Giftify, Inc. Cancels Registered Direct Offering

Rhea-AI Summary

Giftify (NASDAQ: GIFT) announced on December 23, 2024, the cancellation of its previously announced registered direct offering with Craft Capital Management, The company, which owns and operates CardCash.com and Restaurant.com, digital platforms focused on incentives and rewards in retail, dining, and entertainment experiences, cited market conditions as the reason for cancelling the offering.

Positive

• Avoiding potential shareholder dilution by cancelling the offering

Negative

• Potential capital raising constraints due to market conditions
• Possible impact on planned growth initiatives due to cancelled funding

News Market Reaction

-5.56%

1 alert

-5.56% News Effect

On the day this news was published, GIFT declined 5.56%, reflecting a notable negative market reaction.

Data tracked by StockTitan Argus on the day of publication.

SCHAUMBURG, IL, Dec. 23, 2024 (GLOBE NEWSWIRE) -- Giftify, Inc. (NASDAQ: GIFT) (the “Company”), the owner and operator of leading digital platforms, CardCash.com and Restaurant.com, with a focus on incentives and rewards in retail, dining & entertainment experiences, today announced that its previously announced registered direct offering with Craft Capital Management, LLC has been cancelled.

Giftify management decided to cancel the offering due to market conditions.

About Giftify, Inc.
Giftify, Inc. is a pioneer in the incentive and rewards industry with a focus on retail, dining & entertainment experiences, as the owner and operator of leading digital platforms, CardCash.com and Restaurant.com. CardCash.com is a leading secondary gift card exchange platform, allowing consumers and retailers to realize value by buying and selling gift cards at various scales. Its Restaurant.com is the nation’s largest restaurant-focused digital deals brand. Restaurant.com and our Corporate Incentives division connect digital consumers, businesses and communities offering thousands of dining, retail and entertainment deals options nationwide at over 184,000 restaurants and retailers. Restaurant.com prides itself on offering the best deal, every meal. Our gift cards and restaurant certificates allow customers to save at thousands of restaurants across the country with just a few clicks.

For more information, visit: www.giftifyinc.com and www.cardcash.com and https://www.restaurant.com.

Forward-Looking Statements
Press Releases may include forward-looking statements. In particular, the words “believe,” “may,” “could,” “should,” “expect,” “anticipate,” “estimate,” “project," "propose," "plan," "intend," and similar conditional words and expressions are intended to identify forward-looking statements. Any statements made in this news release about an action, event or development, are forward-looking statements. Such statements are based upon assumptions that in the future may prove not to have been accurate and are subject to significant risks and uncertainties. Such statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of the company. Accordingly, you should not place undue reliance on these forward-looking statements. Although the company believes that the expectations reflected in the forward-looking statements are reasonable, it can give no assurance that its forward-looking statements will prove to be correct. Investors are cautioned that any forward-looking statements are not guarantees of future performance and actual results or developments may differ materially from those projected. The forward-looking statements in this press release are made as of the date hereof. The company takes no obligation to update or correct its own forward-looking statements, except as required by law or those prepared by third parties that are not paid by the company. Statements in this press release that are not historical fact may be deemed forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Although Giftify, Inc. believes the expectations reflected in any forward-looking statements are based on reasonable assumptions, Giftify, Inc. is unable to give any assurance that its expectations will be attained. Factors that could cause actual results to differ materially from expectations include the company’s ability identify a suitable business model for the corporation.

Investors Contacts:
ClearThink
nyc@clearthink.capital

FAQ

Why did Giftify (GIFT) cancel its registered direct offering in December 2024?

Giftify cancelled its registered direct offering with Craft Capital Management due to market conditions, as announced on December 23, 2024.

What impact does the cancelled offering have on Giftify (GIFT) shareholders?

The cancellation prevents potential share dilution but might affect the company's ability to raise capital for future growth initiatives.

What are the main digital platforms owned by Giftify (GIFT)?

Giftify owns and operates CardCash.com and Restaurant.com, which focus on incentives and rewards in retail, dining, and entertainment experiences.

What was the planned partnership between Giftify (GIFT) and Craft Capital Management?

Craft Capital Management was set to manage a registered direct offering for Giftify, which was subsequently cancelled due to market conditions.