WISeKey International, Swiss cybersecurity and IoT company, has secured equity financing of up to CHF50m (£38.57m).
The company has entered into a Standby Equity Distribution Agreement (SEDA) with a fund managed by Yorkville Advisors Global. Under the terms of the agreement, Yorkville has committed to provide WISeKey, upon a draw-down request by WISeKey, the equity financing over a three-year period. Torkville will supply tranches of up to CHF1m each or, if WISeKey provides a sufficient number of Class B Shares through share lending, up to CHF5m each.
“The SEDA provides us with the necessary financial flexibility to continue investing on our US operation expansion, which is key at this stage to further expand our market penetration and revenue generation,” said WISeKey CEO Carlos Moreira.
WISeKey said it will make its draw-downs either by using authorized share capital on a non-preemptive rights basis or treasury shares. The purchase price will be 93% of the relevant market price at the time of the draw-down, determined by reference to a five-day trading period following the draw down request by WISekey.
Headquartered in Geneva, Switzerland, WISeKey’s security solutions are used in the banking and financial sector. Clients use the company’s solutions to secure authentication of users to systems and databases, encrypt email messages, encrypt data and documents, apply digital signatures to documents and messages, archive and timestamp emails and contracts, secure messages between systems, secure payment transaction and online commerce, protect passwords and logons, and encrypt voice communications.
WISeKey’s Swiss-based cryptographic Root of Trust (RoT) provides secure authentication and identification in both physical and virtual environments for the Internet of Things, Blockchain and Artificial Intelligence. Its platform combines a range of chips with software applications that cater to its customers’ security and business needs. The software includes proprietary technology, which are offered as part of standalone products, as well as on the fully integrated Vertical Trusted Platform. This enables clients to manage their digital identity, information, and communications in a seamless process housed by complementary technology and products.
Copyright © 2018 RegTech Analyst
Copyright © 2018 RegTech Analyst
