Open Lending Announces Redemption of Public Warrants
September 11 2020 - 4:30PM
Open Lending Corporation (Nasdaq: LPRO) (the “Company” or “Open
Lending”) today announced that it will redeem all of its
outstanding public warrants to purchase shares of the Company’s
common stock that were issued under the Warrant Agreement, dated as
of January 9, 2018 (the “Warrant Agreement”), by and among Nebula
Acquisition Corporation and American Stock Transfer & Trust
Company, LLC (“AST”), as warrant agent.
Under the terms of the Warrant Agreement, the
Company is entitled to redeem all of such outstanding public
warrants if the last sale price of the Company’s common stock
reported is at least $18.00 per share on each of twenty trading
days within a thirty trading day period. This share price
performance requirement was satisfied as of September 8, 2020.
AST, in its capacity as warrant agent, has
delivered a notice of redemption to each of the registered holders
of such outstanding public warrants on behalf of the Company.
All such public warrants may be exercised by the
holders thereof until 5:00 p.m. New York City time on October 12,
2020 to purchase fully paid and non-assessable shares of the
Company’s common stock underlying such warrants, at the exercise
price of $11.50 per share.
Any such public warrants that remain unexercised
following 5:00 p.m. New York City time on October 12, 2020 will be
void and no longer exercisable, and the holders of those public
warrants will be entitled to receive only the redemption price of
$0.01 per warrant.
The shares of common stock underlying such
public warrants have been registered by the Company under the
Securities Act of 1933, as amended, and are covered by a
registration statement filed on Form S-1 with, and declared
effective by, the Securities and Exchange Commission (Registration
No. 333-239616).
Questions concerning redemption and exercise of
such public warrants can be directed to Georgeson, 1290 Avenue of
the Americas, 9th Floor, New York, NY 10104, telephone number (877)
278-4751.
For a copy of the notice of redemption sent to
the holders of such public warrants, please visit our investor
relations website at investors.openlending.com.
This press release shall not constitute an offer
to sell or the solicitation of an offer to buy any Open Lending
securities and shall not constitute an offer, solicitation or sale
in any jurisdiction in which such offering, solicitation or sale
would be unlawful.
About Open Lending
Open Lending (Nasdaq: LPRO), through its flagship product,
Lenders Protection, offers loan analytics, risk-based pricing, risk
modeling and default insurance, ensuring profitable auto loan
portfolios for financial institutions throughout the United States.
For more information, please visit www.OpenLending.com.
Forward Looking Statements
This press release contains forward-looking statements within
the meaning of Section 27A of the Securities Act of 1933, as
amended, or the Securities Act, and Section 21E of the Securities
Exchange Act of 1934, as amended, or the Exchange Act,.
Forward-looking statements generally are accompanied by words such
as “believe,” “may,” “will,” “estimate,” “continue,” “anticipate,”
“intend,” “expect,” “should,” “would,” “plan,” “predict,”
“potential,” “seem,” “seek,” “future,” “outlook,” and similar
expressions that predict or indicate future events or trends or
that are not statements of historical matters. These statements are
based on various assumptions and on the current expectations of the
Company’s management and are not predictions of actual performance.
These forward-looking statements are provided for illustrative
purposes only and are not intended to serve as, and must not be
relied on by any investor as, a guarantee, an assurance, a
prediction or a definitive statement of fact or probability. Actual
events and circumstances are difficult or impossible to predict and
will differ from assumptions. Many actual events and circumstances
are beyond the Company’s control. These forward-looking statements
are subject to a number of risks and uncertainties, including
general economic, political and business conditions; the potential
effects of COVID-19; applicable taxes, inflation, interest rates
and the regulatory environment; the outcome of judicial proceedings
to which the Company is, or may become a party; failure to realize
the anticipated benefits of the business combination; the amount of
redemption requests made by the Company’s stockholders; those
factors discussed in other documents of the Company filed, or to be
filed, with the SEC. If the risks materialize or assumptions prove
incorrect, actual results could differ materially from the results
implied by these forward-looking statements. There may be
additional risks that the Company presently does not know or that
they currently believe are immaterial that could also cause actual
results to differ from those contained in the forward-looking
statements. In addition, forward-looking statements reflect the
Company’s expectations, plans or forecasts of future events and
views as of the date of this press release. The Company anticipates
that subsequent events and developments will cause their
assessments to change. However, while the Company may elect to
update these forward-looking statements at some point in the
future, the Company specifically disclaims any obligation to do so.
These forward-looking statements should not be relied upon as
representing the Company’s assessments as of any date subsequent to
the date of this press release. Accordingly, undue reliance should
not be placed upon the forward-looking statements
Contact Information
Investor Inquiries:openlending@icrinc.com
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