Payoneer Announces Successful Warrant Buyback

Payoneer Global Inc. (NASDAQ: PAYO) has announced the expiration of its offer to purchase all of its outstanding warrants at a purchase price of $0.78 per warrant in cash, without interest. The offer aimed to simplify the company's capital structure and had a significant impact on its financials.

As of the expiration date, 24,030,937 warrants had been validly tendered and not validly withdrawn, representing approximately 95.5% of the outstanding warrants. The company expects to pay an aggregate of approximately $18.7 million in cash in exchange for all validly tendered warrants.

Furthermore, Payoneer also solicited consents to amend the warrant agreement, with parties representing holders of approximately 95.5% of the outstanding warrants consenting to the warrant amendment. This led to the adoption of the warrant amendment, allowing the company to redeem all remaining warrants not tendered in the offer for $0.70 per warrant, without interest.

It's worth noting that the company's common stock and warrants are listed on the NASDAQ Stock Market LLC under the symbols "PAYO" and "PAYOW," respectively.

In addition, Citigroup Global Markets Inc. was the dealer manager for the offer and consent solicitation. Sodali & Co. acted as the information agent for the offer and consent solicitation, while Continental served as the warrant agent for the offer and consent solicitation.

These developments reflect Payoneer's strategic approach to simplifying its capital structure and optimizing its financial position. The market has reacted to these announcements by moving the company's shares -1.2% to a price of $7.05. For more information, read the company's full 8-K submission here.

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