Netcapital Inc., a fintech business with a scalable technology platform that enables private companies to raise money online from accredited and non-accredited investors, today announced the pricing of an underwritten public offering of 1,205,000 shares of the Company's common stock and accompanying warrants to purchase up to 1,205,000 shares of the Company's common stock. The public is offered each share with the corresponding warrant for $4.15. Before deducting underwriting discounts, commissions, and other offering costs, the gross proceeds from the offering to the Company are anticipated to be close to $5 million. The warrants will have an exercise price of $5.19 per share, be immediately exercisable, and have a five-year expiration period. Warrants and shares of common stock are only available for purchase in the offering and are issued separately. The Company has also given the underwriters a 45-day option to buy up to 180,750 more shares of common stock or 180,750 more warrants to buy common stock, exclusively to cover any over-allotments that may occur at the public offering price less the underwriting discount.
The Company plans to use the net proceeds of the offering for debt repayment, sales and marketing, general working capital needs, prospective acquisitions of other businesses, goods, or technology, and research and development (including creating a mobile app).
The Nasdaq Capital Market has authorized listing the warrants and common stock under the tickers "NCPL" and "NCPLW," respectively. Trading is anticipated to start on the exchange on July 13, 2022.
On July 15, 2022, the offering is anticipated to close, provided that all usual closing requirements are met. The offering's sole book-running manager is ThinkEquity.
No securities shall be offered for sale or solicited for sale in any state or jurisdiction where such offer, solicitation, or sale would be prohibited by the applicable securities laws. This article does not seek to solicit the purchase or sale of any securities.
About Netcapital Inc.
A fintech company called Netcapital Inc. has a scalable technology platform that enables private businesses to raise money online from approved and non-accredited investors. They provide access to private company investments for all investors. Their methodology, based on Title III, Reg CF of the JOBS Act, challenges conventional private equity investing. Private company listings on their portals help them make money. In addition, Netcapital Advisors, their consulting firm, offers marketing and strategic counsel in exchange for equity positions. The Netcapital funding site allows investors to participate in private enterprises. It is a recognized member of the Financial Industry Regulatory Authority, or FINRA, a certified national securities association.
