TORONTO, Feb. 18, 2021 /CNW/ — Payfare Inc. (“Payfare“) filed on February 11, 2021 an amended and restated preliminary prospectus (the “Amended Preliminary Prospectus“) with the securities regulatory authorities in each of the provinces and territories of Canada in connection with the proposed initial public offering of its common shares (the “Offering“). The Amended Preliminary Prospectus amends and restates the preliminary prospectus filed on February 8, 2021.
It is expected that Payfare’s common shares will be sold at a price between $5.00 and $6.00 per common share for gross proceeds of $60 million.
The Offering is expected to be made through a syndicate of underwriters led by Stifel GMP and which includes Scotia Capital Inc., Canaccord Genuity Corp. and Raymond James Ltd.
The Amended Preliminary Prospectus contains important information relating to the Offering and remains subject to completion or amendment. The Amended Preliminary Prospectus is available on SEDAR at www.sedar.com.
There will not be any sale or any acceptance of an offer to buy the common shares until a receipt for the final prospectus has been issued. No securities regulatory authority has either approved or disapproved the contents of this press release. This press release does not constitute an offer to sell or a solicitation of an offer to buy any securities of Payfare in any jurisdiction in which such offer, solicitation or sale would be unlawful.
These securities 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.
Payfare is a global financial technology company powering digital banking and instant or near-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:
This press release may contain forward-looking information within the meaning of applicable securities legislation, which reflects Payfare’s current expectations regarding future events. 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, which 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 related transactions, and the factors discussed under “Risk Factors” in the amended and restated preliminary prospectus of Payfare dated February 11, 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.