Fintech
Lendified Announces Common Share Subscription Agreement with Investor
Toronto, Ontario–(Newsfile Corp. – August 17, 2022) – Lendified Holdings Inc. (TSXV: LHI) (the “Company” or “Lendified“) is pleased to announce that it has entered into a Common Share Subscription Agreement (the “Subscription Agreement“) with a third-party investor in the Company (the “Investor“). The Subscription Agreement allows the Company to issue and sell up to $10,000,000 of common shares in the capital of the Company (the “Common Shares“), not to exceed such number of Common Shares that would cause the Investor to hold over 9.99% of the issued and outstanding Common Shares, from treasury to the Investor, from time to time, in a series of closings (each, a “Draw Closing“) at the Company’s discretion and on the terms and subject to the conditions set out in the Subscription Agreement. For each Draw Closing, the Common Shares will be issued on a private placement basis.
Issuances of the Common Shares to the Investor will be made pursuant to the terms of the Subscription Agreement which provides that, in order to fix a date for a Draw Closing, the Company must issue a notice (each, a “Draw Notice“) to the Investor of such intention to draw under the Subscription Agreement on or prior to the tenth trading day in each calendar month. The Draw Notice shall set out the amount of subscription proceeds to be paid by the Investor to the Company (the “Draw Amount“) in respect of such Draw Closing, together with the number of Common Shares that will be issued to the Investor. The aggregate Draw Amount in any given calendar month shall be a minimum of $10,000 and a maximum of $150,000, subject to increase by agreement between the parties, and provided that the Draw Amount will not result in the Investor becoming an Insider under the policies of the TSX Venture Exchange (“TSXV“). The issue price per Common Share for a Draw Closing shall be equal to: (i) if the market price of the Common Shares on the TSXV is greater than $0.055 per share, the volume weighted average price of the Common Shares on the TSXV, for the twenty (20) trading days preceding the last trading day of the Common Shares on the TSXV prior to the Company delivering a Draw Notice to the Investor, less 9.9% (subject to a minimum of $0.05 per share); and (ii) if the market price of the Common Shares on the TSXV are equal to or less than $0.055 per share, the market price (subject to a minimum of $0.01 per share).
The Subscription Agreement will remain in force and effect until the earlier of: (i) termination by either the Company or the Investor, on thirty (30) days’ prior written notice; (ii) the date on which $10,000,000 aggregate Draw Amount is reached; (iii) the date on which a material adverse effect or a change of control has occurred in respect of the Company; and (iv) the date on which the parties mutually agree in writing to terminate the Subscription Agreement.
Throughout the term of the Subscription Agreement, the Company may issue no more than one Draw Notice per calendar month for such Draw Amounts as it may elect, provided that certain conditions, including the following, are met: (i) the Draw Amount in any one Draw Notice can be no less than $10,000 and no more than $150,000; (ii) the aggregate amount of all Draw Amounts during the term of the Subscription Agreement shall be no greater than $10,000,000; (iii) the issuance of Common Shares in the Draw Notice will not result in the Investor holding more than 9.99% of the issued and outstanding Common Shares; (iv) the Common Shares issued pursuant to the Draw Notice shall have been conditionally approved for listing by the TSXV; (v) on the trading day prior to the delivery of the Draw Notice, the daily trading volume of the Common Shares on the TSXV is not less than the 30-day average trading volume of the Common Shares on the TSXV; and (vi) on the trading day prior to the delivery of the Draw Notice, the 10-day trading volume of the Common Shares on the TSXV is not greater than 10% of the 30-day average trading volume of the Common Shares on the TSXV.
The Subscription Agreement provides the Company with enhanced flexibility and access to capital should future additional financing be required, and it may be activated if and as deemed appropriate. The Company intends to use the net proceeds from the Draw Closings, if any, for general corporate purposes.
In connection with each Draw Closing and if permitted by the TSXV, the Company will pay the Investor a draw fee equal to 5% of the applicable Draw Amount. There is no agent or underwriter involved with the issuance of the Common Shares, and no party is receiving a commission or finder’s fee in connection with the Subscription Agreement. As at the date hereof, no Common Shares have been distributed by the Company pursuant to the Subscription Agreement, resulting in aggregate proceeds of $NIL to the Company under the Subscription Agreement.
ABOUT LENDIFIED HOLDINGS INC.
Lendified, a company located in Ontario, Canada, is a Canadian company operating a lending platform which provides working capital loans to small and medium-sized businesses across Canada.
Further Information
For further information regarding Lendified, please contact:
Eoghan Bergin, Chief Executive Officer and Director
1-844-451-3594
[email protected]
Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.
This news release may contain forward-looking statements which reflect the Company’s current expectations regarding future events. The forward-looking statements are often, but not always, identified by the use of words such as “seek”, “anticipate”, “plan, “estimate”, “expect”, “intend” and statements that an event or result “may”, “will”, “should”, “could” or “might” occur or be achieved and other similar expressions. These forward-looking statements involve risk and uncertainties, including the number of Common Shares that may be sold under the Subscription, whether the Subscription Agreement will be approved by the TSXV or if the proceeds of the Draws under the Subscription Agreement will be sufficient for the Company’s purposes, whether the effects of the COVID-19 pandemic will be even more severe than it has been to date, any of which could cause results, performance, or achievements to differ materially from the results discussed or implied in the forward-looking statements. Many risks are inherent in the industries in which the Company participates; others are more specific to the Company. The Company’s ongoing quarterly filings should be consulted for additional information on risks and uncertainties relating to these forward-looking statements. Investors should not place undue reliance on any forward-looking statements. Management assumes no obligation to update or alter any forward-looking statements whether as a result of new information, further events or otherwise.
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To view the source version of this press release, please visit https://www.newsfilecorp.com/release/134180
As we close out 2024, the fintech industry continues to deliver headlines that underscore its dynamism and innovation. From IPO aspirations to groundbreaking regulatory milestones, today’s updates highlight the transformative power of fintech partnerships, regulatory evolution, and disruptive technologies. Here’s what you need to know.
Chime’s Quiet Step Toward Public Markets
Chime, the U.S.-based financial technology startup best known for its digital banking services, has taken a significant step by filing confidential paperwork for an initial public offering (IPO). As one of the most valuable private fintechs in the U.S., Chime’s move could potentially signal a renewed appetite for fintech IPOs in a market that has been cautious following fluctuating valuations across the tech sector.
With a valuation that reportedly exceeded $25 billion in its last funding round, Chime’s IPO could set a new benchmark for the industry. Observers note that its strong customer base and revenue growth may make it an appealing choice for investors seeking to capitalize on the digital banking boom. However, the timing and success of the IPO will depend on broader market conditions and the regulatory landscape.
Source: Bloomberg
ZBD’s Pioneering Achievement: EU MiCA License Approval
ZBD, a fintech company specializing in Bitcoin Lightning network solutions, has made history by becoming the first to secure an EU MiCA (Markets in Crypto-Assets Regulation) license. This landmark approval by the Dutch regulator positions ZBD at the forefront of compliant crypto-fintech operations in Europe.
MiCA, which aims to harmonize the regulatory framework for crypto-assets across the EU, has been a focal point for industry players aiming to establish legitimacy and expand their offerings. ZBD’s achievement not only validates its operational rigor but also sets a precedent for other fintech firms navigating the evolving regulatory landscape.
Industry insiders view this as a strategic advantage for ZBD as it broadens its footprint in Europe. By leveraging its regulatory approval, the company can accelerate its product deployment and establish trust with institutional and retail users alike.
Source: Coindesk, PR Newswire
The Fintech-Credit Union Synergy: A Blueprint for Innovation
The convergence of fintechs and credit unions continues to reshape the financial services ecosystem. Collaborative initiatives, such as the one highlighted in the recent partnership between fintech innovators and credit unions, are proving to be a potent force in delivering tailored financial solutions.
This “dream team” approach allows credit unions to leverage fintech’s technological expertise while maintaining their community-focused ethos. Key areas of collaboration include digital payments, personalized financial management tools, and enhanced loan processing capabilities. These partnerships not only enhance member engagement but also enable credit unions to remain competitive in an increasingly digital-first financial environment.
Industry analysts emphasize that such collaborations underscore a broader trend of traditional financial institutions embracing fintech-driven solutions to bridge service gaps and foster innovation.
Source: PYMNTS
Tackling Student Loan Debt: A Fintech’s Mission
Student loan debt remains a pressing issue for millions of Americans, and a Rochester-based fintech aims to offer relief through its cloud-based platform. This innovative solution is designed to simplify loan management and provide borrowers with actionable insights to reduce their debt burden.
The platform’s features include repayment optimization tools, personalized financial education, and seamless integration with loan servicers. By addressing the complexities of student loan management, this fintech is empowering borrowers to make informed decisions and achieve financial stability.
As the student loan crisis continues to evolve, solutions like this highlight the critical role fintech can play in addressing systemic financial challenges while fostering financial literacy and inclusion.
Source: RBJ
Industry Implications and Takeaways
Today’s updates underscore several key themes shaping the fintech landscape:
- Regulatory Milestones: ZBD’s MiCA license approval exemplifies the importance of regulatory compliance in unlocking growth opportunities.
- Strategic Partnerships: The collaboration between fintechs and credit unions demonstrates the value of combining technological innovation with traditional financial models to drive customer-centric solutions.
- Market Opportunities: Chime’s IPO move reflects a potential revival in fintech public offerings, signaling confidence in the sector’s long-term prospects.
- Social Impact: Fintech’s ability to tackle systemic issues, such as student loan debt, showcases its role as a force for positive change.
The post Fintech Pulse: Your Daily Industry Brief (Chime, ZBD, MiCA) appeared first on News, Events, Advertising Options.
Leading global payments platform SPAYZ.io has confirmed it will be attending iFX EXPO Dubai 2025 on 14 to 16 January. Exhibiting at Stand 64 at Trade Centre Dubai, SPAYZ.io’s team of professionals will be on hand providing live demonstrations of its renowned payment services for payment providers. Attendees will also receive exclusive insight into SPAYZ.io’s plans for 2025 alongside early early access to its upcoming plans for the new year.
SPAYZ.io delivers a host of payment solutions that leverage the latest technological innovations and open access to the fastest growing emerging markets across Africa, Europe and Asia. Over the past year, there has been huge demand for its Open Banking and local payment method services, alongside bank transfers, mass payouts, online banking and e-wallets.
Yana Thakurta, Head of Business Development at SPAYZ.io commented: “We look forward to once again participating at iFX Dubai to expand our network of partners and clients. It’s a fantastic way to kick off the year, connecting with thousands of industry leaders from FOREX platforms to trading companies, and everything in between.
“Our key goal for iFX Dubai EXPO 2025 is to expand our portfolio of solutions and geographies. We’re using this as an opportunity to partner with like-minded entities who share our ambition to provide payment solutions that are truly global.”
Come meet SPAYZ.io’s team at the Trade Centre Dubai at Stand 64. You can also book a meeting slot with a member of a team.
The post SPAYZ.io prepares for iFX EXPO Dubai 2025 appeared first on News, Events, Advertising Options.
Airtm, the most connected digital dollar account in the world, is proud to announce the addition of two distinguished industry leaders to its Board of Directors: Rafael de la Vega, Global SVP of Partnerships at Auctane, and Shivani Siroya, CEO & Founder of Tala. These appointments reflect Airtm’s commitment to innovation and financial inclusion as the company enters its next phase of growth.
“We are thrilled to welcome Rafael and Shivani to Airtm’s Board of Directors,” said Ruben Galindo Steckel, Co-founder and CEO of Airtm. “Their unique perspectives and proven track records will be invaluable as we continue scaling our platform to empower individuals and businesses in emerging markets. Together, we’ll push the boundaries of financial inclusion and innovation to create a more connected and equitable global economy. Rafael and Shivani bring a wealth of experience and strategic insight that will strengthen Airtm’s mission to connect emerging economies with the global market.”
Rafael de la Vega, a seasoned leader in fintech global partnerships and technology innovation, is currently the Global SVP of Partnerships at Auctane. With a proven track record of delivering scalable, impactful solutions at the intersection of fintech, innovation, and commerce, Rafael’s expertise will be pivotal as Airtm continues to grow. “Airtm has built a platform that breaks down barriers and opens up opportunities for people in emerging economies to connect to global markets. I am excited to contribute to its growth and help further its mission of fostering financial inclusion on a global scale,” said Rafael.
Shivani Siroya, CEO and Founder of Tala, is a pioneer in financial technology, renowned for empowering underserved communities through access to credit and essential financial tools. Her leadership in leveraging data-driven innovation aligns seamlessly with Airtm’s vision of creating more equitable financial opportunities. “Empowering underserved communities has always been at the core of my work, and Airtm’s mission resonates deeply with me. I’m thrilled to join the Board and work alongside such a dynamic team to expand access to financial tools that truly make a difference in people’s lives,” said Shivani.
The post Airtm Enhances Its Board of Directors with Two Strategic Appointments appeared first on News, Events, Advertising Options.
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