Stock Alert: Repay Holdings Spikes 8%

(RTTNews) - Shares of payment solutions provider Repay Holdings Corporation (RPAY) are climbing more than 8% Friday morning at $22.32, close to its 52-week high of $23.70. The stock has recorded a 52-week low of $10.21.

Yesterday, Repay Holdings has priced the public offering of its 8 million Class A common stock at $20.00 per share.

The company intends to use the net proceeds from the sale of 4 million shares for general corporate purposes, which may include future acquisitions, satisfaction of earnout obligations from prior acquisitions, and working capital.

Net proceeds from the other 4 million shares or 5.2 million shares, if the underwriters use their option to purchase additional shares, will be used to buy an equivalent number of outstanding units of Hawk Parent Holdings LLC owned by CC Payment Holdings, L.L.C., an entity controlled by Corsair Capital LLC and its affiliates, for cash.

When Repay announced first-quarter results early this month, Revenue had increased 71% year-over-year at $39.5 million.