Update on SPENN bid for NBX announced on the 22. May 2023
Copenhagen, 18.10.2023. On May 22nd, SPENN Technology A/S and Norwegian Block Exchange AS (NBX) issued a statement announcing that SPENN Technology A/S intended to make a bid for NBX with settlement in shares. Following this announcement, SPENN Technology A/S applied to the Norwegian Financial Supervisory Authority for permission to acquire a qualified ownership stake in Norwegian Block Exchange AS.
Investor News 13/23
The feedback from the Financial Supervisory Authority was that one of the conditions for such is that existing shareholders of SPENN Technology A/S, whose ownership stake in the merged company would exceed 9.9%, would also need to apply for and obtain permission from the Financial Supervisory Authority to acquire a qualified ownership stake.
This condition from the Financial Supervisory Authority would be problematic for SPENN Technology A/S both as a listed company in Denmark, and with the planned dual listing in the US due to that such condition would mean that anyone that would acquire more than 10 % at the stock exchange would need a prior approval for such acquisition or for making a bid on SPENN Technology A/S.
“The potential investors and advisors have considered this to be a major political risk with regards to Norwegian authorities which is less than the upside of an acquisition of NBX and we have therefore concluded to not move on with a bid on Norwegian Block Exchange AS”, states the chairman Karl-Anders Grønland due to the restrictions on SPENN Technology A/S’s opportunity for strategic maneuvering.
SPENN Technology A/S has therefore decided not to continue to investigate the opportunity of making a bid for NBX, as announced on the 22nd of May 2023.
SPENN Technology A/S and NBX continue their cooperation regarding the strategic partnership, enabling the introduction of SPENN services and products in Europe as well as NBX services in Africa. Through our cooperation the aim is still to bridge the traditional and digital banking and bring lower costs for cross-border remittance as well as allowing SPENN Technology A/S to launch cards in its African markets.
For media inquiries or further information, please contact:
Jens B. Glaso, CEO SPENN Technology A/S. Phone +47 40 40 47 50
Certified Adviser: Baker Tilly Corporate Finance P/S, Att.: Gert Mortensen, Partner. Phone: +45 33 45 10 00, www.bakertilly.dk
SPENN Technology A/S
CVR nr.: 26518199
Njalsgade 76, 4.
2300 København S
Tel: +45 8830 0000
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 and on OTCQX in USA.
Europe – Nasdaq First North: SPENN
USA – OTCQX: SPNNF