- LQwD FinTech Corp. (LQWD) has entered an amended and restated underwriting agreement to increase the size of its marketed offering
- The company intends to issue 20 million units at a price of $0.35 per unit for gross proceeds of $7 million
- The net proceeds from the offering will be used to acquire Bitcoin and for general corporate and working capital purposes
- LQwD is a lightning network service provider that develops institutional grade services that support the network and drive improved functionality, transaction capability, user adoption and utility and scaling Bitcoin
- LQwD FinTech Corp. (LQWD) is down 6.41 per cent and is trading at $0.365 per share at 1:57 p.m. ET
LQwD FinTech Corp. (LQWD) has entered an amended and restated underwriting agreement to increase the size of its marketed offering.
The company intends to issue 20 million units at a price of $0.35 per unit for gross proceeds of $7 million.
The net proceeds from the offering will be used to acquire Bitcoin and for general corporate and working capital purposes.
Each unit will consist of one common share of LQwD and half a common share purchase warrant.
Each warrant will be exercisable into one common share for a period of two years from the closing of the offering at a price of $0.50.
The closing of the offering will happen by 28 and is subject to the approval of the TSXV.
LQwD grants the underwriters an over-allotment option, exercisable at any time for 30 days from the closing of the offering, to purchase up to an additional 3 million units on the same terms and conditions.
The over-allotment option may be used to acquire units, common shares and/or warrants at the discretion of the underwriters.
LQwD will pay the underwriters a cash fee equal to 7 per cent of the aggregate gross proceeds of the offering.
Underwriters are also granted compensation warrants equal to 7 per cent of units issued from the offering.
LQwD is entitled to designate certain subscribers to be included in the offering.
The cash fee and compensation warrant payable to the subscribers’ orders will both be reduced to 3.5 per cent.
Units will be offered in each of the provinces and territories in Canada, excluding Quebec, according to a prospectus supplement to LQwD’s short form base shelf prospectus from September 15.
LQwD is a lightning network service provider that develops institutional-grade services that support the network and drive improved functionality, transaction capability, user adoption and utility and scaling Bitcoin.
LQwD also holds Bitcoin as an operating asset establishing nodes and payment channels across the Lightning Network.
LQwD FinTech Corp. (LQWD) is down 6.41 per cent and is trading at $0.365 per share at 1:57 p.m. ET.