Company also set to close on $5.76 million deal with Brookside Equity
By Susanna Moon
Chicago, Dec. 8 – Meta Financial Group, Inc. entered into a purchase agreement to sell $6 million of stock to Nantahala Capital Partners SI, LP. The deal comes alongside the $5.76 million private placement of stock with Brookside Equity Partners LLC announced in September.
Meta will sell 130,805 shares to the investor using the closing price of the company’s common stock price on Dec. 4, according to an 8-K filing with the Securities and Exchange Commission.
Proceeds will be used to fund increased balance sheet growth and costs associated with recently executed agreements between MetaBank and multiple payment solutions providers for MetaBank’s payment solutions division, Meta Payment Systems, the company said in a press release.
“We are very pleased with this additional investment by a current shareholder and the flexibility it allows to execute on growth opportunities,” J. Tyler Haahr, the company’s chairman and chief executive officer, said in the press release.
“We do not expect any additional capital raises in the foreseeable future. We anticipate with the new capital raised, we will be prepared for new market opportunities.”
On Sept. 24, Meta said it arranged a private placement of stock with Brookside Equity Partners LLC to raise $5.76 million, with settlement also set for Dec. 17.
The company will sell 135,625 common shares at $42.43 per share. The price per share is identical to the Sept. 22 closing share price.
The financial services provider is based in Storm Lake, Iowa.
| Issuer: | Meta Financial Group, Inc.
|
| Issue: | Common stock
|
| Amount: | $6 million
|
| Shares: | 130,805
|
| Price: | $45.87
|
| Warrants: | No
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| Investor: | Nantahala Capital Partners SI, LP
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| Pricing date: | Dec. 7
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| Settlement date: | Dec. 17
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| Stock symbol: | Nasdaq: CASH
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| Stock price: | $45.87 at close Dec. 4
|
| Market capitalization: | $377.62 million
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