FlexShopper (FPAY) announced an update to its previously disclosed rights offering. FlexShopper shareholders who participated in the unit subscription that closed on January 10, 2025, are now eligible to participate in the Series A, B, and C rights. Details of which can be found in the body of this press release. As a result of the initial unit subscription, FlexShopper raised approximately $12M of proceeds, consisting of $9.4M in gross proceeds from the subscription and the conversion of $2.5M of the Company’s subordinated debt with NRNS Capital Holdings. The $9.4M in gross proceeds was used to pay down borrowings under FlexShopper’s credit agreement with Waterfall Asset Management. As a result of these actions, FlexShopper estimates that the initial unit subscription would have been approximately 15% accretive to pro-forma earnings per share for the 2024 third quarter.
Confident Investing Starts Here:
- Easily unpack a company's performance with TipRanks' new KPI Data for smart investment decisions
- Receive undervalued, market resilient stocks right to your inbox with TipRanks' Smart Value Newsletter
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on FPAY:
- FlexShopper Board Welcomes Patrick McCrory, Former Governor
- FlexShopper appoints McCrory as independent board member
- FlexShopper announces preliminary results of unit subscription rights offering
- FlexShopper provides update on holiday season
- FlexShopper reports Q4 total lease originations up 58% vs. Q3
Looking for a trading platform? Check out TipRanks' Best Online Brokers , and find the ideal broker for your trades.
Report an Issue