International Money Express, Inc. Launches Secondary Public Offering

Rhea-AI Summary

International Money Express (NASDAQ: IMXI) announced that affiliates of Stella Point Capital intend to offer 4,925,000 shares of common stock in an underwritten public offering. The offering consists entirely of secondary shares with Selling Stockholders receiving all proceeds. Additionally, there is a 30-day option for underwriters to purchase an extra 738,750 shares. Credit Suisse acts as the lead book-running manager. The shares will be offered under a shelf registration statement declared effective by the SEC.

Positive

• Secondary offering may enhance liquidity in the market.
• Proceeds will benefit the Selling Stockholders, potentially strengthening their financial positions.

Negative

• Dilution risk for existing shareholders due to additional shares being sold.

MIAMI, Sept. 29, 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 that affiliates of Stella Point Capital and certain of the Company’s other stockholders (the “Selling Stockholders”) intend to offer 4,925,000 shares of the Company’s common stock, par value $0.0001 per share (the “Common Stock”), in an underwritten public offering. In addition, certain of the Selling Stockholders intend to grant the underwriters of the offering a 30-day option to purchase up to an additional 738,750 shares of Common Stock. 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 is also acting as a book-running manager 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”). A preliminary prospectus supplement and accompanying base prospectus relating to the offering and the shares of Common Stock being offered will be filed with the SEC. Before you invest, you should read the prospectus in the registration statement, the preliminary 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 preliminary prospectus supplement and accompanying base prospectus may be obtained, when available, on the SEC’s website at http://www.sec.gov or, when available, from:

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 Selling Stockholders’ intent to offer shares of Common Stock in the offering and their 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 preliminary 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 size of the stock offering by International Money Express (IMXI)?

International Money Express is offering 4,925,000 shares of common stock, with an additional option for underwriters to purchase up to 738,750 shares.

Who is managing the stock offering for IMXI?

Credit Suisse is the lead book-running manager for the stock offering, with BTIG also acting as a book-running manager.

What type of shares are being offered in the IMXI press release?

The offering consists entirely of secondary shares, which means they are being sold by existing stockholders.

What does the stock offering mean for IMXI shareholders?

The offering poses dilution risks for existing shareholders, as additional shares will be made available in the market.