FlexShopper Updates Status of Rights Offering

Core Viewpoint - FlexShopper, Inc. has announced an update regarding its rights offering, allowing shareholders who participated in the initial unit subscription to engage in Series A, B, and C rights offerings, following a successful fundraising effort that raised approximately $12 million [1][2]. Financial Performance - The initial unit subscription raised about $12 million, which included $9.4 million in gross proceeds and the conversion of $2.5 million of subordinated debt [2]. - The gross proceeds were utilized to reduce borrowings under FlexShopper's credit agreement, leading to an estimated 15% accretive impact on pro-forma earnings per share for Q3 2024 [2]. Rights Offering Details - Series A rights expire on February 15, 2025, Series B on March 17, 2025, and Series C on April 16, 2025 [3]. - The exercise price for Series A is the higher of $1.70 or 90% of the VWAP over the last three trading days prior to expiration, capped at $2.55; Series B has a similar structure with a cap of $3.40; Series C is capped at $4.25 [3]. Participation Encouragement - FlexShopper encourages holders of the Series A, B, and C rights to contact their brokers or financial advisors to participate in the offerings, with specific submission deadlines highlighted [4]. Company Overview - FlexShopper, Inc. is a leading national financial technology company that provides payment solutions and flexible funding options to underserved consumers through its online marketplace and partnerships with merchants [7][8].