Payoneer Announces Expiration and Results of the Offer to Purchase and Consent Solicitation Relating to its Warrants; Issues Notice of Redemption for Outstanding Warrants
Payoneer Global Inc. (Nasdaq: PAYO) has announced the expiration of its offer to purchase all outstanding Warrants at $0.78 per Warrant in cash. As of the September 9, 2024 expiration date, 24,030,937 Warrants (95.5% of outstanding) were validly tendered. Payoneer expects to pay approximately $18.7 million for these Warrants. The company also received consent from 95.5% of Warrant holders to amend the Warrant Agreement, allowing redemption of remaining Warrants at $0.70 per Warrant. Payoneer has set September 25, 2024 as the redemption date for untendered Warrants, after which no Warrants will remain outstanding. This move aims to simplify Payoneer's capital structure.
Payoneer Global Inc. (Nasdaq: PAYO) ha annunciato la scadenza della sua offerta per l'acquisto di tutti i Warrants in circolazione a 0,78 $ per Warrant in contanti. Alla data di scadenza del 9 settembre 2024, 24.030.937 Warrants (95,5% del totale) sono stati validamente offerti. Payoneer prevede di pagare circa 18,7 milioni di dollari per questi Warrants. L'azienda ha anche ricevuto il consenso da parte del 95,5% dei titolari di Warrant per modificare l'Accordo sui Warrants, consentendo il riscatto dei Warrants rimanenti a 0,70 $ per Warrant. Payoneer ha fissato la data di riscatto per i Warrants non offerti al 25 settembre 2024, dopo la quale non ci saranno più Warrants in circolazione. Questa mossa mira a semplificare la struttura di capitale di Payoneer.
Payoneer Global Inc. (Nasdaq: PAYO) ha anunciado la expiración de su oferta para comprar todos los Warrants en circulación a $0.78 por Warrant en efectivo. A la fecha de expiración del 9 de septiembre de 2024, 24,030,937 Warrants (95.5% del total) fueron válidamente ofrecidos. Payoneer espera pagar aproximadamente $18.7 millones por estos Warrants. La compañía también recibió el consentimiento del 95.5% de los tenedores de Warrants para enmendar el Acuerdo de Warrants, permitiendo el rescate de los Warrants restantes a $0.70 por Warrant. Payoneer ha establecido el 25 de septiembre de 2024 como la fecha de rescate para los Warrants no ofrecidos, después de la cual no quedarán más Warrants en circulación. Este movimiento tiene como objetivo simplificar la estructura de capital de Payoneer.
Payoneer Global Inc. (Nasdaq: PAYO)는 모든 발행된 권리를 현금으로 Warrant당 $0.78에 구매하겠다는 제안의 만료를 발표했습니다. 2024년 9월 9일 만료일 기준으로 24,030,937개의 Warrants (95.5%의 유효한) 이 유효하게 제출되었습니다. Payoneer는 이 Warrants에 대해 약 $18.7백만을 지불할 것으로 예상합니다. 또한, Payoneer는 Warrant 보유자의 95.5%로부터 Warrant 계약을 수정할 수 있는 동의를 받았으며, 남은 Warrants를 Warrant당 $0.70에 상환할 수 있도록 허용합니다. Payoneer는 2024년 9월 25일을 제출되지 않은 Warrants의 상환 날짜로 정했으며, 그 이후에는 더 이상 남아 있는 Warrants가 없습니다. 이번 조치는 Payoneer의 자본 구조를 단순화하기 위한 것입니다.
Payoneer Global Inc. (Nasdaq: PAYO) a annoncé l'expiration de son offre d'achat de tous les Warrants en circulation au prix de 0,78 $ par Warrant en espèces. À la date d'expiration du 9 septembre 2024, 24 030 937 Warrants (95,5 % du total) ont été valablement proposés. Payoneer s'attend à payer environ 18,7 millions de dollars pour ces Warrants. La société a également reçu le consentement de 95,5 % des détenteurs de Warrants pour modifier l'Accord sur les Warrants, permettant le rachat des Warrants restants à 0,70 $ par Warrant. Payoneer a fixé le 25 septembre 2024 comme date de rachat pour les Warrants non offerts, après quoi il n'y aura plus de Warrants en circulation. Ce mouvement vise à simplifier la structure de capital de Payoneer.
Payoneer Global Inc. (Nasdaq: PAYO) hat das Ende seines Angebots bekannt gegeben, um alle ausstehenden Warrants zum Preis von 0,78 $ pro Warrant in bar zu erwerben. Zum Ablaufdatum am 9. September 2024 wurden 24.030.937 Warrants (95,5% des Gesamtbetrags) gültig angeboten. Payoneer erwartet, etwa 18,7 Millionen $ für diese Warrants zu zahlen. Das Unternehmen erhielt auch die Zustimmung von 95,5% der Warrant-Inhaber zur Änderung des Warrant-Vertrags, um das Einlösen der verbleibenden Warrants zu einem Preis von 0,70 $ pro Warrant zu ermöglichen. Payoneer hat den 25. September 2024 als das Rückzahlungdatum für nicht angebotene Warrants festgelegt, nach dem keine Warrants mehr ausstehen werden. Diese Maßnahme zielt darauf ab, die Kapitalstruktur von Payoneer zu vereinfachen.
- 95.5% of outstanding Warrants were tendered, indicating strong shareholder support
- Simplification of capital structure through elimination of all outstanding Warrants
- Successful consent solicitation allowing redemption of remaining Warrants at a lower price
- Cash outlay of approximately $18.7 million for Warrant repurchase
Insights
Payoneer's warrant tender offer and subsequent redemption is a strategic move to simplify its capital structure. With
The successful completion of Payoneer's warrant tender offer and consent solicitation demonstrates strong legal execution. By securing consent from holders of
Payoneer’s offer to purchase 25,158,086 publicly traded warrants which were publicly issued and sold as part of the units in the initial public offering of FTAC Olympus Acquisition Corp. (“FTOC”) on August 25, 2020 (the “FTOC IPO”), and assumed by the Company on June 25, 2021, and which entitle such warrant holders to purchase one share of Payoneer’s common stock, par value
Payoneer has been advised that, as of the Expiration Date, 24,030,937 Warrants (including 7,267 Warrants tendered pursuant to the notice of guaranteed delivery procedures of the Offer) had been validly tendered and not validly withdrawn, representing approximately
Payoneer also solicited consents (the “Consent Solicitation”) to amend the Warrant Agreement, dated August 25, 2020, by and between FTOC and Continental Stock Transfer & Trust Company (“Continental”), as amended by the Assignment, Assumption and Amendment Agreement, dated June 25, 2021, by and between the Company, FTOC and Continental (as amended, the “Warrant Agreement”), which governs all of the Warrants, to permit Payoneer to redeem each outstanding Warrant not tendered in the Offer for
As of the Expiration Date, parties representing holders of approximately
The Offer and Consent Solicitation were made pursuant to an Offer to Purchase, initially dated August 12, 2024, and joint Schedule TO/Schedule 13e-3 (the “Schedule TO”), initially dated August 12, 2024, each as amended and supplemented from time to time, and each of which have been filed with the
The Company’s common stock and Warrants are listed on The Nasdaq Stock Market LLC under the symbols “PAYO” and “PAYOW,” respectively.
Citigroup Global Markets Inc. was the Dealer Manager for the Offer and Consent Solicitation. Sodali & Co. (“Sodali”) was the Information Agent for the Offer and Consent Solicitation, and Continental was the Warrant Agent for the Offer and Consent Solicitation. All questions concerning tender procedures and requests for additional copies of the offer materials, including the letter of transmittal and consent, should be directed to Sodali at (800) 662-5200 (toll free).
Disclaimer
This announcement is for informational purposes only and shall not constitute an offer to purchase or a solicitation of an offer to sell the Warrants. The Offer and Consent Solicitation were made only through the Schedule TO and Offer to Purchase, and the complete terms and conditions of the Offer and Consent Solicitation are set forth in the Schedule TO and Offer to Purchase. This announcement does not constitute a notice of redemption with respect to the Warrants that remain outstanding after the settlement.
About Payoneer:
Payoneer is the financial technology company empowering the world’s small and medium-sized businesses to transact, do business, and grow globally. Payoneer was founded in 2005 with the belief that talent is equally distributed, but opportunity is not. It is our mission to enable any entrepreneur and business anywhere to participate and succeed in an increasingly digital global economy. Since our founding, we have built a global financial stack that removes barriers and simplifies cross-border commerce. We make it easier for millions of SMBs, particularly in emerging markets, to connect to the global economy, pay and get paid, manage their funds across multiple currencies, and grow their businesses.
Forward-Looking Statements:
This press release includes “forward-looking statements”, including statements about the expiration date for the Offer and Consent Solicitation and the effects of the Offer and Consent Solicitation on our capital structure. Forward-looking statements generally relate to future events or Payoneer’s future financial or operating performance. In some cases, you can identify forward-looking statements by terminology such as “may,” “should,” “expect,” “intend,” “plan,” “will,” “estimate,” “anticipate,” “believe,” “predict,” “potential” or “continue,” or the negatives of these terms or variations of them or similar terminology. Such forward-looking statements are subject to risks, uncertainties, and other factors which could cause actual results to differ materially from those expressed or implied by such forward looking statements. These forward-looking statements are based upon estimates and assumptions that, while considered reasonable by Payoneer and its management, as the case may be, are inherently uncertain. Factors that may cause actual results to differ materially from current expectations include, but are not limited to: (1) changes in applicable laws or regulations; (2) the possibility that Payoneer may be adversely affected by geopolitical events and conflicts, such as the current conflict between
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Investor Contact:
Michelle Wang
investor@payoneer.com
Media Contact:
Alison Dahlman
PR@payoneer.com
Source: Payoneer
FAQ
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