May 22, 2023

Inside information about acquisition of 16% stake in NBX and capital increase

SPENN Technology A/S announces the acquisition of 16% ownership in Norwegian Block Exchange AS (NBX) through a share purchase agreement with Observatoriet Invest AS, a company owned by Bjørn Kjos and family. This strategic move further solidifies SPENN’s presence in the digital currency market and enhances its growth potential.

Company Announcement No. 105

Under the agreement, SPENN will acquire all of Observatoriet Invest AS’s shares in NBX, approximately 10.9 million shares, equivalent to 16% ownership of NBX. The settlement will be made in SPENN shares. Following the completion of the transaction, Bjørn Kjos will become a 3.24% shareholder in SPENN. The share price for NBX is set at NOK 1.96 per share, while SPENN Technology is priced at DKK 16 per share.

To facilitate this acquisition, SPENN’s Board of Directors has utilized the authorization granted at the General Meeting on 26 March 2021 to issue 832,255 new shares. These shares shall be used for the settlement purpose in the agreement with Observatoriet Invest AS to purchase its NBX shares by 30 May 2023. The exercise price for the new shares will be USD $2.36 per share, equivalent to DKK 16 per share, with a total value of DKK 13,315,600. It is important to note that the issuance of new shares will result in a 3.35% dilution of existing SPENN shares. The execution of the transaction and the issuance of new shares are expected to be completed within 15 June 2023.

Additionally, SPENN intends to extend a general offer to NBX shareholders to acquire their shares under the same conditions as offered to Observatoriet Invest AS. The details of this offer will be communicated at a later date.

As a result of this agreement, Bjørn Kjos will become one of the largest shareholders of SPENN. Consequently, at the upcoming general meeting, his nomination as a new member of the SPENN Board of Directors will be proposed. Kjos’ vast experience and expertise in the industry will be invaluable in guiding SPENN’s future growth and strategic direction.

This transaction represents a strategic move by SPENN to consolidate its position in the digital currency market and seize new opportunities for growth and innovation. By strengthening its ownership in NBX and expanding its shareholder base, SPENN aims to enhance its product offerings and provide enhanced value to its customers.

Certified Adviser
SPENN Technology’s Certified Adviser is Baker Tilly Corporate Finance P/S (CVR-nr. 40073310), Poul Bundgaards Vej 1, 1., DK-2500 Valby, tlf. +45 3345 1000

For further Information, please contact
Jens B. Glaso, CEO SPENN Technology A/S. Phone +47 40 40 47 50, e-mail: [email protected]

SPENN Technology A/S
CVR nr.: 26518199
Njalsgade 76, 4.
2300 København S
Tel: +45 8830 0000
www.spenn.com

About SPENN Technology A/S

In a world where 1.7 billion people are still unbanked, SPENN Technology has democratized access to financial markets by bridging the crypto sphere with traditional finance. By utilizing blockchain technology Blockbonds has created a robust real-time payment system in which everyone can manage their savings, payments, investments and loans in an honest, transparent and secure way through the SPENN App platform. Although SPENN Technology A/S is a purpose-driven company with our vision to empower people, we are also a commercial player that always strives to develop new services for our customers.

The SPENN app is an innovative and unique digital banking platform for the unbanked as well as the banked to be able to send and receive money completely cost-free, in markets where the cost of financial services is the highest in the world. SPENN is disrupting the existing mobile payment distribution channels. SPENN has recently launched new integrated services in the platform and expects to launch more crypto services going forward.

SPENN is a technology provider to banks and governments based on a Software as a Service (SaaS) solution and has grown to become a key partner for their bank partners to drive deposits and to stay in front of innovation. SPENN is helping governments regulate the unregulated utilizing new technology and visionary ideas which have ultimately solved the biggest issue within financial inclusion.

SPENN Technology A/S is listed on the Nasdaq First North Growth Market Denmark. Ticker code: SPENN

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