Huddlestock Fintech AS – Completion of acquisition of F5 IT AS and share capital increase
Reference is made to the stock exchange release by Huddlestock Fintech AS (“Huddlestock”) published on 9 May 2022, announcing the acquisition of the software developer F5 IT AS. The agreement was successfully completed on 26 October 2022.
The acquisition was planned to be carried out by way of a share swap between the parties, with Huddlestock transferring 6,666,667 treasury shares to the seller. Upon executing the agreement, the parties have instead chosen to settle the purchase price for F5 It AS by issuing to the seller 6,666,667 new shares (the “Consideration Shares”) in Huddlestock by way of a share capital increase in Huddlestock. The choice of closing the transaction by issuing the Consideration Shares was due to Huddlestocks´ preference in maintaining the current holding of treasury shares for potential new opportunities arising.
The share capital increase was resolved by the board of directors of Huddlestock on 26 October 2022, whereby the Consideration Shares were issued each with a nominal value of NOK 0,0019 per share, in total a share capital increase of NOK 12,666.6673. Following the registration of the capital increase, Huddlestock will have 135,409,615 issued shares and a share capital of NOK 257,278.2685.
The seller has entered into a three-year lock-up agreement for a total of 5,714,286 of the Consideration Shares, each with 952,381 shares being released from the lock-up each consecutive 6 months.
Disclosure regulation
This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.
Contacts
- John E. Skajem, CEO, +47 418 87 412, jes@huddlestock.com
About Huddlestock Fintech AS
Huddlestock Fintech is an innovative technology software provider with a leading expert professional services business. We deliver innovative and sustainable technology solutions to the capital markets, treasury and wealth management industries.
Through its technology offering, Huddlestock offers an innovative, compliant, and data-centric WealthTech SaaS, accelerating the digital transformation, and trends of hyper-personalization and on-demand banking within the wealth management industry. Huddlestock’s SaaS empowers the embedding of low-cost, efficient white-label trading and investment services, underpinning Huddlestock’s mission of delivering financial inclusion by democratizing access to capital markets.
Through its world-class expert professional services business, Huddlestock delivers strategic technology solutions and process automation for the financial services industry. This range of services has propelled Huddlestock into becoming the preferred supplier of financial consultancy services and technology solutions in the Nordic region. Huddlestock Fintech AS was listed on Euronext Growth Market 26th November 2020, as Norway’s first fintech company to be publicly traded.
For more information, please visit www.huddlestock.com