HUDDLESTOCK FINTECH ANNOUNCES BETWEEN NOK 30 AND 50 MILLION EQUITY
CAPITAL RAISE.
NOT FOR DISTRIBUTION OR RELEASE, DIRECTLY OR INDIRECTLY, TO U.S. NEWS WIRE
SERVICES OR FOR DISSEMINATION IN OR INTO THE UNITED STATES, AUSTRALIA,
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RELEASE WOULD BE UNLAWFUL
(Stavanger, NORWAY – 7. May 2021) Reference is made to the announcements on 5 May
2021, where it was announced that Huddlestock Fintech AS (HUDL, OSE: HUDL), an awardwinning and leading wealth-tech company focused on developing and distributing B2B
solutions towards the financial services industry, has reached an agreement with Visigon
Nordic AB to acquire 100% of outstanding shares in Visigon Nordic AB in a cash and share
offer. The funding of the acquisition of Visigon Nordic AB is fully guaranteed by a
consortium of core shareholders. The proposed equity issuance of up to NOK 50 million will
be done through a pre-emptive rights issue directed to existing shareholders.
Huddlestock is pleased to announce that the Board of Directors of Huddlestock Fintech AS (the
“Company”) today has resolved to conduct a rights issue of between NOK 30 – 50 million at a
subscription price of NOK 6.00 per share (the “Rights Issue”). A consortium of core shareholders
has committed to support the acquisition of Visigon Nordic AB with a pre-commitment of NOK 30
million.
The Rights Issue will be issued on the basis of a board authorization granted by the general meeting
on 30 April 2021.
The proposed Rights Issue will raise gross proceeds of NOK 30 – 50 million through a share capital
increase of minimum NOK 9,500 and a maximum of NOK 15,833,3327 by issuance of up to
8,333,333 new shares (the “Offer Shares”) at a nominal value per share of NOK 0.0019, and a
subscription price of NOK 6.00 per share.
The subscription price of NOK 6.00 per share is based on the closing price of the Company’s share
on 7 May 2021 of NOK 6.00, also being equal to the share exchange consideration price for the
shares to be issued to sellers of Visigon AB, as further set out in stock notice sent 5 May from the
Company.
Each shareholder will be granted 0.07598 subscription rights (the “Subscription Right) for every
existing share held 12 May 2021 (the “Record Date”) (subject to rounding). Each Subscription Right
will, subject to applicable securities laws, entitle the holder to subscribe for and be allocated one
Offer Share in the Rights Issue. Oversubscription and subscription without subscription rights will
be allowed.
The Subscription Rights are not going to be listed and tradable on Euronext Growth. Existing
Shareholders who do not use their Subscription Rights will experience a corresponding dilution.
Huddlestock Fintech AS is registered in Norway no. 821 888 522. Registered Office: Gamle Forusveien 53b, 4031 Stavanger, Norway
The Shareholders who have committed to support the acquisition of Visigon Nordic AB with a precommitment of NOK 30 million will be granted warrants as consideration. In total 2.5 million warrants
will be issued. The warrants give a right to subsribe for shares at a subscription price of NOK 6.00
for a period of 12 months following the date of the Rights Issue.
Following oversubscription in the guarantee consortium and final allocation amongst the subscribers
in said consortium, CEO John Skajem is the only primary insider taking part in the guarantee
consortium and thereby receiving 125,000 warrants.
The offer period is expected to commence at 09:00 hours CET on 14 May 2021 to 16:30 hours CET
on 28 May 2021, subject to extensions at the sole discretion of Huddlestock Fintech AS – but no
longer than to 1 June 2021.
The full terms and conditions of the Rights Issue will be included in a national prospectus (the
“Prospectus”), which will be made public prior to start of the subscription period.
The proceeds from the issue of new equity will be used to fund the acquisition of the Nordic financial
technology company, Visigon Nordic AB, to support the company’s growth strategy and strengthen
working capital.
The Prospectus will be published on the webpages of the Company at:
www.huddlestock.com/investorrelations. A letter will be sent to shareholders about the number of
preferential rights granted and the procedures for usage of the Subscription Right.
The Prospectus is, subject to regulatory restrictions in certain jurisdictions, also available at the
following webpage: www.huddlestock.com/investorrelations
For questions, please contact investor relations.
CONTACTS:
John E. Skajem, CEO, +47 418 87 412, jes@huddlestock.com
Cecilia Luras, Director of Strategy & IR, +44 75 0090 5131, col@huddlestock.com
About Huddlestock Fintech:
Huddlestock Fintech AS was listed on Euronext Growth Market 26 November 2020, as Norway’s
first fintech company to be publicly traded. Huddlestock Fintech is a company that develops unique
software as a service-solutions for digitizing work processes for custody banks, asset managers
and trading venues.
The open, compliance-optimized and data centric platform allows our customers to offer a
differentiated real-time product that reduces cost and increases efficiency. Huddlestock Fintech’s
technology enables end-to-end digital services such as onboarding, client communication,
reporting, order execution and portfolio management, all executed on the same platform.
Huddlestock has two main products: Apex (Custody) and Bedrock (Connectivity). Apex is a software
as a service-solution that links custody services with asset managers and individual investors.
Bedrock provides a white label solution that is primarily a product for financial services firms wanting
to add low cost-efficient trading and investing services to their client web and app offerings.
Huddlestock Fintech AS is registered in Norway no. 821 888 522. Registered Office: Gamle Forusveien 53b, 4031 Stavanger, Norway
Huddlestock’s client base includes BNP Paribas, Baader Bank, Donau Capital and Tradegate
Exchange.
For more information, please visit www.huddlestock.com