- Automotive fintech platform PowerBand Solutions Inc. PBX PWWBF disclosed a $20 million private placement with an investment vehicle controlled by J. Bryan Hunt Jr. and JPK Capital, an investment vehicle wholly owned by Joe Poulin.
- Upon closing, Hunt will assume the role of Chairman of the Board and Poulin the role of Vice-Chairman.
- Darrin Swenson, incoming President, and CEO, commented: "We look forward to providing a strategic plan by the end of the third quarter of 2022. We would like to thank Kelly Jennings for his vision and stewardship since the Company's inception and for his confidence in the new management and board of directors to guide us all through the next phases of the Company's growth trajectory."
- Both Hunt and Poulin will play an active role in the overarching corporate strategy and operations to accelerate growth and reposition the cost structure.
- Under the private placement, the company proposes to issue 85.88 million units. Each unit consists of one common share and one common share purchase warrant, exercisable for one common share at C$0.40 for 60 months following the closing. The offering is expected to close on or about May 20, 2022.
- The offering has been priced at C$0.30 per common share, representing a 50% premium to the company's closing share price on May 9, 2022, for gross proceeds of ~C$25.76 million.
- PowerBand Solutions plans to use the proceeds to repay certain debt, fund growth initiatives, and for general corporate and working capital purposes.
- Price Action: PBX shares are trading higher by 30% at C$0.26 on TSXV, and PWWBF is higher by 29.63% at $0.20 on the last check Tuesday.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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