LeapRate's Daily Forex Industry Newsletter
Join now to receive first access to our EXCLUSIVE reports and updates.
Screenshot of a breaking news alert e-mail from Q2 2017
FXCM Inc. (NASDAQ:FXCM) a leading globally regulated Forex broker today announced that it has commenced a $15 million at-the-market offering program.
Under the program, FXCM may, from time to time and at its discretion, offer and sell shares of its Class A common stock (Common Stock) having an aggregate gross sales price of up to $15 million through Jefferies LLC, which will serve as sales agent. FXCM intends to use the net proceeds generated through the program to reduce its outstanding indebtedness and for other general corporate purposes.
At-the-market offerings provide an efficient means of raising measured amounts of equity capital over time.
Just last week FXCM unloaded its popular Forex market research portal DailyFX.com to UK rival IG Group for $40 million. FXCM is obviously keen on making further progress towards repaying its lifeline loan from Leucadia National Corporation stemming from the fallout of the Swiss National Bank franc unpegging from the Euro back in January of 2015.
Sales of Common Stock under the program may be made in negotiated transactions or transactions that are deemed to be “at-the-market offerings” as defined in Rule 415 under the Securities Act of 1933, as amended, including sales made directly on the NASDAQ Global Market or sales made to or through a market maker other than on an exchange.
The Common Stock will be offered under FXCM’s effective shelf registration statement (including a prospectus) filed with the Securities and Exchange Commission (SEC). A prospectus supplement related to the offering has been filed with the SEC.
For the official announcement from FXCM click here.