International Money Express, Inc. Announces Pricing of Secondary Public Offering

Rhea-AI Summary

International Money Express (NASDAQ: IMXI) announced a secondary public offering of 4,925,000 shares at $13.50 per share, set to close around October 5, 2020. The offering is entirely by affiliates of Stella Point Capital and other stockholders, who will receive all proceeds. Additionally, underwriters have a 30-day option to purchase up to 738,750 additional shares. Credit Suisse leads the offering, which is registered under the SEC and made through a prospectus supplement.

Positive

• Offering of 4,925,000 shares at $13.50 per share indicates strong pricing.
• Potential for additional 738,750 shares to boost liquidity.

Negative

• Secondary offering may dilute existing shareholders' ownership.
• Selling stockholders receive proceeds, not the company, which may limit capital for growth.

MIAMI, Sept. 30, 2020 (GLOBE NEWSWIRE) -- International Money Express, Inc. (NASDAQ: IMXI) (the "Company"), a leading money remittance services company focused primarily on the Latin America and Caribbean corridor, announced today the pricing of the underwritten secondary public offering by affiliates of Stella Point Capital and certain of the Company's other stockholders (the “Selling Stockholders”) of 4,925,000 shares of the Company’s common stock, par value $0.0001 per share (the “Common Stock”), at a public offering price of $13.50 per share. The offering is expected to close on or about October 5, 2020, subject to customary closing conditions. In addition, certain of the Selling Stockholders have granted the underwriters a 30-day option to purchase up to an additional 738,750 shares of Common Stock at the same price as the initial shares sold to the underwriters.

The offering consists entirely of secondary shares to be sold by the Selling Stockholders. The Selling Stockholders will receive all of the proceeds from the offering.

Credit Suisse is acting as lead book-running manager and as representative of the underwriters for the offering. BTIG, BMO Capital Markets, JMP Securities, KeyBanc Capital Markets and Northland Capital Markets are also acting as book-running managers for the offering.

The shares of Common Stock described above are being offered pursuant to a shelf registration statement on Form S-3 (File No. 333-248902) that has been declared effective by the Securities and Exchange Commission (the “SEC”). The offering is being made only by means of a prospectus supplement and accompanying base prospectus. Before you invest, you should read the prospectus in the registration statement, the prospectus supplement, and other documents the Company has filed with the SEC for more complete information about the Company and this offering. Copies of the registration statement, the prospectus supplement and the accompanying base prospectus may be obtained, when available, on the SEC’s website at http://www.sec.gov or by contacting:

Credit Suisse Securities (USA) LLC, Attention: Prospectus Department, 6933 Louis Stephens Drive, Morrisville, North Carolina 27560, telephone: (800) 221-1037, e-mail: usa.prospectus@credit-suisse.com; and BTIG, LLC, Attention: Equity Capital Markets, 65 East 55th Street, New York, New York 10022, telephone: (212) 593-7555, e-mail: equitycapitalmarkets@btig.com.

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

About International Money Express, Inc.

At International Money Express, Inc., the customer is at the center of everything we do. We use proprietary technology that enables consumers to send money from the United States and Canada to 17 countries in Latin America and the Caribbean, including Mexico and Guatemala, seven countries in Africa and two in Asia. We offer the electronic movement of money to our customers through our network of sending and paying agents and company-operated stores located in all 50 states, the District of Columbia and Puerto Rico, and throughout Latin America, the Caribbean and selected countries in Africa and Asia. Our services are also available digitally through our website, app and retail locations. We were founded in 1994 and are headquartered in Miami, Florida with offices in Puebla, Mexico, and Guatemala City, Guatemala.

Safe Harbor Compliance Statement for Forward-Looking Statements

This press release contains forward-looking statements, including, but not limited to, statements related to the expected completion of the offering and the Selling Stockholders' receipt of the net proceeds from the offering. These statements constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements speak only as of the date of this press release, and the Company undertakes no obligation to update any forward-looking statement except as required by law. These statements are based on management’s current expectations and beliefs and are subject to a number of trends and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements, many of which are beyond the Company’s control. The Company can give no assurance that its expectations will be attained and there can be no assurance that the offering will be completed on acceptable terms, or at all. Accordingly, you should not place undue reliance on any forward-looking statements contained in this press release. Actual results may differ materially from historical results or those anticipated or predicted by the Company’s forward-looking statements as a result of various important factors, including, but not limited to, the terms of the offering, the risks and uncertainties relating to whether or not the offering will be consummated and the other risks and uncertainties identified in the Company’s periodic filings filed with the SEC, including the Company’s Annual Report on Form 10-K for the year ended December 31, 2019 and the Company’s Quarterly Reports on Form 10-Q for the quarters ended March 31, 2020 and June 30, 2020, as well as in the prospectus supplement related to the offering.

For more information, contact:

Mike Gallentine
Vice President of Investor Relations
tel: 305-671-8005
mgallentine@intermexusa.com

FAQ

What is the pricing for the secondary offering by International Money Express (IMXI)?

The pricing for the secondary offering is set at $13.50 per share.

What is the total number of shares being offered in the IMXI secondary offering?

A total of 4,925,000 shares are being offered in the secondary public offering.

When is the expected closing date for the IMXI offering?

The offering is expected to close on or about October 5, 2020.

Who will receive the proceeds from the offering of IMXI shares?

The proceeds from the offering will go entirely to the selling stockholders.

Is there an option for underwriters to purchase more shares in the IMXI offering?

Yes, underwriters have a 30-day option to purchase up to an additional 738,750 shares.