TORONTO, Nov. 3, 2023
/PRNewswire/ - Pineapple Financial Inc. (the "Company") (NYSE
American: PAPL), Canada's
tech-focused mortgage brokerage with an integrated network of
partner brokerages and agents across the country, today
announced the closing of its initial public offering (the
"Offering") of 875,000 common shares ("Common Shares") at a public
offering price of $4.00 per share.
The aggregate gross proceeds of the Offering are $3.5 million, before deducting underwriting
discounts and other Offering expenses. The Common Shares began
trading on November 1, 2023, on the
NYSE American Exchange under the ticker symbol "PAPL".
EF Hutton, a division of Benchmark Investments, LLC ("EF
Hutton"), acted as the sole book-running manager for the Offering.
Dominari Securities LLC acted as co-manager for the Offering.
Sichenzia Ross Ference LLP acted as U.S. counsel to the Company,
and Lucosky Brookman LLP acted as counsel to EF Hutton in
connection with the Offering.
A registration statement on Form S-1 relating to the Offering,
as amended, was filed with the Securities and Exchange Commission
(the "SEC") (File Number: 333-268636) and was declared effective by
the SEC on October 12, 2023. The
Offering was made only by means of a prospectus, forming a part of
the registration statement. Copies of the final prospectus relating
to the Offering may be obtained from EF Hutton, Attn: Syndicate
Department, 590 Madison Avenue, 39th Floor, New York, NY 10022, or via email at
syndicate@efhuttongroup.com or telephone at (212) 404-7002. In
addition, a copy of the prospectus relating to the Offering may be
obtained via the SEC's website at www.sec.gov.
Before you invest, you should read the prospectus and other
documents the Company has filed or will file with the SEC for more
complete information about the Company and the Offering. This press
release shall not constitute an offer to sell, or the solicitation
of an offer to buy any of the Company's securities, nor shall such
securities be offered or sold in the
United States absent registration or an applicable exemption
from registration, nor shall there be any offer, solicitation or
sale of any of the Company's securities in any state or
jurisdiction in which such offers, solicitations or sales would be
unlawful prior to registration or qualification under the
securities laws of such state or jurisdiction.
About Pineapple Financial
Inc.
Pineapple is a leader in the Canadian mortgage industry,
breaking the mold by focusing on both the long-term success of
agents and brokerages, as well as the overall experience of
homeowners. With approximately 600 brokers within the network,
Pineapple utilizes cutting-edge cloud-based tools and AI-driven
systems to enable its brokers to help Canadians realize their
ultimate dream of owning a home. Pineapple is active within the
community and is proud to sponsor cancer charities across
Canada, improving the lives of
fellow Canadians touched by cancer.
Forward-Looking
Statements
Certain statements in this announcement are forward-looking
statements, including, but not limited to, the Company's Offering.
These forward-looking statements involve known and unknown risks
and uncertainties and are based on the Company's current
expectations and projections about future events that the Company
believes may affect its financial condition, results of operations,
business strategy and financial needs.. Investors can identify
these forward-looking statements by words or phrases such as "may,"
"will," "expect," "anticipate," "aim," "estimate," "intend,"
"plan," "believe," "is/are likely to," "potential," "continue" or
other similar expressions. The Company undertakes no obligation to
update or revise publicly any forward-looking statements to reflect
subsequent occurring events or circumstances, or changes in its
expectations that arise after the date hereof, except as may be
required by law. These statements are subject to
uncertainties and risks including, but not limited to, the
uncertainties related to market conditions and the completion of
the initial public offering on the anticipated terms or at all, and
other factors discussed in the "Risk Factors" section of the
registration statement filed with the SEC. Although the Company
believes that the expectations expressed in these forward-looking
statements are reasonable, it cannot assure you that such
expectations will turn out to be correct, and the Company cautions
investors that actual results may differ materially from the
anticipated results and encourages investors to review other
factors that may affect its future results in the Company's
registration statement and other filings with the
SEC. Additional factors are discussed in the Company's
filings with the SEC, which are available for review at
www.sec.gov.
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SOURCE Pineapple Financial Inc.