Business
Logiq Announces Pricing of Initial Public Offering of Units and Filing of Final Prospectus In Canada
Logiq Announces Pricing of Initial Public Offering of Units and Filing of Final Prospectus In Canada.
About this update from Logiq Inc.
[{"type":"text","content":"\n NEW YORK, June 11, 2021 (GLOBE NEWSWIRE) -- Logiq, Inc. (“Logiq” or the “Company”) (OTCQX: LGIQ), a global provider of award-winning e-commerce and fintech solutions, is pleased to announce that it has priced its previously announced initial public offering (the “Offering”) in Canada of units of the Company (the “Units”) at a price of C$3.00 per Unit (the “Offering Price”) to raise aggregate gross proceeds of a minimum of C$5,000,000 and up to a maximum of C$10,000,000, in connection with obtaining a receipt for filing a final long form prospectus dated June 9, 2021 in each of the provinces of Canada, except Quebec (the “Prospectus”). Each Unit will consist of one share of common stock of the Company (a “Unit Share”) and one common stock purchase warrant of the Company (each, a “Warrant”). Each Warrant is exercisable to acquire one share of common stock of the Company (a “Warrant Share”) at an exercise price of C$3.50 for a period of 36 months following completion of the Offering. The Offering is being conducted by Research Capital Corporation as the lead agent and sole bookrunner (the “Agent”). The Company has granted the Agent an option (the “Over-Allotment Option”) to cover over-allotments and for market stabilization purposes, exercisable in whole or in part at the sole discretion of the Agent, at any time up to 30 days from the closing of the Offering, to increase the size of the Offering by up to 15% of the number of Units (and/or the components thereof) sold pursuant to the Offering, on the same terms and conditions of the Offering. The net proceeds of the Offering will be used for development of additional data analytics tools, sales generation and marketing, and for working capital requirements and other general corporate purposes. The closing of the Offering is currently expected to be on or about June 17, 2021, or on such date as the Agent and the Company may agree upon, and is subject to certain conditions including, but not limited to, the final approval of the NEO Exchange (the “NEO”) in Canada. The Company has received conditional approval to list its common stock, including the common stock being distributed under the Prospectus, the Warrant Shares issuable upon e...