FlexShopper Announces Preliminary Results of its Warrant Exchange Offer
February 05 2020 - 8:30AM
FlexShopper, Inc. (Nasdaq: FPAY, FPAYW) (the “Company,” “we” or
“our”) today announced the preliminary results of its previously
announced offer to exchange (“Exchange Offer”) 0.62 shares of the
Company’s common stock (the “Shares”) for each outstanding publicly
traded warrant of the Company (the “Public Warrants”). The Exchange
Offer expired at 5:00 p.m., Eastern time, on February 4, 2020.
Based on the preliminary count by Continental
Stock Transfer & Trust Company, the Depositary for the Exchange
Offer, 5,300,588 Public Warrants, representing 94.5% of the Public
Warrants, were properly tendered and not withdrawn as of the
deadline, resulting in the issuance of 3,286,365 Shares.
Following the issuance of these Shares, the Company expects to have
21,070,325 shares of its common stock outstanding.
The number of Public Warrants tendered and not
withdrawn is preliminary and is subject to verification by the
Depositary and to the proper delivery of all Public Warrants
tendered and not properly withdrawn (including Public Warrants
tendered pursuant to guaranteed delivery procedures). The
actual number of Public Warrants validly tendered and not withdrawn
will be announced promptly following completion of the verification
process. Promptly after such announcement, the Depositary
will issue Shares for the Public Warrants validly tendered and
accepted under the tender Exchange Offer.
Investor questions concerning the Exchange Offer
should be directed to the information agent for the Exchange Offer,
Morrow Sodali, toll-free (800) 662-5200 (banks and
brokerage firms, please call (203) 658-9400).
About FlexShopper,
Inc.FlexShopper, Inc. enables consumers to shop for brand
name electronics, home furnishings and other durable goods on a
lease-to-own (LTO) basis through its e-commerce marketplace
(www.FlexShopper.com), as well as its patented and patent pending
systems. FlexShopper also provides LTO technology platforms to
retailers and e-retailers to facilitate transactions with consumers
that 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 StatementsIn
addition to historical information, this release may contain a
number of “forward-looking statements” within the meaning of
Section 27A of the Securities Act of 1933, as amended, and
Section 21E of the Securities Exchange Act of 1934, as
amended. Forward-looking statements include, without limitation,
information concerning completion of the Exchange Offer, the terms
and timing of the Exchange Offer, and the impact of completion of
the Exchange Offer. The Company may modify the terms or timing of
the Exchange Offer with requisite notice. These statements are
based on the Company’s management’s current expectations and
beliefs, as well as a number of assumptions concerning future
events. When used in this press release, the words “may,” “expect,”
“estimate,” “project,” “purpose,” “plan,” “believe,” “intend,”
“anticipate,” “will,” “continue,” “potential,” “should,” “could,”
and similar terms and phrases are intended to identify
forward-looking statements. Although the Company believes that the
expectations reflected in these forward-looking statements are
reasonable, they do involve certain assumptions, risks and
uncertainties. These forward-looking statements represent the
Company’s current expectations or beliefs concerning future events,
and it is possible that the results described in this release will
not be achieved. These forward-looking statements are subject to
certain risks, uncertainties and assumptions, including those
identified in this release or disclosed from time to time in the
Company’s filings with the SEC. Factors that could cause actual
results to differ from the Company’s expectations include changes
in market conditions, actions by holders of Public Warrants and
other investors, changes in demand for our services, availability
of financing and capital, the Company’s liquidity, the Company’s
compliance with covenants under its credit agreement, and other
factors described in the Company’s public disclosures and filings
with the SEC, including those described under “Item 1A. Risk
Factors” in our annual report on Form 10-K filed with the
SEC on March 11, 2019. As a result of these factors, actual
results may differ materially from those indicated or implied by
forward-looking statements.
Any forward-looking statement speaks only as of
the date on which it is made, and, except as required by federal
securities law, the Company does not undertake any obligation to
update or revise any forward-looking statement, whether as a result
of new information, future events or otherwise.
Contact:Jeremy HellmanVice
PresidentThe Equity Group212-836-9626jhellman@equityny.com
FlexShopper, Inc.Investor
Relationsir@flexshopper.com
FlexShopper, Inc.
FlexShopper (NASDAQ:FPAY)
Historical Stock Chart
From Aug 2024 to Sep 2024
FlexShopper (NASDAQ:FPAY)
Historical Stock Chart
From Sep 2023 to Sep 2024