Benzinga | Feb 2, 2021 05:41AM EST

Cuentas Priced Upsized 2,79M Share Public Offering @$4.30/Share; Moving to NASDAQ After 1:2.5 Reverse Stock Split

Cuentas, Inc. (OTCQB:CUEN) (NASDAQ:CUEN), today announced the pricing of its upsized public offering of 2,790,697 units at a price to the public of $4.30 per unit. The Company concurrently made effective a reverse stock split of its common stock at a ratio of 1-for-2.5. Each unit issued in the offering consists of one share of common stock, one warrant to purchase one share of common stock (each on a post-reverse stock split basis). The common stock and the warrants comprising the units will separate upon closing of the offering and will be issued separately.

The common stock and warrants are expected to begin trading on the Nasdaq Capital Market on February 2, 2021, under the symbols "CUEN" and "CUENW," respectively. Cuentas expects to receive gross proceeds of approximately $12.0 million, before deducting underwriting discounts and commissions and other estimated offering expenses.

Each warrant is immediately exercisable for one share of common stock at an exercise price of $4.30 per share and will expire 5 years from issuance.

Cuentas has granted the underwriters a 45-day option to purchase up to an additional 418,604 shares of Common Stock and/or up to an additional 418,604 Warrants to cover over-allotments, if any (each on a post-reverse stock split basis). The offering is expected to close on February 4, 2021, subject to customary closing conditions.

Maxim Group LLC is acting as the sole book-running manager for the offering.