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The company implements the plan to take advantage of a strong cash position In order to consolidate its shares in the use of economic recovery.
Montreal, June 16, 2021 /PRNewswire/- IOU Financial Corporation (“IOU” or “Company”) (Toronto Stock Exchange:IOU), a leading online lender for small businesses (IOUFinancial.com), announced today, according to its April 8, 2021 Repurchase the most US$2 million Among its convertible bonds, it is repurchasing approximately US$1.9 million Its convertible bonds (“bonds”) in the capital of the company are calculated at a discount 1,000 USD The total principal of each bond. Such transactions are carried out in accordance with repurchase agreements signed with individual bondholders.
The repurchase of bonds was made after a year of strategic initiatives as part of the IOU’s epidemic recovery plan. The focus of the plan is to reduce corporate expenses while reiterating its commitment to a diversified portfolio of funding sources and using New opportunities continue to support small businesses in 2020.
“IOU’s response to the 2020 COVID-19 pandemic puts the company in a good position to consolidate its stake in developing future opportunities,” said Robert Geller, CEO. “We are proud and pleased to be able to implement this plan and maximize our impact on economic recovery.”
In addition, IOU intends to repurchase at most additional 500,000 USD Sell its bonds at a discount 1,000 USD The total amount of principal of each bond (“Repurchase”). IOU will seek to repurchase such bonds in accordance with the repurchase agreement signed with individual bondholders, and July 31, 2021There is no guarantee that any bond will be repurchased in this way, all bonds that individual holders wish to repurchase will be so, or the repurchase will be completed before that date.
About IOU Financial Inc.
IOU Financial Inc. is a wholesale lending institution that provides small businesses with fast and convenient growth capital channels through a network of preferred brokers throughout the United States and the United States. Canada. IOU Financial is built on a proprietary technology platform that connects underwriters, merchants and brokers in real time, and becomes a trusted alternative to banks through underwriting 898 million US dollars Since 2009, it has provided loans for small business development.To learn more about IOU Financial’s company history, financial products, or join our network of brokers, please visit www.IOUFinancial.com.
Forward-looking statements
Certain information listed in this press release may contain forward-looking statements. Forward-looking statements are statements other than statements of historical facts that are intended to resolve or discuss activities, events, or developments that IOU anticipates or may anticipate in the future. These forward-looking statements can be used such as “expects”, “believes”, “estimates”, “anticipates”, “may”, “plans”, “projects”, “should”, “will”, “intends”, “seeking “, “permitted”, “for “create a path”, “placed in a position” or its negatives or other variations. These forward-looking statements are subject to and involve a large number of known and unknown risks and uncertainties, some of which These risks and uncertainties are beyond the control of IOU, including but not limited to general economic conditions, industry conditions, reliance on regulators and shareholders’ approvals, implementation of final documents, uncertainties in obtaining additional financing, and the company’s Risks related to the inability to execute its business plan, reliance on third-party service providers, competition, reliance on key personnel, security and confidentiality risks, technology development risks, IT disruption, customer relationship maintenance, and litigation risks. Such statements cannot be guaranteed. Any event that is anticipated will occur, or if it occurs, what benefits the IOU will gain from it. Readers are reminded that although the assumptions used in preparing such information are considered reasonable at the time of preparation, they may prove to be inaccurate Therefore, you should not rely excessively on forward-looking statements. IOU assumes no obligation to update or revise its forward-looking statements, whether due to new information, future events, or other reasons. More information about these and other factors can be found on page 20 The IOU management discussion and analysis at the beginning of the page is found under the heading “Risk and Uncertainty”. May 20, 2021, Available under IOU’s profile on SEDAR www.sedar.com.
Neither TSX Venture Exchange nor its regulatory service provider (as the term is defined in the policies of TSX Venture Exchange) is responsible for the adequacy or accuracy of this press release.
View original content:http://www.prnewswire.com/news-releases/iou-financial-announces-the-repurchase-of-approximately-1-9-million-of-convertible-debentures-301314214.html
SOURCE IOU Financial Inc.
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