Sunday, 22 Sep 2019

Thin Film Electronics raises US$22 million through US focused private placement

Proceeds from the private placement will fund an expansion of Thinfilm’s PDPS (printed dopant polysilicon) manufacturing at its facility in San Jose, California

18 Jun 2015 | Editor

Thin Film Electronics ASA (Thinfilm) has announced a private placement, exempt from registration under the US Securities Act of 1933, in the Company (Private Placement) in which several US funds (Investors) have subscribed for 34,034,653 shares in the Company, at a share price of US$ 0.64640 (equaling NOK 5.01 per share) for a total investment of US$ 22 million.

Proceeds from the Private Placement will fund an expansion of Thinfilm’s PDPS (printed dopant polysilicon) manufacturing at its facility in San Jose, California. The expansion is expected to increase the facility’s capacity for production of EAS and NFC OpenSense tags significantly.

Given the Company’s desire to attract an additional investor base in the US, it is the Board’s view that a private placement is in the Company’s best interest.

According to ThinFilm:

  • FC OpenSense tags are thin, flexible tags that can detect whether a product is factory-sealed or has been opened
  • The tags wirelessly communicate that information, with a globally unique product id, with the tap to an NFC-enabled smartphone or device.
  • Leading brands have engaged Thinfilm in demonstrating applications of the tags in mobile marketing, product security, and supply-chain tracking
  • Thinfilm’s EAS product is in global roll-out with one of the largest fast fashion retailers, in conjunction with partner Nedap Retail

Following the resolution by the board of directors, the share capital is increased by NOK 3,743,811.83 by the issue of 34,034,653 new shares. Following the completion of the Private Placement, Thinfilm’s share capital will be NOK 61,077,484.27, divided into 555,249,857 shares with a nominal value of NOK 0.11 per share.

Upon completion of the Private Placement, the Investors will hold 6.1 % of the shares in the Company. The terms of the subscription is based on the additional issuance of 17,017,326 warrants to the investors.

Davor Sutija, CEO, Thinfilm, said, "The market response to our launch of NFC OpenSense product has been exceptionally strong." Davor added, "This investment will allow significant expansion of our printed logic production in order to meet expected demand for both NFC OpenSense and our EAS products, from current and prospective customers, including Diageo, who showcased the Connected ‘Smart Bottle’ together with Thinfilm in March 2015. It is an opportunity to significantly scale the Company."
Davor continued, "Leading US investors are now significant shareholders in Thinfilm. This is a key milestone for the Company and follows our listing on the OTCQX marketplace with Cowen and Company, LLC as our Principal American Liaison. We believe growing the international investor base will benefit the Company and our shareholders as we scale to deliver our vision for the Internet of Everything."

Cowen and Company, LLC has acted as sole Placement Agent in this transaction.

www.thinfilm.no    www.cowen.com   

About Thin Film Electronics

Thinfilm is a leader in the development and commercialization of printed electronics and smart systems. The first to commercialize printed, rewritable memory, the Company is creating printed systems that include memory, sensing, display, and wireless communication, all at a low cost unmatched by any other electronic technology. Thinfilm’s roadmap integrates technology from a strong and growing ecosystem of partners to enable the Internet of Everything by bringing intelligence to disposable goods.

Thinfilm is a Norwegian company with headquarters in Oslo, Norway listed on the Oslo Stock Exchange; product development and production in Linköping, Sweden; product development, production, and business development in San Jose, California, USA; and sales offices in the United States, Japan and Singapore.

Source: Thin Film Electronics

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