FlexShopper announces extension of rights offering

FlexShopper (FPAY) has extended the expiration date of its previously announced rights offering to ensure adequate time for holders of rights to make their first come first serve investment decision and for additional orders to be processed on a first come first serve basis. All other terms and conditions, including pricing, of the rights offering remain unchanged. A myriad of events, including the disruption in the equity markets resulting from macroeconomic factors, the overhang from the budget deadlines and delivery of documents to our Canadian shareholders as a result of the recently ended Canada postal strike, are contributing factors to the extension. FlexShopper has extended the expiration of the rights offering to 5:00 pm ET on Friday, January 10, 2025. Only shareholders that exercise their initial units will receive Series A, B, and C rights to purchase FlexShopper’s common stock. The respective expiration dates will be extended accordingly for the Series A, B and C common stock purchase rights, which are 30, 60 and 90 days following the closing date of the subscription offering. The rights offering allows FlexShopper’s stockholders of record as of December 2, 2024 to purchase up to 35,000,000 units. The rights offering was made through a dividend in the form of two non-transferable basic subscription rights for each share of common stock or common stock equivalent owned on the record date. Each right permits the holder to purchase one unit at a fixed subscription price of $1.70 per unit. Each unit consists of one share of common stock, as well as short-term Series A, B and C rights to purchase additional shares of common stock at varying discounted market-based prices.