FlexShopper, Inc. Announces Closing of Public Offering
29 9월 2018 - 3:10AM
FlexShopper, Inc. (NASDAQ:FPAY) (the “Company”), a leader in
virtual lease-to-own transactions occurring outside of traditional
brick and mortar rent-to-own stores, today announced the closing of
its previously announced underwritten public offering of 10,000,000
units, each unit consisting of one share of common stock and
one-half of one warrant, each whole warrant exercisable for one
share of common stock. The warrants have a per share exercise price
of $1.25, are exercisable immediately, and will expire five years
from the date of issuance. The warrants began trading on the Nasdaq
Capital Market on September 26, 2018, under the symbol FPAYW.
The aggregate gross proceeds to the Company from the public
offering were $10,000,000, prior to deducting underwriting
discounts, commissions and other estimated offering expenses. The
Company has granted the underwriters a 45-day option to purchase up
to 1,500,000 additional shares of common stock and/or 750,000
warrants to cover over-allotments, if any. In connection with the
closing of this offering, the underwriters have exercised their
over-allotment option to purchase an additional 750,000 warrants.
The underwriters have retained the right to exercise the balance of
their over-allotment option within the 45-day time period.
The Company intends to use the net proceeds from the offering
for working capital, general corporate purposes and repayment of a
portion of debt.
ThinkEquity, a division of Fordham Financial Management, Inc.,
acted as the sole book-running manager for the offering.
The Securities and Exchange Commission ("SEC") declared
effective a registration statement on Form S-1 relating to these
securities on September 25, 2018. A final prospectus relating
to the offering has been filed with the SEC. Copies of the
prospectus relating to the offering may be obtained by
contacting ThinkEquity, 17 State Street, 22nd Floor, New York,
NY 10004, telephone (646) 968-9355, email:
prospectus@think-equity.com. Investors may also obtain these
documents at no cost by visiting the SEC's website
at http://www.sec.gov.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy any of the securities described
herein, nor shall there be any sale of these securities in any
state or jurisdiction in which such offer, solicitation or sale
would be unlawful prior to registration or qualification under the
securities laws of any such state or jurisdiction.
About FlexShopper
FlexShopper is a leader in the virtual lease-to-own (“LTO”)
market, which represents transactions occurring outside of
traditional brick and mortar rent-to-own stores. Since December
2013, we have developed a business that provides brand name
electronics, home furnishings and other durable goods to consumers
on an LTO basis through an e-commerce marketplace and patented LTO
payment method. FlexShopper also provides LTO technology
platforms to retailers and e-retailers to facilitate transactions
with consumers who want to acquire their products, but do not have
sufficient cash or credit. FlexShopper approves consumers
utilizing its proprietary consumer screening model, collects from
consumers under an LTO contract and funds the LTO transactions by
paying merchants for the goods.
Forward-Looking Statements
All statements in this release that are not based on historical
fact are “forward-looking statements” within the meaning of Section
27A of the Securities Act of 1933 and Section 21E of the Securities
Exchange Act of 1934. Forward-looking statements, which are based
on certain assumptions and describe our future plans, strategies
and expectations, can generally be identified by the use of
forward-looking terms such as “believe,” “expect,” “may,” “will,”
“should,” “could,” “seek,” “intend,” “plan,” “goal,” “estimate,”
“anticipate,” or other comparable terms. Examples of
forward-looking statements include, among others, statements we
make regarding the expansion of our lease-to-own program;
expectations concerning our partnerships with retail partners;
investments in, and the success of, our underwriting technology and
risk analytics platform; our ability to collect payments due from
customers; expected future operating results and; expectations
concerning our business strategy. Forward-looking statements
involve inherent risks and uncertainties which could cause actual
results to differ materially from those in the forward-looking
statements, as a result of various factors including, among others,
the following: our limited operating history, limited cash and
history of losses; our ability to obtain adequate financing to fund
our business operations in the future; the failure to successfully
manage and grow our FlexShopper.com e-commerce platform; our
ability to maintain compliance with financial covenants under our
credit agreement; our dependence on the success of our third-party
retail partners and our continued relationships with them; our
compliance with various federal, state and local laws and
regulations, including those related to consumer protection; the
failure to protect the integrity and security of customer and
employee information; and the other risks and uncertainties
described in the Risk Factors and in Management’s Discussion and
Analysis of Financial Condition and Results of Operations sections
of our Annual Report on Form 10-K and subsequently file Quarterly
Reports on Form 10-Q. The forward-looking statements made in this
release speak only as of the date of this release,
and FlexShopper assumes no obligation to update any such
forward-looking statements to reflect actual results or changes in
expectations, except as otherwise required by law.
FlexShopper Contact: Jeremy Hellman Senior
Associate The Equity Group 212-836-9626
jhellman@equityny.com
FlexShopper, Inc. Investor Relations ir@flexshopper.com
FlexShopper, Inc.
FlexShopper (NASDAQ:FPAYW)
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