FlexShopper announces record date for proposed rights offering

FlexShopper (FPAY) announced the tentative calendar for its previously proposed rights offering.. The Corporation is planning to commence the Rights Offering to raise capital to equitize its balance sheet through funding the repurchase of over 90% of its Series 2 Convertible Preferred Stock, by repaying a portion of its credit facility and other outstanding debt facilities, and for other corporate purposes including potential acquisitions of other companies. The Rights Offering will be 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. The dividend of the subscription rights must be settled within one business day of the transaction date. To be considered a shareholder of record you must own the stock in your brokerage account as of 4:00 p.m., Eastern Time, on Friday, November 29, 2024, which is one trading day before the record date of Monday, December 2, 2024. The proposed Rights Offering also includes an over-subscription privilege, which will entitle each rights holder that exercises all its basic subscription privileges in full, the right to purchase additional units that remain unsubscribed at the expiration of the rights offering. Both the basic and over-subscription privileges are subject to the availability and pro-rata allocation of shares among participants. All basic subscription rights and over-subscription privileges may be exercised during the subscription period of Tuesday, December 3, 2024, through 5:00 p.m., Eastern Time, Friday, December 20, 2024, on a pro-rata basis.