i3 Verticals, Inc. Prices Public Offering of Class a Common Stock
September 10 2020 - 8:56PM
Business Wire
i3 Verticals, Inc. (Nasdaq: IIIV) (the “Company”) today
announced the pricing of its public offering of 3,250,000 shares of
Class A common stock at a public offering price of $23.50 per
share. In addition, the Company has granted the underwriters a
30-day option to purchase up to an additional 487,500 shares of
Class A common stock, at the public offering price, less the
underwriting discount. The offering is expected to close on
September 15, 2020, subject to customary closing conditions.
The Company anticipates that the gross proceeds from the
offering will be $76.4 million, before deducting the underwriting
discount and estimated offering expenses. The Company intends to
use the net proceeds from the sale of 3,250,000 shares of Class A
common stock in the offering (approximately $72.1 million) for
general corporate purposes, including to repay outstanding
indebtedness and to fund strategic acquisition opportunities.
BofA Securities and Morgan Stanley & Co. LLC are serving as
joint book-running managers and as representatives of the
underwriters. Raymond James & Associates, Inc. is serving as a
passive book-running manager and as a representative of the
underwriters. Stephens Inc., BTIG, LLC and D.A. Davidson & Co.
are serving as co-managers for the offering.
The shares are being offered pursuant to an effective shelf
registration statement (including a prospectus) (the “Registration
Statement”) on Form S-3 (File No. 333-233126) filed with the U.S.
Securities Exchange Commission (the “SEC”) and only by means of a
prospectus and prospectus supplement. A preliminary prospectus
supplement relating to, and describing the terms of, the offering
was filed with the SEC on September 9, 2020. The final prospectus
supplement relating to the offering will be filed with the SEC and
will be available on the SEC’s website at www.sec.gov. When
available, copies of the final prospectus supplement and the
accompanying prospectus for this offering can be obtained from:
- BofA Securities, NC1-004-03-43, 200 North College Street, 3rd
Floor, Charlotte, NC, 28255-0001, Attn: Prospectus Department or by
e-mail at dg.prospectus_requests@bofa.com;
- Morgan Stanley & Co. LLC, 180 Varick Street, 2nd Floor, New
York, NY 10014, Attn: Prospectus Department; or
- Raymond James & Associates, Inc., Attention: Equity
Syndicate, 880 Carillon Parkway, St. Petersburg, FL, 33716, or by
telephone at (800) 248-8863, or by e-mail at
prospectus@raymondjames.com.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy, 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 i3 Verticals
Helping drive the convergence of software and payments, i3
Verticals delivers seamlessly integrated payment and software
solutions to small- and medium-sized businesses and other
organizations in strategic vertical markets, such as education,
non-profit, the public sector, property management, and healthcare
and to the business-to-business payments market. With a broad suite
of payment and software solutions that address the specific needs
of its clients in each strategic vertical market, i3 Verticals
processed approximately $14.2 billion in total payment volume for
the 12 months ended June 30, 2020.
Forward-Looking Statements
This release contains forward-looking statements that are
subject to risks and uncertainties. All statements other than
statements of historical fact or relating to present facts or
current conditions included in this release are forward-looking
statements, including any statements regarding guidance and
statements of a general economic or industry specific nature.
Forward-looking statements give the Company’s current expectations
and projections relating to its financial condition, results of
operations, guidance, plans, objectives, future performance and
business. You generally can identify forward-looking statements by
the fact that they do not relate strictly to historical or current
facts. These statements may include words such as “anticipate,”
“estimate,” “expect,” “project,” “plan,” “intend,” “believe,”
“may,” “will,” “should,” “could have,” “likely” and other words and
terms of similar meaning in connection with any discussion of the
timing or nature of future operating or financial performance or
other events. Forward-looking statements are not guarantees of
future performance, and the Company’s actual results could differ
materially from the expectations expressed or implied in any
forward-looking statements. You should not put undue reliance on
them. Examples of forward-looking statements contained in this
release include statements about the Company’s use of proceeds from
the offering. Actual results may differ from those contained in any
forward-looking statements made in this release for a variety of
reasons, including those described in “Risk Factors” and “Note
Regarding Forward-looking Statements” in the Company’s Annual
Report on Form 10-K for the year ended September 30, 2019, in its
subsequent periodic reports, and in “Risk Factors” and “Note
Regarding Forward-looking Statements” in the Registration Statement
filed with the Securities and Exchange Commission, as supplement by
a prospectus supplement.
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version on businesswire.com: https://www.businesswire.com/news/home/20200910006065/en/
Clay Whitson Chief Financial Officer (615) 988-9890
cwhitson@i3verticals.com
Paul Maple General Counsel (615) 465-4487
pmaple@i3verticals.com
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