Priority Technology Holdings, Inc. (NASDAQ: PRTH) has announced a secondary offering of 9,157,600 shares of its common stock by certain selling stockholders.
In conjunction with this offering, the selling stockholders intend to grant the underwriters a 30-day option to purchase 1,373,639 additional shares of common stock.
Keefe, Bruyette & Woods, a Stifel company, and TD Cowen are acting as joint lead book-running managers for the offering, with B. Riley Securities acting as a book-running manager and A.G.P./Alliance Global Partners and Lake Street as co-managers.
The offering is being made pursuant to an effective shelf registration statement (including a prospectus) on Form S-3 (file no. 333-283519) previously filed with the Securities and Exchange Commission ("SEC").
This offering represents a significant opportunity for the selling stockholders, who will receive all of the net proceeds from the proposed offering. The company itself will not sell any shares of its common stock in the offering and will not receive any proceeds from the sale of shares in the offering.
Priority Technology Holdings, Inc. is a payments and banking fintech that enables businesses to collect, store, lend, and send funds through a unified commerce engine. With the Priority commerce engine, leaders can accelerate cash flow, optimize working capital, reduce unnecessary costs, and unlock new revenue opportunities. Today the company's shares have moved -16.0% to a price of $8.04. Check out the company's full 8-K submission here.
