Business
Cuentas, Inc. Announces Closing of Its Upsized $12.0 Million Public Offering and Uplisting to Nasdaq
Cuentas, Inc. Announces Closing of Its Upsized $12.0 Million Public Offering and Uplisting to Nasdaq.
About this update from Cuentas Inc.
[{"type":"text","content":"MIAMI, FL / ACCESSWIRE / February 4, 2021 / Cuentas, Inc. (NasdaqCM:CUEN, CUENW), ("Cuentas" or "the Company"), a leading FinTech provider of mobile banking and payment solutions focusing on Latino and Hispanic consumers, today announced the closing of its previously announced upsized underwritten public offering of 2,790,697 units at a price to the public of $4.30 per unit. The Company concurrently made effective a reverse stock split of its common stock at a ratio of 1-for-2.5. Each unit issued in the offering consisted of one share of common stock and one warrant to purchase one share of common stock (each on a post-reverse stock split basis). The common stock and warrants comprising the units separated upon closing of the offering and were issued separately.The common stock and warrants began trading on the Nasdaq Capital Market on February 2, 2021, under the symbols "CUEN" and "CUENW," respectively. Cuentas received gross proceeds of approximately $12.0 million, before deducting underwriting discounts and commissions and other estimated offering expenses.Each warrant is immediately exercisable for one share of common stock at an exercise price of $4.30 per share and will expire 5 years from issuance.Cuentas has granted the underwriters a 45-day option to purchase up to an additional 418,604 shares of common stock and/or up to an additional 418,604 warrants to cover over-allotments, if any (each on a post-reverse stock split basis).Maxim Group LLC acted as the sole book-running manager for the offering.The offering was conducted pursuant to the Company's registration statement on Form S-1, as amended (File No. 333-249690) previously filed with and declared effective on February 1, 2021 by the Securities and Exchange Commission ("SEC") and the Company's registration statement on Form S-1 (File No. 333-252642) which became effective on February 1, 2021. A prospectus relating to the offering was filed with the SEC and is available on the SEC's website at http://www.sec.gov. Electronic copies of the prospectus relating to this offering may be obtained from Maxim Group LLC, 405 Lexington Avenue, 2nd Floor, New York, NY 10174, at (212) 895-3745.This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall the...