PSQ Holdings launches payments platform, announces restructuring

PSQ Holdings (PSQH) reported the formal launch of its payments platform, the implementation of a strategic plan to streamline the organization, and the announcement of a private investment in public equity transaction of $5.35M to help fund the growth of its payments vertical and for other general corporate purposes. CEO Michael Seifert commented, “…With our intentional focus on our fintech business and the official launch of our payments platform, we have executed contracts that, if fulfilled in their entirety, could result in annualized payments processing Gross Merchandise Value of over $700M. We aim to increase this to $1.0B by the Christmas shopping season. We have also recognized we can run a headcount-light tech software business model and have implemented a strategic plan to streamline the organization, reducing our staff by over 35% and retaining the people critical to this B2B focused sales and marketing positioning going forward, which we expect will lower our cash burn meaningfully. Even more important, we have raised capital, primarily from insiders, to fund further growth. With a bolstered cash position to help fund payments initiatives and a leaner organization, we believe we can focus on our goal of reaching profitability in near term. We are also taking significant steps in modifying the PublicSquare marketplace to align with our fintech goals, fine-tuning our curation of merchants, and launching an affiliate fee-based offering akin to other fintech peers in 2025, where we would receive a commission for traffic or transactions initiated through our marketplace. We are excited about the continued synergies we are able to exercise between revenue streams as we further enhance our commerce and payments ecosystem.” On October 24, the company closed a private investment in public equity transaction pursuant to a Securities Purchase Agreement for the purchase of $5,350,004.10 of Class A common stock at $2.70 per share with three investors. The purchase price was slightly in excess of the 14-day average closing price of the Company’s stock on the NYSE.