Net Element sells shares and its CIS investors sell their shares
Net Element, an American corporation specializing in mobile payments, plans to hold an additional offering of $ 50 million, according to CNews. She also owns Russian payment systems TOT Money and PayOnline. Russian and Kazakh investors Net Element also expressed their intention to sell their own shares.
Net Element International (NETI) enlisted the support of Revere Securities for the additional placement of shares on the Nasdaq exchange. It is worth noting that, according to the agreement, the number of NETI shares sold cannot exceed 20% of the total volume of securities. In accordance with the rules of Nasdaq, the company has no right to sell shares for an amount exceeding a third of the value of the volume of shares in free circulation (free float) if the free float is less than $ 75 million. NETI has this amount of $ 18.2 million and its capitalization - $ 53.4 million. Therefore, it will be possible to attract no more than $ 6 million.
Investors from the CIS countries also announced their intention to sell the shares: Russian Anvar Mametov (his Cayman Invest fund bought 11.2% of shares for $ 11 million in 2014) and Kazakh businessmen Kenes Rakishev and Nurlan Abduov, who have 16% and 15.5% respectively.
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NETI owns the Russian mobile payment system TOT Money. Less than a month ago, Net Element acquired the Russian PayOnline payment system for $ 8.5 million.
NETI's activities are still not profitable. Last year, net loss amounted to $ 10.2 million. Revenue for the year increased by 13% and reached $ 21.2 million. TOT Money's revenue from mobile payments in Russia decreased by more than 50% to $ 1.8 million. NETI share prices decreased 7 times - to $ 1.17.
And at the end of 2014, the founder of the corporation, Mike Zoe, resigned from all the posts he held.
Net Element International (NETI) enlisted the support of Revere Securities for the additional placement of shares on the Nasdaq exchange. It is worth noting that, according to the agreement, the number of NETI shares sold cannot exceed 20% of the total volume of securities. In accordance with the rules of Nasdaq, the company has no right to sell shares for an amount exceeding a third of the value of the volume of shares in free circulation (free float) if the free float is less than $ 75 million. NETI has this amount of $ 18.2 million and its capitalization - $ 53.4 million. Therefore, it will be possible to attract no more than $ 6 million.
Investors from the CIS countries also announced their intention to sell the shares: Russian Anvar Mametov (his Cayman Invest fund bought 11.2% of shares for $ 11 million in 2014) and Kazakh businessmen Kenes Rakishev and Nurlan Abduov, who have 16% and 15.5% respectively.
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NETI owns the Russian mobile payment system TOT Money. Less than a month ago, Net Element acquired the Russian PayOnline payment system for $ 8.5 million.
NETI's activities are still not profitable. Last year, net loss amounted to $ 10.2 million. Revenue for the year increased by 13% and reached $ 21.2 million. TOT Money's revenue from mobile payments in Russia decreased by more than 50% to $ 1.8 million. NETI share prices decreased 7 times - to $ 1.17.
And at the end of 2014, the founder of the corporation, Mike Zoe, resigned from all the posts he held.
Source: https://habr.com/ru/post/289264/
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