FlexShopper Secures Option To Repurchase 91% Of Series 2 Preferred Stock At Over 50% Discount To $43M Liquidation Preference; Option Valid For One Year With Additional Payments Possible Based On Future Events
Portfolio Pulse from Benzinga Newsdesk
FlexShopper has secured an option to repurchase 91% of its Series 2 Preferred Stock at a significant discount, over 50% less than the $43 million liquidation preference. This option is valid for one year, with potential additional payments based on future events.
October 28, 2024 | 12:06 pm
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POSITIVE IMPACT
FlexShopper has the opportunity to repurchase a large portion of its Series 2 Preferred Stock at a significant discount, which could improve its financial position and potentially boost investor confidence.
The ability to repurchase preferred stock at a discount reduces financial liabilities and can improve the company's balance sheet. This action is likely to be viewed positively by investors, potentially leading to a short-term increase in stock price.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 90