Pineapple Financial prices IPO of 875,000 shares at $4.00; gross proceeds $3.5M

Pineapple Financial Inc.

Underwriting agreement with EF Hutton for firm commitment IPO of 875,000 shares at $4.00/share.
Gross proceeds of $3.5M before underwriting discounts and expenses.
Over-allotment option for 131,250 additional shares at same price.
Shares began trading on NYSE American under 'PAPL' on Nov 1, 2023; offering closed Nov 3, 2023.
Representative's warrants for 3% of shares at 100% of offering price, exercisable for 5 years.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.95

Pineapple Financial Inc. entered into Underwriting Agreement with EF Hutton, division of Benchmark Investments, LLC valued at gross proceeds of $3,500,000 (effective 2023-10-31).

Action: entry
Agreement: underwriting
Counterparty: EF Hutton, division of Benchmark Investments, LLC
Value: gross proceeds of $3,500,000
Effective: 2023-10-31

Exact text from the filing

On October 31, 2023, Pineapple Financial Inc. (the “Company”) entered into an underwriting agreement (the “Underwriting Agreement”) with EF Hutton, division of Benchmark Investments, LLC (the “Representative”), who acted as the representative of the underwriters (the “Representative”), in a firm commitment underwritten initial public offering (the “Offering”) pursuant to which the Company agreed to sell to the Representative 875,000 common shares for gross proceeds of $3,500,000, prior to deducting underwriting discounts and commissions and other estimated offering expenses.

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Pineapple Financial Inc. filing history →

Source: SEC EDGAR

accession 0001493152-23-039593

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