Usio Announces Closing of $8 Million Underwritten Public Offering
SAN ANTONIO, Sept. 25, 2020 (GLOBE NEWSWIRE) -- Usio, Inc. (Nasdaq: USIO), an integrated electronic payment solutions provider, today announced the closing of an underwritten public offering of
common stock for gross proceeds of approximately $8 million, prior to deducting underwriting discounts and commissions and offering expenses payable by Usio.
The offering was comprised of shares of common stock priced at a public offering price of $1.70 per share.
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 were 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 was 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 was filed by Usio with the SEC on September 24, 2020. 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 email@example.com.
Usio intends to use the net proceeds from the offering for working capital and general corporate purposes, including investments in its 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.