Net Element (NASDAQ: NETE), a global technology and value-added solutions group that supports electronic payments acceptance in a multi-channel environment including point-of-sale, is sharing clarification regarding the expected number of shares that will be outstanding at closing of its pending merger with Mullen, if approved. The additional information was shared in a letter from NETE executive chairman and CEO Oleg Firer, which was released on Aug. 19, 2020. The letter noted that the merger agreement provides for a cap of 75 million outstanding shares at transaction closing, an amount that cannot be exceeded without approval from both parties. The letter also notes that this is a share maximum, with no way of knowing the actual number of outstanding shares at closing. “We continue working diligently on the pending merger with Mullen Technologies and we have taken steps to reduce operating expenses related to our payments processing business as we go through the process contemplated by the Merger Agreement,” Firer stated in the letter.
To view the full letter, visit http://ibn.fm/5CIxd
About Net Element Inc.
Net Element operates a payments-as-a-service transactional and value-added services platform for small to medium enterprises (“SMEs”) in the United States and selected emerging markets. In the U.S., NETE aims to grow transactional revenue by innovating SME productivity services using blockchain technology solutions and Aptito, the company’s cloud-based restaurant and retail point-of-sale solution. Internationally, Net Element’s strategy is to leverage its omnichannel platform to deliver flexible offerings to emerging markets with diverse banking, regulatory and demographic conditions. Net Element was ranked as one of the fastest-growing companies in North America on Deloitte’s 2017 Technology Fast 500(TM). In 2017, the company was recognized by “South Florida Business Journal” as one of 2016’s fastest-growing technology companies. For additional information about the company, visit www.NetElement.com.
NOTE TO INVESTORS: The latest news and updates relating to NETE are available in the company’s newsroom at http://ibn.fm/NETE
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