TORONTO, June 18, 2021 (GLOBE NEWSWIRE) — Quisitive Technology Solutions, Inc. (“Quisitive” or the “Company”) (TSXV: QUIS), a premier Microsoft Cloud Services and Payments Solutions Provider, today announced that it has received roughly $12 million from its previously announced warrant exercise acceleration for approximately 11.2 million formerly issued common share purchase warrants (the “2020 Warrants”). The Company also received approximately $740,000 from the exercise of outstanding compensation options (“Compensation Options”). Each Compensation Option was comprised of one common share of the Company and one-half of one 2020 Warrant. Quisitive’s current cash on hand is approximately $24.7 million. The Company intends to use the proceeds from the exercise of the 2020 Warrants for strategic acquisition opportunities and for general corporate purposes.
The 2020 Warrants and Compensation Options were issued in connection with the Company’s public offering of units completed in June 2020 with the 2020 Warrants originally set to expire in June 2022. The exercise prices of the 2020 Warrants and Compensation Options were $1.10 and $0.75, respectively. As of the expiry date, 97% of the 2020 Warrants and 86% of the Compensation Options were exercised. The holders of 2020 Warrants had 30 days from the date of the notice of acceleration to exercise their 2020 Warrants. All remaining 2020 Warrants were cancelled as of 4:30 p.m. (Vancouver time) on June 16, 2021, and the 2020 Warrants have been delisted from the TSX Venture Exchange.
“This infusion of equity indicates that investors are confident in the future outlook of Quisitive,” said Mike Reinhart, CEO of Quisitive. “The proceeds received will allow our company to take advantage of the near- and long-term opportunities we are seeing across the board for both our cloud services and payments solutions businesses.”
Quisitive (TSXV: QUIS) is a premier, global Microsoft partner that harnesses the Microsoft platform and complementary technologies, including custom solutions and first-party offerings, to generate transformational impact for enterprise customers. Our Cloud Solutions business focuses on helping enterprises move, operate, and innovate in the three Microsoft clouds. Centering on our LedgerPay product suite, our Payments Solutions business leverages the Microsoft Azure cloud to transform the payment processing industry into an entirely new source of customer engagement and consumer value. Quisitive serves clients globally from ten employee hubs across the world. For more information, visit www.quisitive.com and follow @BeQuisitive.
Quisitive Investor Contact
Matt Glover and John Yi
Gateway Investor Relations
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