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    HUDL ME   NO0010859648

HUDDLESTOCK FINTECH AS

(HUDL ME)
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SummaryMost relevantAll NewsOther languagesPress ReleasesOfficial PublicationsSector news

Huddlestock Fintech AS : announces final results of the capital raise and reconfirms outlook.

06/01/2021 | 03:38pm EDT
PRESS RELEASE 
 
Huddlestock Fintech AS announces final results of the capital raise and
reconfirms outlook.

NOT FOR DISTRIBUTION OR RELEASE, DIRECTLY OR INDIRECTLY, TO U.S. NEWS WIRE
SERVICES OR FOR DISSEMINATION IN OR INTO THE UNITED STATES, AUSTRALIA, CANADA OR
JAPAN, OR ANY OTHER JURISDICTION IN WHICH THE DISTRIBUTION OR RELEASE WOULD BE
UNLAWFUL 

(Stavanger, NORWAY - 1 June 2021) Huddlestock Fintech AS (HUDL, OSE: HUDL)
announces final results of the capital raise and reconfirms outlook.

Reference is made to the stock exchange announcement of Huddlestock Fintech AS
(the "Company" or "Huddlestock") dated 7 May 2021 regarding the capital raise of
between NOK 30 million to NOK 50 million (the "Capital Raise").  Huddlestock is
pleased to announce the successful completion of a rights issue (the "Rights
Issue") for the subscription of 5,795,306 newly issued Huddlestock ordinary
shares (the "New Shares" and each a "New Share").  The gross proceeds amount to
NOK 34,771,836 million.  The subscription price was NOK 6.00 per share (the
"Rights Issue Offer Shares").  

The gross proceeds of approximately NOK 35 million provides Huddlestock with
adequate funds to proceed with the acquisition of Visigon and sufficient working
capital, liquidity and growth capital for the foreseeable future.

"The acquisition of Visigon is a landmark deal for Huddlestock, and will
strengthen our product offering and go-to-market strategy significantly.  We are
delighted to have received strong support from more than 330 new and existing
shareholders.  We are pleased to reiterate guidance for 2021 of a consolidated
EBITDA of NOK 5.3 million.  Looking into 2Q 2021, we are confident of delivering
solid results," says CEO of Huddlestock John E. Skajem

Primary insiders of Huddlestock Fintech AS, the Executive Management Team and
Board Members, have subscribed to new shares in the Rights Issue.  Visigon's
Executive Management team and employees have confirmed their support for the
joint company by subscribing to new and additional shares in Huddlestock's
Capital Raise. Details of transactions pertaining to primary insiders will be
made in due course.

"The acquisition of Visigon is a milestone for Huddlestock and we are delighted
that Visigon's management team and employees have decided to increase their
future stake in our company by subscribing for additional shares in the rights
issue," says Huddlestock's Chairman Øyvind Hovland.

The conditional allocation of the Rights Issue Offer Shares has now been
completed in accordance with the allocation criteria set out in the Registration
Document dated 11 May 2021 (the "Prospectus").   

Notifications of allocated Rights Issue Offer Shares and the corresponding
subscription amount to be paid by each subscriber are expected to be distributed
on Wednesday 2 June 2021. The payment date for the Rights Issue Offer Shares is
on 4 June 2021 and delivery date is expected to be on or about 9 June 2021,
subject to satisfaction of the conditions for completion set out in the
Registration Document dated 11 May 2021 (the "Prospectus").

The Rights Issue Offer Shares may not be transferred or traded before they have
been fully paid and the share capital increase pertaining to the Rights Issue
has been registered with the Norwegian Register of Business Enterprises. It is
expected that the Rights Issue Offer Shares will be tradeable on the Oslo Stock
Exchange - Euronext Growth on or about 10 June 2021, subject to timely
satisfaction of the conditions for completion set out in the Registration
Document dated 11 May 2021 (the "Prospectus").   

Following registration of the share capital increase pertaining to the Rights
Issue, the Company will have a share capital of NOK 219,381.67, divided into
115,464,035 shares, each with a nominal value of NOK 0.0019.

The rights offering is led by Huddlestock Fintech AS. Advokatfirmaet Arntzen de
Besche AS is acting as legal counsel to the Company.  DNB Registrars Department
is acting as Settlement Agent.

The Registration Document (the "Prospectus"), has been published pursuant to the
law and, therefore, is available at the Registered Office of Huddlestock Fintech
AS, at Gamle Forusveien 53b, 4031 Stavanger, and on the Company's website
www.huddlestock.com  

This information is subject of the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.

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 has offices in Oslo, Stavanger, Kuala Lumpur, Copenhagen, Stockholm,
Munich and London.

For more information, please visit www.huddlestock.com. 

  
The information included in this announcement is defined as inside information
pursuant to the EU Market Abuse Regulation article 7 and is publicly disclosed
in accordance with MAR article 17.  
 
The announcement is made by the contact persons set out above.

Click here for more information

© Oslo Bors ASA, source Oslo Stock Exchange

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Financials
Sales 2021 23,0 M 2,64 M 2,64 M
Net income 2021 -4,00 M -0,46 M -0,46 M
Net cash 2021 60,0 M 6,89 M 6,89 M
P/E ratio 2021 -123x
Yield 2021 -
Capitalization 439 M 50,4 M 50,4 M
EV / Sales 2021 16,5x
EV / Sales 2022 4,75x
Nbr of Employees -
Free-Float 58,6%
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Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 1
Last Close Price 3,68 NOK
Average target price 8,00 NOK
Spread / Average Target 117%
EPS Revisions
Managers and Directors
John Egil Skajem Chief Executive Officer
Oyvind Hovland Chairman
Murshid Mikael Ali Director
Per ěyvind Berge Director
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