FlexShopper announces preliminary results of unit subscription rights offering

FlexShopper (FPAY) announced the preliminary results of its previously disclosed unit rights offering, which expired at 5:00 pm ET on January 10, 2025. The Company also announced that the holder of the Company’s subordinated debt has elected to convert 25%, or $2.5 million of the outstanding principal balance in the Rights Offering. The units sold at $1.70 were at a 15% discount to the 3-day volume weighted average price and included a share and 3 additional rights to purchase shares at discounts to the trading price. According to Continental Stock Transfer & Trust Company, as of the Expiration Date, approximately 5,547,993 subscription rights have been exercised to purchase approximately 21% of the Company’s common stock. Through the initial portion of the Subscription Rights offering, FlexShopper raised $9.4 million in gross proceeds. There are an additional 21 million rights that can be exercised over the next 90 days at 30-day intervals for additional shares.