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CPI Card Group Inc. Announces Pricing of Secondary Public Offering of Common Stock
LITTLETON, Colo.--(BUSINESS WIRE)-- CPI Card Group Inc. (Nasdaq: PMTS) (“CPI” or the “Company”), a payments technology company and leading provider of
About this update from Cpi Card Group Inc.
[{"type":"text","content":" LITTLETON, Colo.--(BUSINESS WIRE)--\nCPI Card Group Inc. (Nasdaq: PMTS) (“CPI” or the “Company”), a payments technology company and leading provider of credit, debit and prepaid card and digital solutions, including Software-as-a-Service (SaaS) based instant issuance, today announced the pricing of a registered underwritten secondary public offering of 1,200,000 shares of the Company’s common stock to be sold by certain stockholders affiliated with Parallel49 Equity (the “selling stockholders”), at a public offering price of $21.00 per share. The underwriters were also granted a 30-day option to purchase up to an additional 180,000 shares of common stock from the selling stockholders at the public offering price, less the underwriting discount. The offering is expected to close on or about October 2, 2024, subject to the satisfaction of customary closing conditions.\n\nThe Company is not offering any shares of common stock in the offering and will not receive any proceeds from the sale of common stock by the selling stockholders. Total gross proceeds from the offering to the selling stockholders, before deducting the underwriting discount and other estimated offering expenses, are expected to be approximately $25.2 million.\n\nD.A. Davidson & Co. is acting as sole manager for the offering.\n\nA registration statement on Form S-3 (File No. 333-259511) relating to these securities has been filed with, and declared effective by, the U.S. Securities and Exchange Commission (the “SEC”). The Company will file with the SEC a final prospectus supplement and accompanying prospectus for the offering. The offering will be made only by means of a prospectus and prospectus supplement. Copies of the prospectus and final prospectus supplement, once available, may be obtained by contacting: D.A. Davidson & Co., Attention: Prospectus Department, 8 Third Street North, Great Falls, MT 59401, by telephone at (800) 332-5915, or by email at [email protected].\n\nThis press release shall not constitute an offer to sell or a solicitation of an offer to buy nor shall there be any offer or sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such state or jurisdiction.\n\nAbout CPI Card Group Inc.\n\nCPI Card Group i...