Payfare Announces Exercise of Over-Allotment Option in Connection with IPO Bringing Total Gross Proceeds to $75.2 Million

Toronto, Ontario, April 6, 2021 – Payfare Inc. (“Payfare” or the “Company”) (TSX:PAY) is pleased to announce that, further to its recently completed initial public offering (the “Offering”) of an aggregate of 10,900,000 Class A common shares (the “Common Shares”) at a price of $6.00 per Common Share (the “Offering Price”), the over-allotment option granted by the Company to the underwriters to purchase up to an additional 1,635,000 Common Shares at the Offering Price was exercised in full for additional gross proceeds to the Company of $9,810,000. The sale of the additional Common Shares by the Company brings the total gross proceeds of the Offering to $75,210,000.

Payfare will use the net proceeds from the Offering to finance growth and expansion initiatives including potential future acquisitions, and for general corporate purposes including investments in new services and technologies that expand and complement Payfare’s current business.

The Common Shares have been trading on the Toronto Stock Exchange under the symbol “PAY” since March 16, 2021.

The Offering was made through a syndicate of underwriters led by Stifel GMP and which included Scotia Capital, Canaccord Genuity and Raymond James. Gowling WLG (Canada) LLP acted as legal counsel to Payfare, and Minden Gross LLP acted as legal counsel to the underwriters.

The Common Shares have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”) or any U.S. state securities law and may not be offered or sold in the United States except in compliance with the registration requirements of the U.S. Securities Act and applicable U.S. state securities laws or pursuant to an exemption therefrom. 

About Payfare
Payfare is a global financial technology company powering digital banking and instant payment solutions for today’s gig workforce. Payfare partners with leading platforms and marketplaces, such as Uber, Lyft and DoorDash, to provide financial security and inclusion for their workforce.

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