Pineapple Financial Inc. (NYSE American: PAPL) today announced the pricing of its initial public offering of 875,000 common shares at a public offering price of US$4.00 per share. The common shares are expected to begin trading on the NYSE American Exchange on November 1, 2023, under the ticker symbol “PAPL”.
The Company expects to receive aggregate gross proceeds of US$3.5 million from this Offering, before deducting underwriting discounts and other related expenses. In addition, the Company has granted the underwriters a 45-day option to purchase up to an additional 131,250 common shares at the public offering price, less the underwriting discounts. The Offering is expected to close on November 3, 2023, subject to satisfaction of customary closing conditions.
Proceeds from the Offering will be used for (i) improving technology; (ii) developing the Company’s subsidiary Pineapple Insurance Inc.; (iii) expansion of business in Canada and North America; (iv) working capital and other general corporate purposes.
EF Hutton, division of Benchmark Investments, LLC (“EF Hutton”), is acting as sole book-running manager for the Offering. Dominari Securities LLC is acting as co-manager for the Offering. Sichenzia Ross Ference LLP is acting as counsel to the Company, and Lucosky Brookman LLP is acting as counsel to the underwriters in connection with the Offering.
A registration statement on Form S-1 relating to the Offering, as amended, was filed with the Securities and Exchange Commission (the “SEC”) (File Number: 333-268636) and was declared effective by the SEC on October 12, 2023. The Offering is being made only by means of a prospectus, forming a part of the registration statement. Copies of the final prospectus relating to the Offering, when available, may be obtained from EF Hutton, Attn: Syndicate Department, 590 Madison Avenue, 39th Floor, New York, NY 10022, or via email at syndicate@efhuttongroup.com or telephone at (212) 404-7002. In addition, a copy of the prospectus relating to the Offering may be obtained via the SEC's website at www.sec.gov.
Before you invest, you should read the prospectus and other documents the Company has filed or will file with the SEC for more complete information about the Company and the Offering. This press release shall not constitute an offer to sell, or the solicitation of an offer to buy any of the Company’s securities, nor shall such securities be offered or sold in the United States absent registration or an applicable exemption from registration, nor shall there be any offer, solicitation or sale of any of the Company’s securities in any state or jurisdiction in which such offers, solicitations or sales would be unlawful prior to registration or qualification under the securities laws of such state or jurisdiction.