OSLO, Norway--(BUSINESS WIRE)--Thin Film Electronics ASA (“Thinfilm”) (OSE: THIN.OL), a leader in the development and commercialization of printed electronics and smart systems, today announced that Ferd AS ("Ferd", www.ferd.no) has agreed to acquire 37,500,000 shares in the Company at a subscription price of NOK 4.00 per share totaling NOK 150,000,000 (USD 23 million). Upon completion of the transaction, Ferd will hold 7.3% of the shares in the Company.
Upon subscription in the offering, Ferd will also receive 31,250,000 warrants, each with an exercise price of NOK 4.80. The warrants are exercisable after a 12-month holding period, and expire in three years.
The issuance of shares and warrants is subject to the approval of an extraordinary general meeting (the "EGM") in Thinfilm. An EGM will be called for as soon as practical and will take place on or about November 14, 2014. Completion of the private placement is conditional upon EGM approving the transaction.
"Having Ferd, a renowned Norwegian industrial and financial investment company, become a significant shareholder in Thinfilm reflects the strong progress of the Company. This investment fully funds our current product roadmap. Ferd is an investor of high quality, and their funding of Thinfilm is a positive development for all shareholders. We believe that this method of fundraising is the most efficient possible, and benefits the Company," said Davor Sutija, CEO of Thinfilm.
About Thin Film Electronics ASA
Thinfilm is a leader in the development and commercialization of printed electronics. 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.
Thin Film Electronics ASA (“Thinfilm”) is a publicly listed Norwegian company with headquarters in Oslo, Norway, product development and production in Linköping, Sweden, product development, production, and business development in San Jose, California, USA, and a sales office in Tokyo, Japan.