ACRO securities, among Landsbanki Íslands, acted as an advisor for Alvotech in a $137 million private share placement, at current exchange rates, at a purchase price of $11.57 per share at current exchange rates.
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ACRO Securities began operations under the name of Icelandic Investors (Íslenskir fjárfestar hf.) in 1994 as a securities broker, but the company currently operates as a securities undertaking under the authorisation and supervision of the Financial Supervisory Authority of the Central Bank of Iceland. The company was granted an operating licence as a securities company in 2016 and a broader operating licence in June 2021. The company’s operating licence covers the receipt and mediation of instructions from customers regarding one of more financial instruments, the execution of instructions on behalf of customers, asset management, investment advisory and the supervision of the placement of financial instruments without underwriting and the admission of securities to trading on a regulated securities market, pursuant to points a to d and f of item 6, Par. 1 of Article 3 of Act no. 161/2002 on financial undertakings. The company is also authorised to provide additional custody and administrative services in connection with one or more financial instruments for the client’s account, including the custody of financial instruments and related services, such as funding or collateral and foreign exchange services, if the transaction in question falls under investment services, cf. points a and e of Par. 2 of Art. 25 of the same law.
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