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FlexShopper to exercise warrant exchange

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FlexShopper to exercise warrant exchange

Boca Raton, Fla.-based FlexShopper Inc. and holders of at least 50.1% of the company's outstanding publicly traded warrants agreed to exchange the warrants for common shares of the company.

Under the exchange agreement, holders will receive 0.62 common share for each outstanding public warrant, while all other holders of the public warrants will be allowed to exchange their public warrants for shares at the same rate. The company will require that all outstanding public warrants not exchanged in the offer be converted into shares at a rate of 0.56 share per public warrant, which is 10% less than the exchange rate during the offering.

The holders of the public warrants party to the exchange agreement included four of the company's directors, or their affiliated entities, who agreed to exchange a total of 3.8% of the outstanding public warrants.

FlexShopper expects to start the offer Jan. 6, 2020.

The public warrants are currently traded on the Nasdaq Stock Market under the symbol FPAYW. They will be delisted once the offer and conversion are completed.