Asure Announces Debt Paydown
2023年9月13日 - 9:00PM
Asure Software, Inc. (“we”, “us”, “our”, “Asure” or the “Company”)
(Nasdaq: ASUR), a leading provider of cloud-based
Human Capital Management (“HCM”) software solutions, announced it
has terminated its Loan and Security Agreement (the “Loan
Agreement”) dated September 10, 2021, with Structural Capital
Investments III, LP (“Structural” and together with the other
lenders that are parties thereto, the “Lenders”), and Ocean II PLO
LLC, as administrative and collateral agent for the Lenders
(“Agent”), and our secured promissory note (the “Note”) with Agent
evidencing our obligations under the Loan Agreement.
In connection with the termination, we paid to
Agent for the benefit of Lenders an aggregate amount of
approximately $30.9 million (the “Payoff Amount”) in full payment
of our outstanding obligations under the Loan Agreement and Note.
The Payoff Amount represented $30.6 million outstanding of
principal and interest on the unpaid principal balance, a
prepayment fee in the amount of $0.3 million and an immaterial
amount of fees and other expenses due to Agent.
“This paydown substantially enhances Asure’s
cash flow, is accretive to earnings and creates financial
flexibility as we execute our strategy to deliver double-digit
organic revenue growth, expand operating margins and invest in
people, technology and assets to drive future success”, said Pat
Goepel, Chairman and CEO of Asure Software. “Our recent equity
offering of 3,333,333 shares of our common stock, along with the
exercise of the underwriters’ over-allotment option for an
additional 500,000 shares resulted in net proceeds for Asure of an
aggregate of approximately $43 million, which enabled us to repay
our outstanding obligations to the Lenders and the termination of
the Loan Agreement. Asure now has minimal debt leverage, which we
believe enables us to opportunistically deploy capital to grow our
business and to execute our growth strategy.”
About Asure Software, Inc.
Asure (Nasdaq: ASUR) is a leading provider of
Human Capital Management (“HCM”) software solutions. We help small
and mid-sized companies grow by assisting them in building better
teams with skills to stay compliant with ever-changing federal,
state, and local tax jurisdictions and labor laws, and better
allocate cash so they can spend their financial capital on growing
their business rather than back-office overhead expenses. Asure’s
Human Capital Management suite, named AsureHCM™, includes
cloud-based Payroll, Tax Services, and Time & Attendance
software and Asure Marketplace as well as human resources (“HR”)
services ranging from HR projects to completely outsourcing payroll
and HR staff. We also offer these products and services through our
network of reseller partners. Visit us at asuresoftware.com.
Forward-Looking Statements
Certain statements made in this press release
are “forward-looking statements”. Forward-looking statements may be
identified by the use of words such as “anticipate”, “believe”,
“expect”, “estimate”, “plan”, “outlook”, and “project” and other
similar expressions that predict or indicate future events or
trends or that are not statements of historical matters. These
forward-looking statements reflect the current analysis of existing
information and are subject to various risks, uncertainties and
assumptions over which we have no control. If any such risks or
uncertainties materialize or if any of the assumptions prove
incorrect, our results could differ materially from the results
expressed or implied by the forward-looking statements we make. As
a result, caution must be exercised in relying on forward-looking
statements. The following factors, among others, could cause actual
results to differ materially from those described in these
forward-looking statements: (1) risks associated with our rate of
growth and anticipated revenue run rate, including impact of the
current environment; (2) reductions in employment and an increase
in business failures, specifically among our clients; (3) our
ability to convert deferred revenue and unbilled deferred revenue
into revenue and cash flow, and ability to maintain continued
growth of deferred revenue and unbilled deferred revenue; (4)
possible fluctuations in the our financial and operating results;
(5) the expiration of major revenue streams such as Earned
Retention Tax Credits; and (6) our ability to continue to release,
gain customer acceptance of and provide support for new and
improved versions of our services. Please review the Company’s risk
factors in its annual report on Form 10-K filed with the Securities
and Exchange Commission (the “SEC”) on February 27, 2023 and its
quarterly report on Form 10-Q filed with the SEC on August 7, 2023.
The forward-looking statements contained in this press release
represent the judgment of the Company as of the date of this press
release, and the Company expressly disclaims any intent, obligation
or undertaking to release publicly any updates or revisions to any
forward-looking statements to reflect any change in the Company’s
expectations with regard to these forward looking statements or any
change in events, conditions or circumstances on which any such
statements are based.
© 2023 Asure Software, Inc. All rights
reserved.
Investor Relations Contact
Randal RudniskiVice President, Investor Relations, Financial
Planning &
Analysis512-859-3562randal.rudniski@asuresoftware.com
Asure Software (NASDAQ:ASUR)
過去 株価チャート
から 4 2024 まで 5 2024
Asure Software (NASDAQ:ASUR)
過去 株価チャート
から 5 2023 まで 5 2024