Cuentas Inc - CUENW STOCK NEWS

Cuentas, Inc. (NASDAQ:CUEN, CUENW) reported significant growth in its annual 10K filing, revealing a 500% year-over-year increase in revenue, totaling $2.994 million for 2022 compared to $593,000 in 2021. Gross profit rose to $486,000 from $124,000. The company's liabilities decreased from $2.8 million to $2.2 million. CuentasCasa secured a 10-year supply agreement for a patented construction technology aimed at affordable housing. This aligns with the recently passed Florida Senate Bill 102, which invests $711 million into the affordable housing sector, creating new opportunities for the company.

Cuentas, Inc. (NASDAQ:CUEN, CUENW) has announced a reverse stock split at a ratio of 1 for 13, effective from 12:01 a.m. Eastern time on March 24, 2023. This move is aimed at increasing the market price per share and ensuring compliance with Nasdaq Capital Market listing requirements. Following the split, the outstanding shares will decrease from approximately 27.1 million to 2.1 million. The new CUSIP number will be 229794300. Stockholders will have their shares automatically adjusted, with physical certificate holders advised to exchange their certificates for updated ones.

Cuentas (NASDAQ:CUEN, CUENW) has successfully completed its acquisition of an equity position in Lakewood Village, the first sustainable rental housing project in the US utilizing patented MCFR technology approved for hurricane-prone areas. The project consists of 96 affordable multi-family apartments located in Palm Beach County, with an independent appraisal valuing it at approximately $25M upon completion. Cuentas plans to enable renters to use its mobile app for payments related to rent and utilities, aligning with its vision to support affordable housing amidst rising property values in Florida.

Cuentas, Inc. (NASDAQ:CUEN, CUENW) announced a definitive agreement for the purchase and sale of 3,787,879 shares of common stock at a price of $1.32 per share, resulting in expected gross proceeds of approximately $5 million. This offering includes a concurrent private placement of warrants to purchase an equal number of shares at an exercise price of $1.335, valid for 5.5 years post-issuance. The offering is anticipated to close around February 8, 2023. Proceeds will support general corporate purposes and working capital. H.C. Wainwright & Co. serves as the placement agent.

Cuentas (NASDAQ:CUEN, CUENW) announced a definitive agreement to acquire a 6% equity stake in the Lakewood Village affordable housing project in Florida for $1.195M, funded by approximately 3.8 million common shares, equating to 19.9% of its outstanding shares. This project consists of 96 apartments and utilizes a patented construction technology approved for hurricane-prone areas. The investment is backed by a pending appraisal, potentially valuing the property at $20M. Cuentas aims to address the affordable housing shortage in the US, particularly for the unbanked and underserved populations, and plans to co-develop more projects under the CuentasCasa brand.

Cuentas, Inc. (NASDAQ: CUEN, CUENW) has appointed Lexi Terrero as an independent director to its board. Terrero, a Managing Partner at The Flo Lab, brings extensive experience in marketing and finance, previously serving as CFO of Hispanicize Media Group. Her roles have included managing marketing strategies, brand partnerships, and investor relations. CEO Arik Maimon expressed optimism that her expertise will support Cuentas' strategic goals for 2023 and beyond, focusing on enhancing financial services for the underbanked and immigrant populations.

Cuentas, Inc. (NASDAQ:CUEN)(NASDAQ:CUENW) has signed a binding LOI to acquire a $2 million membership interest in 4280 Lakewood Road, LLC, a project focused on affordable multi-family housing in Lake Worth, Florida. The project, named Lakewood Village, will offer 96 rental units, comprised of 2-bedroom and 3-bedroom apartments. The transaction requires approval from Cuentas' Board of Directors and third-party appraisals before closing. Cuentas plans to promote these rentals to its Financial Services account holders, marking the first phase of a larger initiative called 'CuentasCasa'.

Cuentas Inc. (NASDAQ:CUEN & CUENW) announced a special 5% discount for Amazon Cash purchases via its mobile app, available through the end of 2022. The Cuentas App allows users to access discounts across various brands, promoting financial inclusion for the underbanked Hispanic community. CEO Arik Maimon emphasized the initiative as a means to ease financial stress during the holiday season. Cuentas aims to enhance the digital shopping experience without credit checks or bank accounts, appealing to users with an ITIN or SSN.

Cuentas Inc. (NASDAQ: CUEN & CUENW) has announced an agreement to acquire a controlling interest in its CuentasMAX LLC joint venture with WaveMAX Corporation and Execon Smart Solutions for a cash transaction, pending board approval. CuentasMAX leverages WaveMAX's patented WiFi6-5G technology to serve bodegas and small retail shops across urban and rural areas, enhancing digital payment and advertising capabilities. This acquisition is expected to drive growth in the Hispanic and Latino markets by integrating innovative fintech solutions with shared network resources.