Alfi, Inc. Announces Full-Exercise of Underwriters' Over-Allotment Option in Connection with Public Offering of Common Stock

Rhea-AI Summary

Alfi, Inc. (NASDAQ:ALF) announced the full exercise of the underwriters' over-allotment option, resulting in the sale of an additional 559,701 shares and warrants. This follows a public offering of 3,731,344 shares at $4.15 each, yielding total gross proceeds of approximately $17.8 million. The net proceeds will primarily support the rollout of Alfi's tablets and the SaaS platform, along with repaying any outstanding debt. The sale closed on May 10, 2021, with Kingswood Capital Markets acting as the Sole Book-Running Manager.

Positive

• Total gross proceeds of approximately $17.8 million from the offering.
• Intended use of funds for key operational expansions like tablet rollouts and SaaS platform acceleration.

Negative

• Potential dilution of existing shareholders due to the additional shares issued.

MIAMI BEACH, FL / ACCESSWIRE / May 10, 2021 / Alfi, Inc. (NASDAQ:ALF) ("Alfi" or the "Company"), an AI enterprise SaaS platform company, powering computer vision with machine learning models to allow content publishers and brand owners to deliver interactive, intelligent information without violating user privacy, today announced the underwriters have exercised their over-allotment option to purchase an additional 559,701 shares and 559,701 warrants pursuant to the exercise in full of the overallotment option granted to the underwriters in connection with the Company's recently completed underwritten public offering of 3,731,344 shares of common stock and warrants to purchase 3,731,344 shares of common stock at a public offering price of $4.15 per share and warrant, less underwriting discounts and commissions. After giving effect to the sale of these additional shares, a total of 4,291,045 shares of common stock and 4,291,045 warrant were sold in the offering, for aggregate gross proceeds of approximately $17.8 million, before deducting underwriting discounts and commissions and other estimated offering expenses payable by Alfi. The sale of these shares closed on Monday, May 10, 2021.

The Company intends to use the net proceeds primarily for the rollout of Alfi enabled tablets into service, accelerate the rollout of its SaaS software platform and repayment of any outstanding indebtedness.

Kingswood Capital Markets, division of Benchmark Investments, Inc., acted as Sole Book-Running Manager for the Offering. Revere Securities LLC and WestPark Capital, Inc. acted as Co-Managers for the Offering.

The common stock and units described above were offered by Alfi pursuant to a registration statement on Form S-1 (File No. 333-251959) that was originally filed with the Securities and Exchange Commission ("SEC") on January 8, 2021 and declared effective on May 3, 2021. The Offering is being made only by means of a prospectus, copies of which may be obtained, when available, from: Kingswood Capital Markets, a division of Benchmark Investments Inc., 17 Battery Place, Suite 625, New York, NY 10004, Attention: Syndicate Department, or via email at syndicate@kingswoodcm.com or telephone at (212) 404-7002. Before investing in this Offering, interested parties should read in their entirety the prospectus, which provides more information about the Company and such offering.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy any of the securities described herein, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

About Alfi, Inc.

Alfi, Inc. provides solutions that bring transparency and accountability to the digital out of home advertising marketplace. Since 2018, Alfi, Inc. has been developing its artificial intelligence advertising platform to deliver targeted advertising in an ethical and privacy-conscious manner.

For more information, please visit: https://www.getalfi.com.

Forward-Looking Statements

This press release contains statements that constitute "forward-looking statements," including with respect to the anticipated use of the net proceeds of the public offering. No assurance can be given that the net proceeds of the offering will be used as indicated. Forward-looking statements are subject to numerous conditions, many of which are beyond the control of the Company, including those set forth in the Risk Factors section of the Company's registration statement and prospectus for the Company's offering filed with the SEC. Copies are available on the SEC's website, www.sec.gov. The Company undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.

Alfi Inc. Company Contact

Dennis McIntosh
Chief Financial Officer
d.mcintosh@getalfi.com

Alfi Inc. Investor Relations

TraDigital IR
Kevin McGrath
+1-646-418-7002
kevin@tradigitalir.com

SOURCE: Alfi, Inc.

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FAQ

What recent financial move did Alfi (ALF) announce?

Alfi announced the full exercise of the underwriters' over-allotment option, leading to the sale of 559,701 additional shares and warrants.

How much did Alfi raise from its public offering?

Alfi raised approximately $17.8 million in gross proceeds from the recent public offering.

What is Alfi's plan for the funds raised from the offering?

Alfi intends to use the funds to roll out tablets, accelerate its SaaS platform development, and repay outstanding debt.

When did Alfi's offering close?

The offering closed on May 10, 2021.

Who managed Alfi's recent public offering?

Kingswood Capital Markets acted as the Sole Book-Running Manager for the offering.