growth Market. Certified Adviser on Nasdaq First North is FNCA Sweden AB, info@fnca.se. The information was submitted for publication, through the agency of the contact person set out below, at 13:10 CET on 2 December 2022.
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For more information, please contact:
Danielle Glenn, CFO and Head of IR
ir@zwipe.com
OSLO, NORWAY – 23 NOVEMBER 2022 - Reference is made to the stock exchange announcement published by Zwipe AS (the "Company" or "Zwipe") on 22 November 2022, regarding a contemplated fully guaranteed rights issue in the Company, raising gross proceeds of approximately NOK 100 million (the "Rights Issue”). In relation thereto, the Board of Directors of Zwipe (the "Board") calls for an Extraordinary General Meeting (the "EGM") to be held on 2 December 2022 at 10:00 CET. The general meeting will be held as a virtual meeting on Microsoft Teams.
Please find attached the notice to the EGM. The notice is also available on the Company's website, https://zwipe.com/investors.
The deadline for registration of attendance and proxies is 1 December 2022 at 16:00 hours CET. Shareholders are encouraged to register their notice of attendance and proxies via the link found here: https://zwipe.com/investors/general-meetings
Alternatively, the attached notice of attendance and proxy forms may be sent by e-mail to genf@dnb.no, or by regular post to DNB Bank ASA, Registrar's Department, P.O.Box 1600 Sentrum, 0021 Oslo, Norway.
In order to receive the link to the Microsoft Teams meeting, Zwipe's administration will need to have the shareholder's or proxy holder's e-mail address in advance. Thus, shareholders must after having registered their attendance also register their or its proxy's e-mail address by sending an email to ir@zwipe.com.
The Board has proposed the following agenda:
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About Zwipe
Zwipe believes the inherent uniqueness of every person is the key to a safer future. We work with great passion across networks of international organizations, industries and cultures to make convenience safe and secure. We are pioneering next-generation biometric card and wearables technology for payment and physical & logical access control and identification solutions. We promise our customers and partners deep insight and frictionless solutions, ensuring a seamless user experience with our innovative biometric products and services. Zwipe is headquartered in Oslo, Norway, with a global presence.
To learn more, visit http://www.zwipe.com.
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This is information that Zwipe AS is obligated to make public pursuant to the continuing obligations of companies admitted to trading on Euronext Growth Oslo (Euronext Growth Oslo Rule Book – Part II) and on Nasdaq First North Growth Market. Certified Adviser on Nasdaq First North is FNCA Sweden AB, info@fnca.se. The information was submitted for publication, through the agency of the contact person set out below, at 15:00 CET on 23 November 2022.
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For more information, please contact:
Danielle Glenn, CFO and Head of IR
ir@zwipe.com
NOT FOR RELEASE, DISTRIBUTION OR PUBLICATION, DIRECTLY OR INDIRECTLY, IN OR INTO RUSSIA, BELARUS, AUSTRALIA, HONG KONG, JAPAN, CANADA, NEW ZEALAND, SWITZERLAND, SINGAPORE, SOUTH AFRICA, UNITED STATES OF AMERICA OR ANY OTHER JURISDICTION WHERE SUCH ACTION IS IN WHOLE OR IN PART WOULD BE UNLAWFUL. THIS PRESS RELEASE DOES NOT CONSTITUTE AN OFFER TO ACQUIRE SECURITIES IN ZWIPE AS. SEE THE "IMPORTANT INFORMATION" SECTION BELOW.
*** The below text clarifies that the subscription period and planned trading in subscription rights will be in March 2023 and not March 2022.
OSLO NORWAY – 22 NOVEMBER 2022 - The Board of Directors of Zwipe AS (the "Company" or "Zwipe") has today resolved to propose a preferential rights issue of 20,862,047 new shares (the "Offer Shares"), for a subscription price of NOK 4.80 per Offer Share, raising gross proceeds of approximately NOK 100 million with preferential rights for existing shareholders (the "Rights Issue"). The Rights Issue is fully guaranteed through a combination of subscription commitments and underwriting commitments. The Rights Issue requires the approval by the extraordinary general meeting of the Company expected to be held on 2 December 2022 (the "EGM") to be implemented. The notice of the extraordinary general meeting will be published in a separate press release.
Background and reason for the Rights Issue
Zwipe is a Norwegian biometric technology company established in 2009, focused on developing and commercializing secure, fast, and easy-to-use biometric authentication solutions with broad applications across key verticals such as payments and access control. Since 2019, card manufacturers have started the process of launching biometric payment card specific manufacturing lines, semiconductor providers have begun the development of dedicated offerings for this market, and the entire value chain supporting these processes has started moving more consistently. At the same time, Zwipe has made significant progress and added numerous smart card manufacturing customers across the world, significantly broadening their customer base. In addition, Zwipe has entered multiple important partnerships to enhance their go-to-market strategy and accelerate the adoption of biometric payment cards. Pilots have started and give the Company insights in its progress towards commercial adoption of its offerings.
In 2022, Zwipe has achieved a number of important milestones. The Company received its single largest commercial order for Zwipe Pay in a single quarter totalling $225,000. The Zwipe Pay Biometric Payment Card Platform received certification from both Visa and Mastercard, and the Fraport biometric access control project at Frankfurt Airport was successfully completed. Catering to the strong demand for access control solutions in the market, Zwipe is now engaging with a number of system integrators and distributors to accelerate the deployment of biometric access cards in key verticals and markets.
The Rights Issue is carried out in order to strengthen the Company’s financial position and enable the transition from start-up to scale-up.
Robert Puskaric, CEO of Zwipe comments:
“I am extremely pleased by the continued confidence demonstrated by our largest existing shareholders. Zwipe is experiencing significant positive commercial momentum and the proceeds from this fully secured rights issue will enable us to build upon our already strong position within biometric payments and biometric access control. The proceeds will be used to continue ramping up to meet growing global market demand for biometric security.”
Key terms of the Rights Issue
Underwriting obligations and guarantee commitments
The Rights Issue is fully guaranteed through a combination of subscription- and underwriting commitments. The subscription commitments are entered into with the Company’s largest shareholders, including Chairman of the Board Jörgen Lantto, and amount to approximately NOK 34.5 million, corresponding to approximately 34.5 percent of the Rights Issue. The underwriting commitments amount to approximately NOK 65.6 million, corresponding to approximately 65.5 percent of the Rights Issue. The underwriting commitments are entered into with three of the Company’s largest owners, Vasastaden Holding AB, Erik Selin Fastigheter AB and Arcanum Eiendom AS (controlled by Lars Windfeldt) pursuant to underwriting agreements entered into with each of them on 22 November 2022. The commitments and underwriting commitments are not secured by bank guarantee, escrow funds, pledging or similar arrangements. Pursuant to, and subject to, the terms and conditions set out in the underwriting agreements and the subscription commitments, the underwriters and pre-committing subscribing shareholders have undertaken to vote their shares held at the time of the EGM in favour of the Rights Issue and all underwriters have undertaken to guarantee on a several basis (not jointly) to subscribe for the Offer Shares, for a total underwritten amount of NOK 100,137,825.6 million, less any subscriptions covered by the subscription commitments. The Offer Shares which are not subscribed upon expiration of the subscription period (if any), will thus be subscribed by and allocated to the underwriters.
Other information pertaining to the Rights Issue
In connection with the Right Issue, a prospectus will be prepared, which is subject to the approval by the Norwegian Financial Supervisory Authority and which will be passported to Sweden. The prospectus will be published prior to the commencement of the subscription period and will form the basis for subscriptions in the Right Issue. Provided that the prospectus is approved by the Norwegian Financial Supervisory Authority and passported to Sweden in time, the subscription period for the Rights Issue will commence on 6 March 2023 and expire 20 March 2023 at 16:30 hours (CET). In the event that the prospectus is not approved in time to uphold this subscription period, the subscription period will commence on the second trading day on the Oslo Stock Exchange following the approval of the prospectus and expire at 16:30 hours (CET) two weeks thereafter.
The shareholders of the Company on 27 February 2023 (and being registered as such in the Norwegian Central Securities Depository, Euronext Securities Oslo, (the "VPS") as at the expiry of 1 March 2023 (the "record date")) will be granted one (1) preferential subscription right for each share registered as held by the shareholder as of the record date. Nine (9) preferential rights will give the right to subscribe for and be allocated five (5) Offer Shares in the Rights Issue (i.e. the holding of less than nine (9) preferential rights will not give the right to subscribe for any Offer Shares in the Rights Issue). Provided that a purchase of shares is made with ordinary T+2 settlement, shares purchased up to and including 27 February 2023 will give the right to receive subscription rights, whereas shares purchased from and including 28 February 2023 will not give the right to receive subscription rights. The subscription rights are expected to be tradable and listed on Euronext Growth Oslo and Nasdaq First North from and including the first day of the subscription period and until 16:30 (Oslo time) four trading days prior to the expiry of the subscription period. Over-subscription and subscription without subscription rights will be permitted.
A further description of the Rights Issue and of other circumstances that must be considered upon subscription of shares in the Rights Issue will be included in the prospectus for the Rights Issue, which will be published no later than the first trading of the subscription period and that will constitute the subscription material for the Rights Issue.
Indicative timeline for the Rights Issue
Change in share capital and number of shares and dilution
Upon completion of the Rights Issue, the share capital in the Company will be increased by NOK 2,086,204.7, from NOK 3,755,168.50 to NOK 5,841,373.20, through the issuance of 20,862,047 new shares. The number of shares thus increases from 37,551,685 to 58,413,732 shares. For existing shareholders who do not participate in the Rights Issue, this means, in the case of full subscription, a dilution effect of 35.7 percent of capital and votes in the Company.
Advisor
Zwipe has engaged Erik Penser Bank AB and Advokatfirmaet Simonsen Vogt Wiig AS as financial and legal advisors respectively in connection with the Rights Issue.
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For further information contact:
Danielle Glenn, CFO and Head of IR, Zwipe
E-mail: ir@zwipe.com
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This information is subject to the disclosure requirements in the Market Abuse Regulation (EU 596/2014) and the Norwegian Securities Trading Act section 5-12, and is information that Zwipe AS is obligated to make public pursuant to the continuing obligations of companies admitted to trading on Euronext Growth Oslo (Euronext Growth Oslo Rule Book – Part II) and on Nasdaq First North Growth Market. Certified Adviser on Nasdaq First North is FNCA Sweden AB, info@fnca.se. The information was submitted for publication, through the agency of the contact person set out below, at 19:30 on 22 November 2022.
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About Zwipe
Zwipe believes the inherent uniqueness of every person is the key to a safer future. We work with great passion across networks of international organizations, industries and cultures to make convenience safe and secure. We are pioneering next-generation biometric card and wearables technology for payment and physical & logical access control and identification solutions. We promise our customers and partners deep insight and frictionless solutions, ensuring a seamless user experience with our innovative biometric products and services. Zwipe is headquartered in Oslo, Norway, with a global presence.
To learn more, visit http://www.zwipe.com.
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Important information
The information in this press release neither contains nor constitutes an offer to acquire, subscribe or otherwise trade in shares, warrants or other securities in Zwipe. No action has been taken and no action will be taken to permit an offer to the public in any jurisdictions other than Norway and Sweden. The invitation to interested persons to subscribe for shares in Zwipe will only take place through the prospectus that Zwipe expects to be able to publish around 3 March 2023. This announcement is an advertisement and is not a prospectus for the purposes of the Prospectus Regulation. Investors should not subscribe for any securities referred to in this announcement except on the basis of information contained in the aforementioned prospectus.
The information contained in this press release may not be disclosed, published or distributed, directly or indirectly, within or to the United States, Australia, Hong Kong, Japan, Canada, New Zealand, Switzerland, Singapore, South Africa, Russia, Belarus or any other jurisdiction where such action would be illegal, subject to legal restrictions or require measures other than those that follow from Norwegian and Swedish law. Actions contrary to this instruction may constitute a violation of applicable securities legislation. No shares or other securities of Zwipe have been registered, and no shares or other securities will be registered, under the United States Securities Act of 1933 from time to time ("Securities Act") or the securities laws of any state or other jurisdiction of the United States and may not be offered, sold or otherwise transferred, directly or indirectly, in or to the United States, except pursuant to an applicable exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and pursuant to the securities laws of the relevant state or other jurisdiction in the United States. This communication is distributed to and directed solely to persons in the United Kingdom who are (i) professional investors falling within the scope of Article 19(5) of the U.K. from time to time in force; Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 ("the Order") or (ii) high net worth subjects and other persons to whom this notice may lawfully be addressed, who are subject to Article 49(2)(a)-(d) ) in the Order (all such persons are collectively referred to as "Relevant Persons"). Persons who are not Relevant Persons may not act on or rely on the information in this communication. An investment or investment measure referred to in this communication is only possible for Relevant Persons and will only be completed with Relevant Persons. Persons who disseminate this communication must themselves ensure that such dissemination is permitted.
Forward-looking statements
This press release contains forward-looking statements that refer to the Company's intentions, assessments or expectations regarding the Company's future results, financial position, liquidity, development, prospects, expected growth, strategies and opportunities as well as the markets in which the Company operates. Forward-looking statements are statements that do not relate to historical facts and can be identified by the inclusion of expressions such as "believes", "expects", "anticipates", "intends", "estimates", "will", "may", "assumes", "should" "could" and, in each case, negations thereof, or similar expressions. The forward-looking statements in this press release are based on various assumptions, which in several cases are based on additional assumptions. Although the Company believes that the assumptions reflected in these forward-looking statements are reasonable, there can be no assurance that they will occur or that they are accurate. As these assumptions are based on assumptions or estimates and are subject to risks and uncertainties, the actual result or outcome may, for many different reasons, differ materially from what appears in the forward-looking statements.
Such risks, uncertainties, contingencies, and other material factors may cause actual events to differ materially from the expectations expressed or implied in this press release through the forward-looking statements. The Company does not warrant that the assumptions underlying the forward-looking statements in this press release are correct and any reader of the press release should not place undue reliance on the forward-looking statements in this press release. The information, opinions and forward-looking statements expressed or implied herein are provided only as of the date of this press release and are subject to change. Neither the Company nor anyone else undertakes to revise, update, confirm or publicly announce any revision of any forward-looking statement to reflect events occurring or circumstances occurring with respect to the contents of this press release, except as required by law or Nasdaq First North Growth Markets' regulations for issuers.
OSLO NORWAY – 22 NOVEMBER 2022 - Reference is made to the stock exchange announcement published by Zwipe AS (the "Company") earlier today, 22 November 2022, regarding a contemplated fully underwritten rights issue in the Company, raising gross proceeds of approximately NOK 100 million (the “Rights Issue”). Key information relating to the Rights Issue is set out below.
Date on which the terms and conditions of the preferential rights issue were announced: 22 November 2022
Last day including right: 27 February 2023
Ex-date: 28 February 2023
Record Date: 1 March 2023
Date of approval: 2 December 2022
Number of new shares: 20,862,047
Subscription price: NOK 4.80
Ratio subscription rights: Each existing shareholder as of 27 March 2023 (and being registered as such in the Norwegian Central Securities Depository, Euronext Securities Oslo, (the VPS) as at the expiry of 1 March 2023 (the record date)) will be granted one (1) subscription right for each share registered as held by the shareholder on the record date.
Subscription ratio: Nine (9) subscription rights will give the holder the right to subscribe for five (5) new shares (i.e. the holding of less than 9 subscription rights will not give the holder the right to subscribe for any new shares).
Manager: Erik Penser Bank AB
Will the rights be listed – yes/no: Yes, the Company will apply for listing of the subscription rights on Euronext Growth Oslo and Nasdaq First North.
ISIN for the preferential rights: To be announced when available
Other information: The rights issue is fully guaranteed through a combination of subscription commitments and underwriting commitments. The rights issue is subject to the approval by the extraordinary general meeting of the Company, which will be held on 2 December 2022 (the "EGM"). Any changes in the dates included in this release will be communicated to the market by the Company.
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About Zwipe
Zwipe believes the inherent uniqueness of every person is the key to a safer future. We work with great passion across networks of international organizations, industries and cultures to make convenience safe and secure. We are pioneering next-generation biometric card and wearables technology for payment and physical & logical access control and identification solutions. We promise our customers and partners deep insight and frictionless solutions, ensuring a seamless user experience with our innovative biometric products and services. Zwipe is headquartered in Oslo, Norway, with a global presence.
To learn more, visit http://www.zwipe.com.
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For more information, please contact:
Danielle Glenn, CFO and Head of IR
ir@zwipe.com
The Board of Directors of Zwipe AS, org. nr 994 553 607, has on November 10, 2019, subject to the approval by an Extraordinary General Meeting, decided to carry out a preferential rights issue of up to MNOK 74 by issuing up to 10 635 525 shares, implying an increase of the Company’s share capital of up to NOK 1 063 553.
90 percent of the Rights Issue, amounting to MNOK 67, is already covered through subscription commitments and underwriting commitments from current shareholders and new investors.
Background and purpose
During 2019 Zwipe has made significant technological, commercial and organizational progress. Most notably, Zwipe entered a strategic collaboration with Idemia on a disruptive technology platform for biometric payments. Furthermore, Zwipe successfully completed the prototyping of its in-house Z5 energy harvesting and power management chip, extended its network of card manufacturer clients, delivered according to its first received order for its second generation inlay technology, and was engaged by G+D Mobile Security to provide product design and prototyping for a wearable biometric payment device to be piloted by a leading bank.
The preferential rights issue is carried out in order to secure working capital toward commercialization and scale-up of Zwipe’s technology platform. The commercialization efforts will be accompanied by a targeted program to focus and streamline the company’s resources.
CEO André Løvestam commented “This rights issue is planned to extend Zwipe’s financial runway all the way to scale-up of biometric cards, and I am pleased that we have achieved a 90% guaranteed subscription. We now see a clear path toward finalizing and commercializing our technology, with the required capital resources to get to that point.
Zwipe is streamlining its product roadmap and pursuing cost saving opportunities that will reduce the current burn-rate. This has been made possible on the back of the strategic collaboration with Idemia, the global leader in Augmented Identity and one of the world’s largest payment card manufacturers, on a disruptive technology platform that we together with our partner Idemia believe is a game changer and a catalyst for growth in the industry. The new platform will integrate and simplify component design, drastically reducing costs of the product itself and the manufacturing process. As a result, a complete biometric payment card cost of below USD 10 is becoming realistic, providing an accelerated path to mass volumes while giving Zwipe a long-term cost leadership position.”
Summary of Rights Issue
The subscription price is NOK 7.00 per share. The Company’s shareholders have preferential rights to subscribe to the new shares in relation to the number of shares currently held. For each recorded share the shareholder obtains one (1) subscription right. Three (3) subscription rights entitle to subscription of two (2) newly issued shares.
The Record Date for participation in the Rights Issue is planned for December 4, 2019. The subscription period is expected to run from December 5 up to and including December 19, 2019. The Board of Directors shall have the right to extend the subscription period if deemed beneficial. In the event that not all shares have been subscribed for in the Rights Issue, the Board of Directors, within the maximum scope of the Rights Issue, resolve on the allocation of shares subscribed for without subscription rights.
The Company has obtained subscription commitments and undertaking commitments from a number of current shareholders and external investors. The subscription commitments from existing shareholders, and external investors who will receive subscription rights from major shareholders who cannot participate, amount to 16.1 percent of the Rights Issue. Underwriting commitments amount to an additional 73.9 percent of the Rights Issue. In total, the subscription commitments and underwriting commitments from current shareholders and new investors amount to MNOK 67.0, corresponding to 90.0 percent of the Rights Issue.
Timetable for the Rights Issue
The below timetable for the Rights Issue is preliminary and may be adjusted:
Prospectus
Complete information regarding the Rights Issue and information about the Company will be included in the prospectus that is expected to be published on or about December 4, 2019.
Extraordinary General Meeting
To obtain approval to carry out the Rights Issue, the Board of Directors has decided to call for an extraordinary general meeting. The extraordinary general meeting is to be held on December 2, 2019 at 11:30 at the office of Simonsen Vogt Wiig Advokatfirma, Filipstad Brygge 1, Oslo. The notice of the meeting will be published today through a separate press release.
For further information please contact:
André Løvestam, CEO: andre@zwipe.com +47 93 43 69 52
Lars Myren, Interim CFO: lars@zwipe.com +47 90 94 36 60
Advisors
In connection with the Rights Issue, Zwipe has appointed Erik Penser Bank AB (publ) as book runner, and Advokatfirmaet Simonsen Vogt Wiig AS as legal advisor.
For more information, please visit www.zwipe.com
Important information
The information in this press release does not constitute an offer to sell, acquire, subscribe for or otherwise trade in shares or other securities issued by Zwipe AS. No offer will be made in any jurisdiction in which such offer or solicitation is unlawful or where this would require registration, publication of a prospectus or similar action. Invitation to interested parties to subscribe for shares in Zwipe AS will only be made through the prospectus that Zwipe AS will publish.
There will be no public offer of shares in the United States. The new shares have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”), or under the securities law of any state or other jurisdiction of the United States and may not be reoffered, resold, pledged or otherwise transferred, directly or indirectly, except (a) outside the United States in accordance with Rule 903 or Rule 904 of Regulation S, as applicable or (b) pursuant to Rule 144A under the U.S. Securities Act by executing and delivering a separate U.S. investor representation letter to the manager. A person in the United States or who is a “U.S. Person” (within the meaning of Regulation S under the U.S. Securities Act), may not apply for Offer Shares or otherwise take steps in order to subscribe for or purchase Offer Shares unless the subscriber has confirmed to the manager that it is a "qualified institutional buyer" ("QIB") as defined in Rule 144A under the U.S. Securities Act, acquiring the Offer Shares for investments purposes for its own account or for one or more accounts of another/other QIB(s), where it has investment discretion over such accounts in a transaction exempt from the registration requirements under the U.S. Securities Act by executing and delivering a U.S. investor representation letter to the manager. The Offer Shares are “restricted securities” within the meaning of Rule 144(a)(3) under the U.S. Securities Act and may not be deposited into any unrestricted depositary receipt facility in the United States, unless at the time of deposit the Offer Shares are no longer "restricted securities".
The information in this press release may not be released, published, reproduced or distributed in or to the United States, Canada, Japan, Australia, Hong Kong, Switzerland, Singapore, South Africa or New Zealand or any other country or jurisdiction where such action is not permitted or where such action is subject to legal restrictions or would require further registration or other measures than what is required by Norwegian and / or Swedish law. Measures contrary to this instruction may constitute a breach of applicable securities legislation.
OSLO, NORWAY – 6 November 2019
Q3 2019 highlights and recent developments
During the third quarter Zwipe focused on extending its technology portfolio and network of partners covering the biometric payment card and wearables value chain:
Status update from the CEO
André Løvestam, CEO of Zwipe said ”Q3 2019 exceeded our expectations and we are happy with the major milestones we have completed over the last months. The announced collaboration with Idemia on a disruptive technology platform for biometric payments represents a defining moment for Zwipe. The new biometric payments platform will drastically reduce product and manufacturing costs by integrating into a single chip the functions that previously required a Secure Element, a Microcontroller, and more than thirty external components. This enables Zwipe to take a strong cost leadership position and gain competitive advantage as the industry moves towards large-scale volumes.
In parallel, we are forging ahead with our internal research and development activities and have expanded our intellectual property (IP) portfolio. In the period, our in-house IP development has progressed well. Zwipe now has 31 granted patents across 10 patent families in its IP portfolio, representing significant licensing revenue potential for the company going forward. Immediately after the closing of Q3, we announced the successful completion of a two-year development project: a working prototype of our Z5 chip which we plan to commercialize to stakeholders across the payments ecosystem, both as a stand-alone chip and as part of our biometric payment platform, the biometric inlay.
We have complemented our products with services. At the end of the quarter, Zwipe introduced the “Zwipe Experience” to its customers – a comprehensive program of products and services, enabling the card manufacturers to prepare for all aspects of launching biometric payment cards.
With product development taking positive strides, we have also continued expanding our network of customers. In Q3 we added Thailand-based card manufacturer dz card to our already substantial global customer network. Dz card plans to launch biometric payment solutions to address the emerging needs of customers in Thailand and across Southeast Asia, a region poised to see exponential growth in payment card adoption over the coming years.
Beyond dual-interface payment cards, we are pursuing complementary payment solutions where our technology represents a competitive advantage for our customers. During the quarter, we announced that we had been engaged by G+D Mobile Security, one of the world’s largest players within security solutions, to provide product design and prototyping for a wearable biometric payment device to be piloted by a leading bank.
With good momentum in these two emerging product verticals, we are confident that our focus on building relationships with our customers will play a major role in securing both short- and long-term success for the company. The new relationships diversify our customer base and extend our geographical presence, securing ties with regional leading card manufacturers and banks. Industry leaders in the biometric payment industry such as Idemia and G&D are firming up their roles, setting up commercial structures and investing in trial and production capacity. The fact that they select Zwipe as a key partner for their endeavours is a testament to our strong role in the value-chain.
It is exciting for us to see that our future potential is materializing in near-term commercial opportunities. Our initial sales of biometric card inlays, and customer-funded engineering efforts are opening doors for greater opportunities going forward. I am delighted to see that the steps we have taken are starting to bear fruit.”
Financials and Significant Events During Third Quarter 2019
Financial Status
During the third quarter Zwipe had revenues of MNOK 1.0 (0.9) representing sale of products for trial purposes as well as NRE invoiced to certain customers for specific developments. Accumulated revenues for the year amount to MNOK 1.3 (1.6).
Average monthly cash flow during Q3 2019 was MNOK -7.6 (-5.6), compared to MNOK -8.9 in the first half of 2019. The closing cash balance at end of Q3 was MNOK 51.0.
Subsequent event: Completed prototype Zwipe Z5 chip
After closing of the third quarter, Zwipe announced the successful prototype completion and power-on of its in-house developed “Z5” energy harvesting and power management integrated circuit (ASIC). The proprietary new chip is a significant milestone in component consolidation, cost reduction and efficiency improvement for Zwipe. Commercial samples are planned to be ready by mid-2020, by which time mass production can start. The Z5 chip will precede and subsequently complement the emerging biometric payment technology platform announced with Idemia.
OSLO, NORWAY – 14 OCTOBER 2019 – Biometric technology company Zwipe is pleased to announce the prototype manufacturing and successful power-on of its Z5 chip, an application-specific integrated circuit (ASIC) developed by Zwipe and supported by proprietary energy harvesting IP.
The Zwipe Z5 consolidates components required for contactless energy harvesting and power management in one chip, reducing cost and improving the power efficiency and the manufacturability of embedded biometric solutions. This proprietary embedded chip will be a key commercial element for Zwipe’s biometric products for payment and beyond.
Commenting on this important breakthrough, André Løvestam CEO of Zwipe said, “this is an important milestone for the company, and a key part of Zwipe’s Generation NxT initiative focusing on cost reduction and supply-chain readiness to improve our competitiveness and facilitate our go-to-market and scale-up capacity. Over the coming months, Zwipe will complete verification and qualification. Commercial samples are planned for release mid-2020, at that stage mass production can start.”
The Zwipe Z5 chip will be sold as a single component and as part of Zwipe’s embedded system, the biometric inlay. Target customers are smart card and wearables manufacturers as well as original equipment manufacturers (OEMs) in the emerging biometric payment market and in other verticals.
The development of this component is partially funded through a EUR 2.3 million (NOK 23 million) grant from the European Commission as part of Horizon 2020.
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OSLO, NORWAY– 27 SEPTEMBER 2019 – Biometric technology company Zwipe has today delivered the first order of its second-generation biometric inlay to one of its card manufacturing customers. The order was for a few thousand units and generates revenue of approximately half a million NOK in the third quarter 2019.
“Zwipe’s biometric payment platform is the most widely live-tested solution in the marketplace and it has been progressively updated in terms of performance and cost. We are now starting to provide our second-generation biometric platform and inlay technology to our customers. We are supporting our customers toward achieving a mass-marketable roll-out of their biometric payment cards” says André Løvestam, CEO at Zwipe.
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Courbevoie, FRANCE and Oslo, NORWAY – 19 September 2019 – IDEMIA, the global leader in Augmented Identity and one of the world’s largest biometric payment card manufacturers, and Zwipe, a leading biometric technology company, have signed an exclusive partnership and distribution agreement that sees the two companies co-investing in the development of a disruptive biometric payment card platform. The companies’ shared vision is to enable mass volume market take-off and long-term growth for biometric payment cards, by bringing to market a technology platform that will significantly reduce the complexity and cost of the design and production process for biometric payment cards, enabling an accelerated path to mass volumes which will ultimately benefit the issuers and users of cards.
This result is achieved by drastically reducing the number of components, integrating in a single chip the functions that previously required a Secure Element, a Microcontroller, and more than thirty external components, all mounted on a flexible PCB (Printed Circuit Board). Cards incorporating this new technology will be in the market in H2 2020, with high volume deployment starting in 2021.
Speaking on the agreement, Amanda Gourbault, Executive Vice-President for Financial institutions activities at IDEMIA, declared: “this is a strategic, high profile project for IDEMIA. We are very excited about what this platform will enable in terms of market growth and the penetration of biometric payment cards. IDEMIA is delighted to partner with Zwipe, a company with a solid intellectual property portfolio and an expanding global customer network; we are confident that our new solution will command a leading position in the marketplace.”
Zwipe will have worldwide exclusive rights to provide this solution to manufacturers of payment cards, wearables and other payment solutions, and their suppliers, when the product becomes available. IDEMIA has ownership of this technology and will sell F.CODE to its Financial Institutions customers. Once again, by bringing the best of its technology and vision, IDEMIA is driving the growth of the biometric cards market.
Commenting on this major development, André Løvestam, CEO of Zwipe said “we are excited and proud to enter a significant partnership with IDEMIA, a prominent global industry leader. The platform represents a technological leap that will serve as a catalyst to enable full biometric payment card costs to come down significantly, driving mass volume market growth and complementing our current and future product portfolios. We look forward to bringing this platform to our customers to continue to shape the biometric payments industry.”
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OSLO, NORWAY– 17 SEPTEMBER 2019 – Biometric technology company Zwipe has been selected by Giesecke + Devrient (G+D) Mobile Security, one of the world’s largest mobile and digital security providers to develop a biometric payment device with a view to pilot this technology with leading banks.
Speaking on the partnership with Zwipe, Gabrielle Bugat, Group Senior Vice President and Head of Business Unit Financial Services at G+D Mobile Security, said “We have selected Zwipe because of their proven ability to integrate biometrics with payment functionalities into an extremely space and energy-constrained environment,” adding “we are confident that this joint effort will help establish new opportunities in the emerging biometric payments marketplace.”
Zwipe will provide the technical design and core components for integration into a wearable device with the digital security provider integrating the payment platform and personalising the product for use as a payment solution.
Commenting on this commercial effort, André Løvestam, CEO of Zwipe said “Our new customer, G+D is one of the world’s largest players in security solutions and we are excited to launch this collaboration.”
The joint development is commencing now, and the two parties plan to announce the start of any pilot when the product is ready for trials.
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BANGKOK, THAILAND – 11 SEPTEMBER 2019 – Biometric technology company Zwipe and dz card a global card solution provider and one of the largest card manufacturers in Southeast Asia, have signed a partnership to launch biometric payment solutions addressing the emerging needs of customers in Thailand and across Southeast Asia, as well as India and Africa.
Speaking on the engagement, Mr. Renaud ADAM – CEO of dz card said, “we have received requests from several large issuers seeking biometric payment cards and we are excited to partner with Zwipe, who is uniquely positioned to support our customers in introducing, optimizing and scaling up the issuance of this innovative product which makes contactless payment so much more secure.”
dz card will look to integrate Zwipe’s technology platform in bringing their biometric payment cards and other associated solutions to market, featuring Zwipe’s proprietary biometric payment platform and secure at-home enrolment offering.
Commenting on this latest customer acquisition André Løvestam, CEO of Zwipe said, “we are honored that dz card decided to join our growing customer base and we are confident that our unique and dedicated approach to support them in launching biometric payment cards will be a win for their customers, some of the largest financial institutions in Southeast Asia.”
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OSLO, NORWAY – 3 September 2019- Biometric technology company Zwipe will explore a potential listing on Nasdaq Stockholm's First North Growth Market. The timing of such a listing remains to be evaluated.
Commenting on this development, CEO of Zwipe André Løvestam said “the past several months has seen major stakeholders in the emerging biometric payment market invest in preparations for commercialization of biometric payment cards and accompanying offerings. This vote of confidence and positive outlook has enabled several new strategic opportunities for Zwipe that are currently being pursued. On this basis, the Board of Directors has concluded an intent to list on Nasdaq Stockholm's First North Growth Market”, adding “listing on Nasdaq First North Growth Market will take the company closer to the majority of its investors and open up a larger and more dynamic trading market for its shares.”
Please see Zwipe’s Interim Report January to June 2019 on the company’s website, www.zwipe.com for more information about the company’s status and outlook.
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Oslo, Norway - 3 September 2019
Biometric technology company Zwipe today announces its Interim Report January to June 2019:
First Half Year
Significant events during the period
Significant events after the period
CEO comment
André Løvestam, Chief Executive Officer at Zwipe, said “Zwipe had significant progress during the first half of 2019. During the period we added five new card manufacturing customers across the world, significantly broadening our customer base. At the same time, multiple pilots with existing customers, banks and payment networks, have provided strong results and given us unique insights as we progress towards commercial adoption of our offerings.
Over the course of this summer, accredited third-party labs used for validation by the major payment networks have confirmed that Zwipe’s platform is comfortably surpassing the biometric performance, security and interoperability requirements for certification to be awarded to card manufacturers.
During the first half of 2019 multiple card manufacturers have started the capital-intensive process of launching biometric payment card specific manufacturing lines, semiconductor providers have begun the development of dedicated offerings for this emerging market, and the entire value chain supporting these processes has started moving more aggressively.
This vote of confidence of the future prospects in biometric payment cards and wearables has opened up several new strategic opportunities for Zwipe; opportunities that we are now pursuing at full speed.
Based on this confirmation of Zwipe’s value proposition and long-term prospects, the Board of Directors has concluded an intent to list on Nasdaq Stockholm's First North Growth Market, thereby further accelerating and supporting the company's development.
I am confident that Zwipe is well positioned to unlock the exciting opportunities coming our way and I am looking forward to the next phase of our journey.”
Please find the full report attached or on the company’s website www.zwipe.com.
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