SAN ANTONIO, Dec. 21, 2017 (GLOBE NEWSWIRE) -- Payment Data Systems, Inc. (Nasdaq:PYDS), an integrated electronic payment solutions provider, today announced it has agreed to the sale and issuance to institutional investors of 1,176,000 shares of common stock in a registered direct offering with gross proceeds of approximately $3 million. The offering price per share of common stock is $2.55. The offering is expected to close on or about December 22, 2017, subject to the satisfaction of customary closing conditions.
Maxim Group LLC is acting as the exclusive placement agent for this offering.
After deducting the placement agent’s commission and other estimated offering expenses payable by Payment Data, the net proceeds to Payment Data Systems are anticipated to be approximately $2.75 million. Payment Data Systems intends to use the net proceeds of the offering for general corporate purposes and working capital.
About Payment Data Systems, Inc.
Payment Data Systems, Inc. (Nasdaq:PYDS), a leading integrated payment solutions provider, offers a wide range of payment solutions to merchants, billers, banks, service bureaus, and card issuers. The Company operates credit, debit/prepaid and ACH payment processing platforms to deliver convenient, world-class payment solutions and service to their clients. The strength of the Company lies in its ability to provide tailored solutions for card issuance, payment acceptance, and bill payments as well as its unique technology in the prepaid sector.