TORONTO, March 17, 2021 /CNW/ -- Payfare Inc. ("Payfare") yesterday, March 16, 2021, filed a final long form prospectus with the securities regulatory authorities in each of the provinces and territories of Canada in connection with its initial public offering (the "Offering") of 10,900,000 Class A common shares (the "Common Shares") at a price of $6.00 per Common Share (the "Offering Price") for gross proceeds of $65,400,000. A copy of the final prospectus in respect of the Offering is available under Payfare's profile on SEDAR at www.sedar.com.
The Offering is being made through a syndicate of underwriters (collectively, the "Underwriters") led by Stifel GMP and which includes Scotia Capital, Canaccord Genuity and Raymond James. Payfare has entered into an underwriting agreement in connection with the Offering, pursuant to which, among other things, Payfare has granted to the Underwriters an over-allotment option (the "Over-Allotment Option"), exercisable in whole or in part for a period of 30 days following the closing of the Offering, to purchase up to an additional 1,635,000 Common Shares at the Offering Price for additional gross proceeds of up to $9,810,000 to Payfare, if the Over-Allotment Option is exercised in full.
The closing of the Offering is expected to occur on or about March 19, 2021 (the "Closing Date") and is subject to customary closing conditions, including the receipt of all necessary regulatory approvals. Payfare has received conditional listing approval of the Toronto Stock Exchange (the "TSX") for the listing of the Common Shares being issued and sold pursuant to the Offering. Listing remains subject to Payfare fulfilling customary TSX requirements. The Common Shares are expected to commence trading on the TSX under the symbol "PAY" on the Closing Date.
The Common Shares have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any U.S. state securities law and may not be offered or sold in the United States except in compliance with the registration requirements of the U.S. Securities Act and applicable U.S. state securities laws or pursuant to an exemption therefrom.
About Payfare
Payfare is a global financial technology company powering digital banking and instant payment solutions for today's gig workforce. Payfare partners with major gig platforms in the gig economy to drive financial inclusion and empowerment for next-generation gig workers.
For further information please visit www.payfare.com or contact:
Lindsey Abshire
(337) 772-8357
[email protected]
Forward-Looking Information
This press release may contain forward-looking information within the meaning of applicable securities legislation, which reflects Payfare's current expectations regarding future events, including the expected Closing Date. Forward-looking information is based on a number of assumptions and is subject to a number of risks and uncertainties, many of which are beyond Payfare's control, that could cause actual results and events to differ materially from those that are disclosed in or implied by such forward-looking information. Such risks and uncertainties include, but are not limited to, failure to complete the Offering, and the factors discussed under "Risk Factors" in Payfare's final prospectus dated March 15, 2021. Payfare does not undertake any obligation to update such forward-looking information, whether as a result of new information, future events or otherwise, except as expressly required by applicable law.
SOURCE Payfare
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