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Hank Payments Corp. ( (TSE:HANK) ) just unveiled an announcement.
Hank Payments Corp has announced the closing of a non-brokered private placement, raising $350,000 through the issuance of 11,666,667 common shares. The funds will be used for debt repayment and working capital purposes, and the transaction awaits final acceptance from the TSX Venture Exchange. Additionally, the company has settled debts amounting to $461,675 by issuing 13,764,163 shares to various creditors, including management and board members. This transaction is considered a related party transaction under regulatory guidelines, but exemptions were applied due to the value relative to the company’s market capitalization. These financial maneuvers are expected to enhance Hank Payments’ operational stability and potentially strengthen its position in the BaaS market.
More about Hank Payments Corp.
Hank Payments Corp is a North American leader in consumer Fintech Software-as-a-Service (SaaS) and Banking-as-a-Service (BaaS) platforms. The company specializes in managing consumer cash flow and budgets automatically using proprietary algorithms. Hank Payments provides technology that allows partners to open new lines of business and revenue streams, primarily operating in the USA with certain leadership functions based in Toronto.
Average Trading Volume: 105,144
Technical Sentiment Consensus Rating: Buy
Current Market Cap: C$3.98M
Learn more about HANK stock on TipRanks’ Stock Analysis page.