editorial
Canada-based wholesale lender IOU Financial is set to be delisted from the TSX Venture Exchange on October 6, 2023, following its acquisition by Quebec Inc. The acquisition was carried out by a group consisting of funds managed by Neuberger Berman, Palos Capital, and Fintech Ventures.
Quebec Inc. purchased all of IOU’s issued and outstanding common shares, except for certain shares held by Neuberger Berman, Palos, and Fintech. These shareholders received consideration in the form of common shares of the acquiring company, with a cash value of $0.22 per share.
Following the completion of the transaction, IOU’s shares are expected to be delisted from the TSX Venture Exchange at the close of trading on October 6, 2023. IOU will also apply to cease being a reporting issuer under Canadian securities laws and terminate its public reporting requirements.
IOU Financial is a wholesale lender that offers small businesses quick and accessible access to growth capital through a network of preferred brokers in the United States and Canada. The company’s proprietary IOU360 technology platform connects underwriters, merchants, and brokers in real-time, making it a trusted alternative to traditional banks. Since its establishment in 2009, IOU has originated over $1 billion in loans to support the growth of small businesses.
IOU was recognized as one of the 50 Best Places to Work in Fintech for 2022 by American Banker. The company currently trades on the TSX Venture Exchange under the symbol “IOU” and on the US OTC markets as “IOUFF.”
Neuberger Berman, founded in 1939, is an employee-owned investment manager that offers a range of strategies to institutional, advisory, and individual investors globally. Palos Capital, based in Montréal, Québec, operates through its subsidiaries, Palos Wealth Management Inc. and Palos Management Inc., and focuses on providing financial services. FinTech Ventures, established in 2015 and headquartered in Atlanta, GA, is an early-stage venture capital firm that specializes in investing in and partnering with technology-enabled companies in the banking, capital markets, and lending sectors.
Follow crowdfundingmagazine on Instagram: @crowdfundingmagazine_it
