Payment Data Systems Announces Closing of $3 Million Registered Direct Offering
December 26 2017 - 12:30PM
Payment Data Systems, Inc. (Nasdaq:PYDS), an integrated electronic
payment solutions provider, today announced the closing of its
previously announced registered direct offering with institutional
investors of 1,176,000 shares of common stock, at a purchase price
of $2.55, for net proceeds of approximately $3 million.
Maxim Group LLC acted as the exclusive placement
agent for this offering.
After deducting the placement agent’s commission
and other estimated offering expenses payable by Payment Data, the
net proceeds to Payment Data Systems were approximately $2.75
million. Payment Data Systems intends to use the net proceeds of
the offering for general corporate purposes and working
capital.
The securities described above were offered and
sold in the offering by Payment Data Systems pursuant to a “shelf”
registration statement on Form S-3 (Registration No. 333-221178),
including a base prospectus, previously filed with and declared
effective by the Securities and Exchange Commission (SEC) on
December 6, 2017. A prospectus supplement and an accompanying base
prospectus relating to the offering will be filed with the SEC and
will be available on the SEC's website located at
http://www.sec.gov. Electronic copies of the prospectus supplement
and accompanying base prospectus may also be obtained from Maxim
Group LLC, 405 Lexington Avenue, 2nd Floor, New York, NY 10174, at
212-895-3745.
This press release shall not constitute an offer
to sell or the solicitation of an offer to buy these securities,
nor shall there be any sale of these securities in any jurisdiction
in which such offer, solicitation or sale would be unlawful prior
to the registration or qualification under the securities laws of
any such jurisdiction. Any offering will be made only by means of a
prospectus, including a prospectus supplement, forming a part of
the effective registration statement.
About Payment Data Systems,
Inc.Payment Data Systems, Inc. (Nasdaq:PYDS), a leading
integrated payment solutions provider, offers a wide range of
payment solutions to merchants, billers, banks, service bureaus,
and card issuers. The Company operates credit, debit/prepaid and
ACH payment processing platforms to deliver convenient, world-class
payment solutions and service to their clients. The strength of the
Company lies in its ability to provide tailored solutions for card
issuance, payment acceptance, and bill payments as well as its
unique technology in the prepaid sector. Payment Data is
headquartered in San Antonio, Texas, and has offices in New York,
New York; Long Beach, California; St. Augustine, Florida and
Nashville, Tennessee. Websites: www.paymentdata.com,
www.singularpayments.com, www.payfacinabox.com, www.akimbocard.com
and www.ficentive.com. Find us on Facebook®.
Forward-Looking Statements
DisclaimerExcept for the historical information contained
herein, the matters discussed in this release include
forward-looking statements which are covered by safe harbors. Those
statements include, but may not be limited to, all statements
regarding management's intent, belief and expectations, such as
statements concerning our future and our operating and growth
strategy. These forward-looking statements are identified by the
use of words such as "believe," "intend," "look forward,"
"anticipate," "schedule", and "expect" among others.
Forward-looking statements in this press release are subject to
certain risks and uncertainties inherent in the Company's business
that could cause actual results to vary, including such risks
related to the realization of the anticipated opportunities from
the Singular acquisition, the management of the Company's growth,
the loss of key resellers, the relationships with the Automated
Clearinghouse network, bank sponsors, third-party card processing
providers and merchants, the security of our software, hardware and
information, the volatility of our stock price, the need to obtain
additional financing, risks associated with new tax legislation,
and compliance with complex federal, state and local laws and
regulations, and other risks detailed from time to time in the
Company's filings with the Securities and Exchange Commission
including its annual report on Form 10-K for the fiscal year ended
December 31, 2016. One or more of these factors have affected, and
in the future, could affect our businesses and financial results in
the future and could cause actual results to differ materially from
plans and projections. We believe that the assumptions underlying
the forward-looking statements included in this release will prove
to be accurate. In light of the significant uncertainties inherent
in the forward-looking statements included herein, the inclusion of
such information should not be regarded as a representation by us
or any other person that our objectives and plans will be achieved.
All forward-looking statements made in this release are based on
information presently available to our management. We assume no
obligation to update any forward-looking statements, except as
required by law.
Investor
Contact:
Preston GrahamPreston@stonegateinc.com972-850-2001
Usio (NASDAQ:USIO)
Historical Stock Chart
From Mar 2024 to Apr 2024
Usio (NASDAQ:USIO)
Historical Stock Chart
From Apr 2023 to Apr 2024