FlexShopper Announces Completion of Warrant Exchange Offer; Remaining Outstanding Warrant Conversion Date Announced
February 14 2020 - 04:05PM
FlexShopper, Inc. (Nasdaq: FPAY, FPAYW) (the “Company,” “we” or
“our”) today announced the completion and settlement of its
previously announced exchange offer (the “Exchange Offer”) and
consent solicitation (the “Consent Solicitation”) relating to
certain of its outstanding warrants. On February 4, 2020,
FlexShopper accepted all warrants validly tendered in the Exchange
Offer and issued ordinary shares in exchange. In total, 5,351,290
warrants were exchanged for 3,317,812 shares at an over 95%
participation rate. Moreover, as a result of the consents
received in the Consent Solicitation, FlexShopper also executed an
amendment (the “Warrant Amendment”) to the agreement governing its
outstanding warrants (the “Warrant Agreement”). FlexShopper also
announced today that it will exchange all remaining untendered
warrants for common stock on February 19, 2020 in accordance with
the terms of the Warrant Agreement, as amended. Following the
mandatory conversion of the remaining outstanding warrants, the
Company expects to have exchanged 5,609,900 warrants for 3,462,634
shares, resulting in 21,351,594 total shares outstanding.
This press release shall not constitute an offer
to sell, or a solicitation of an offer to buy, the securities
described herein and is also not a solicitation of the related
consents. The exchange offer was made only pursuant to the terms
and conditions of the Prospectus/Offer to Exchange and related
letter of transmittal.
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 Feb 2024 to Mar 2024
FlexShopper (NASDAQ:FPAY)
Historical Stock Chart
From Mar 2023 to Mar 2024