WISeKey announced it has publicly filed a registration statement on Form F-1 pursuant to the Securities Act of 1933 with the US Securities and Exchange Commission (SEC) to effect a partial spin-off of SEALSQ, currently a wholly-owned subsidiary that acts as the holding company for WISeKey’s semiconductor business. SEALSQ is in the process of applying to have its ordinary shares listed on Nasdaq.
WISeKey proposes to distribute 20% of SEALSQ’s outstanding ordinary shares, to holders of WISeKey class B shares, including holders of WISeKey ADSs, and to holders of WISeKey class A shares, in each case as a partial spin-off distribution as a dividend in kind to such holders. WISeKey will initially retain 100% ownership of SEALSQ’s class F shares.
The transaction is expected to be completed around the beginning of the second quarter of 2023, and remains subject to the applicable approvals and conditions to the transaction being satisfied or waived, including but not limited to, the Form F-1 being declared effective by the SEC, the approval of the listing of SEALSQ’s ordinary shares on the Nasdaq Global Market and the approval of the spin-off distribution by the WISeKey shareholders at an extraordinary general meeting. There can be no assurance that the transaction will occur, or if one does, its terms or timing.
SEALSQ is dedicated to advancing the field of post-quantum computing, making it accessible to a wide range of industries that are already using our semiconductors, and it is enabling advances in communications, computing, healthcare, military systems, transportation, clean energy, and countless other applications.
The WISeKey board of directors believes that a partial spin-off of its global semiconductor business presents a significant market opportunity to investors, considering both the current market and increased cybersecurity regulation.
WISeKey is a global cybersecurity company currently deploying large scale digital identity ecosystems for people and objects using Blockchain, AI, and IoT respecting the human as the fulcrum of the internet. WISeKey microprocessors secures the pervasive computing shaping the Internet of Everything. WISeKey IoT has an install base of over 1.6 billion microchips in all IoT sectors (connected cars, smart cities, drones, agricultural sensors, anti-counterfeiting, smart lighting, servers, computers, mobile phones, crypto tokens etc.).
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