Usio Announces Pricing of $8 Million Underwritten Public Offering

SAN ANTONIO, Sept. 23, 2020 (GLOBE NEWSWIRE) -- Usio, Inc. (Nasdaq: USIO), an integrated electronic payment solutions provider, today announced the pricing of an underwritten public offering of common stock for gross proceeds of $8 million prior to deducting underwriting discounts and commissions and offering expenses payable by Usio. The offering is comprised of 4,705,883 shares of common stock priced at a public offering price of $1.70 per share.

The closing of the offering is expected to take place on or about September 25, 2020, subject to the satisfaction or waiver of customary closing conditions.

Ladenburg Thalmann & Co. Inc. is acting as sole book-running manager in connection with the offering. Barrington Research Associates, Inc. is acting as co-manager in the offering.

A total of 4,705,883 shares of common stock will be issued in the offering. In addition, the Company has granted the underwriters a 45-day option to purchase up to an additional 705,882 shares of common stock solely to cover over-allotments, if any, at the public offering price per share, less the underwriting discounts and commissions.

This offering is being made pursuant to an effective shelf registration statement on Form S-3 (File No. 333-221178) previously filed with the Securities and Exchange Commission (“SEC”) and subsequently declared effective on December 6, 2017. The offering is being made only by means of a prospectus and a related prospectus supplement. The preliminary prospectus supplement relating to this offering was filed by Usio with the SEC on September 22, 2020, and a final prospectus supplement relating to this offering will be filed by Usio with the SEC. When available, copies of the final prospectus can be obtained at the SEC’s website at www.sec.gov or from Ladenburg Thalmann & Co. Inc., Prospectus Department, 277 Park Avenue, 26th Floor, New York, New York 10172 or by email at [e-mail].

Usio intends to use the net proceeds from the offering for working capital and general corporate purposes, including investments in our growth businesses and acquisitions.

This press release does not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any 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 any such state or jurisdiction.