Cachet Prices Initial Public Offering
July 9, 2014
MINNEAPOLIS, Minn. – July 9, 2014 — Cachet Financial Solutions, Inc. (OTCBB: CHTF), a leading financial services technology provider of remote deposit capture (“RDC”) and mobile wallet solutions, has priced its initial public offering of 4,500,000 shares of its common stock at a price to the public of $1.50 per share. The shares are expected to begin trading on the OTCBB on July 9, 2014, under the symbol “CHTF.” In addition, Cachet Financial Solutions has granted the underwriters a 30-day option to purchase up to an additional 675,000 shares of common stock at the initial public offering price to cover over-allotments, if any. The gross proceeds from the offering will be approximately $6,750,000, or $7,762,500 if the over-allotment option is exercised in full, prior to deducting underwriting commissions and offering expenses.
Northland Capital Markets is acting as sole book-running manager for the offering. The Benchmark Company and MLV & Co. are acting as co-managers for the offering. Northland Capital Markets is the trade name for certain capital market and investment banking services of Northland Securities, Inc., member FINRA/SIPC.
A registration statement relating to these securities has been filed with, and declared effective by, the Securities and Exchange Commission on July 8, 2014. 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 offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
The offering is being made only by means of a prospectus. A copy of the final prospectus related to the offering may be obtained, when available, from Northland Capital Markets, 45 South Seventh Street, Suite 2000, Minneapolis, MN 55402 – Attention: Adam Sandvig, [email protected].
About Cachet Financial Solutions Inc.
Cachet Financial Solutions is a leading cloud-based, SaaS technology provider serving the financial services industry with mobile money management and remote deposit capture solutions for PC, Mac and Mobile. Our industry-leading solutions help clients to increase customer/member engagement, grow revenues and gain competitive advantage. Cachet’s cloud-based technology platform simplifies development, deployment and servicing of clients’ consumer and commercial solutions—minimizing cost and accelerating speed-to-market and ROI. With our complete suite of business and consumer solutions, financial institutions can better serve the needs of all their customers/members. For more information, visit www.cachetfinancial.com.
Forward-Looking Statements
This press release contains certain statements that would be deemed “forward-looking statements” under Section 27A of the Securities Act and Section 21E of the Securities Exchange Act of 1933 and includes, among other things, discussions of our business strategies, future operations and capital resources. Words such as “may,” “likely,” “anticipate,” “expect” and “believes” indicate forward-looking statements.
These statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements to be materially different from any future results, performances or achievements expressed or implied by the forward-looking statements. Forward-looking statements include statements about the anticipated closing of our initial public offering and the number of shares to be sold in the offering.
Forward-looking statements reflect our current views with respect to future events, are based on assumptions and are subject to risks and uncertainties. We discuss many of these risks in greater detail in our Current Report on Form 8K filed with the Securities and Exchange Commission on February 12, 2014 under the heading “Risk Factors” and in the other reports we file with the Commission. Given these uncertainties, you should not attribute undue certainty to these forward-looking statements. Also, forward-looking statements represent our estimates and assumptions only as of the date of this press release. Except as required by law, we assume no obligation to update any forward-looking statements publicly, or to update the reasons actual results could differ materially from those anticipated in any forward-looking statements, even if new information becomes available in the future.
Contact Information:
Darin McAreavey
EVP & CFO
Cachet Financial Solutions
952.698.5214
[email protected]
Michael Koehler
Associate Director, Investor Relations
Matt Glover
Director, Investor Relations
Liolios Group, Inc.
949.574.3860
[email protected]