Net Element, Inc. (NETE) Files $50 Million Registration StatNet Element, Inc. (NETE) Files $50 Million Registration Statement to Provide Financial Flexibility
Earlier this afternoon, Net Element announced the filing of a universal shelf registration statement on Form S-3 with the Securities and Exchange Commission (“SEC”).The purpose of this registration statement is to provide the company with increased financial flexibility to execute on its business strategy and invest in opportunities in mobile payments and value-added transactional services.
If and when the registration statement is declared effective, Net Element will be able to offer and sell, from time to time, up to $50 million of the common stock, preferred stock, warrants, units and/or subscription rights in one or more offerings and in any combination, and certain selling security holders will be able to offer and sell, from time to time, up to 15.4 million shares of common stock, each on the terms which will be described in prospectus supplements filed with the SEC, as applicable.
For those unfamiliar with the company, Net Element is a global technology-driven group specializing in mobile payments and value-added transactional services. The company owns and operates a global mobile payments and transaction processing provider, TOT Group. TOT Group companies include Unified Payments, recognized by Inc. Magazine as the #1 Fastest Growing Private Company in America in 2012; Aptito, a next generation cloud-based point of sale payments platform; and TOT Money, which has a leading position in Russia and has been ranked as the #1 SMS content provider by Beeline, Russia’s second largest telecommunications operator.
For more information on Net Element, visit www.netelement.com
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