On April 8, 2021, Quisitive Technology Solutions, Inc. completed a bought deal public offering of 38,410,000 subscription receipts at a price of $1.50 per subscription receipt for gross proceeds of approximately $57.6 million, which includes the exercise in full of an over-allotment option, and a concurrent private placement of subscription receipts with FAX Capital Corp. at a price of $1.50 per subscription receipt for gross proceeds of $5 million.
The financings were completed in connection with the proposed acquisition by Quisitive of BankCard USA Merchant Services, Inc., an established all-in-one merchant payment services provider. Upon the satisfaction of certain release conditions (including the satisfaction of all conditions precedent to the completion of the acquisition of BankCard USA other than the payment of the consideration price), each subscription receipt shall convert, without payment of additional consideration, into one common share of Quisitive, subject to adjustments.
The public offering was conducted by a syndicate of underwriters co-led by Scotiabank, Eight Capital, Canaccord Genuity Corp. and Desjardins Securities Inc., and including Raymond James Ltd., Echelon Wealth Partners Inc. and Beacon Securities Limited.
Cassels acted for Quisitive.