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Norwegian fintech Hiddn plans 39M kroner rights issue

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Norwegian fintech Hiddn plans 39M kroner rights issue

Norwegian financial technology company Hiddn Solutions ASA's board decided to launch an underwritten rights issue valued at between 30 million Norwegian kroner and 39 million kroner.

The proposal includes pre-emptive subscription rights for current shareholders. Hiddn plans to issue between 17,142,857 and 22,379,825 new shares with a subscription price of 1.75 kroner per share.

Net proceeds from the issue will be used to finance working capital in Hiddn's ongoing business.

Underwriters have agreed to purchase up to 17,142,857 shares that remain unsubscribed at the end of the offer, ensuring minimum proceeds of about30 million kroner for Hiddn. The underwriters will be paid a fee equal to 4.00% of the underwritten amount.

In the rights issue, existing shareholders will be given the right to subscribe to 1 share per subscription right, with subscription rights based on their existing shareholding as of March 21. The subscription rights will not be tradable and will not be listed on Oslo Børs.

DNB Bank ASA unit DNB Markets is acting as manager of the rights issue, while Aabø-Evensen & Co Advokatfirma AS is acting as legal adviser to Hiddn.

As of March 16, US$1 was equivalent to 7.72 Norwegian kroner.