Spinnova has “publicly filed” a registration statement with the US Securities and Exchange Commission (SEC) as it moves forward with plans for an initial public offering (IPO) in the US and a dual listing on the Nasdaq Capital Market.
The textile fibre producer, which is already publicly traded on Nasdaq First North Growth Market Finland, announced the filing on 27 August, following a prior confidential submission earlier in the month.
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Spinnova said it aims to raise at least $15m through the proposed US offering, though specific details such as the number of shares and price range have not yet been determined.
The Finland-based company intends to use the proceeds from the offering to accelerate the ramp-up of its Eteläportti demonstration facility, further the commercialisation of its technology, and cover general corporate expenses.
The listing is expected to take place in September or October 2026, contingent upon market conditions and regulatory approvals.
Through this, the company intends to expand its investor reach and enable access to US capital markets.
Spinnova CEO and co-founder Janne Poranen said: “We have spent more than a decade developing a fundamentally different approach to textile fibre production by creating a fibre with a natural look and feel from wood and waste through a purely mechanical process without harmful chemicals or dissolving.
“The US Listing would provide Spinnova with access to a broader investor base as we scale production, expand our licensing model, and continue to build a global ecosystem around our technology. As part of our US market outreach, we will make our US debut at New York Climate Week in September through an industry event convened with Eco Age, bringing together industry leaders, brand partners and investors.”
Completion of the offering remains subject to several conditions, including shareholder approval, a board resolution, required regulatory approvals, and prevailing market circumstances.
The board intends to call an Extraordinary General Meeting later this month to address matters, including the necessary share issuance authorisation for the US deal.
The SEC registration statement filed is not yet effective, and any offer to buy securities in the US will only be made via the prospectus after regulatory clearance.
Roth Capital Partners will serve as underwriter, while MZ Group has been engaged for US investor relations. Legal advisers are Pryor Cashman and Borenius Attorneys.
Meanwhile, shares will continue trading under the symbol SPINN in Finland and will retain their current ISIN.
Existing shareholders are not required to take any action related to the US listing, but the company confirmed there will be some dilution based on the final terms of the offering.
The company also plans to showcase its technology at New York Climate Week in September, as part of its strategy to build relationships with industry stakeholders in the US.
