MoneyOnMobile Withdraws Proposed Secondary Offering to Protect Shareholder Interests
DALLAS and MUMBAI, India, May 8, 2017 /PRNewswire/ -- MoneyOnMobile, Inc. (OTCQX: MOMT) announced today that due to current market conditions, it has requested withdrawal of its recently filed S-1 registration statement and planned secondary offering, because it does not plan to proceed with the offering of securities contemplated by the Registration Statement. The Registration Statement has never been declared effective by the Securities and Exchange Commission, and no securities have been sold pursuant to the Registration Statement.
"Enhancing shareholder value is our number one priority. Current market conditions are such that proceeding with a registered offering is not in the best interest of our shareholders," said Harold Montgomery, MoneyOnMobile CEO and Chairman. "We have successfully raised more than $45mm in equity and debt securities privately over the past few years. We have also added non-dilutive capital through lines of credit in India to drive growth."
About MoneyOnMobile, Inc.
MoneyOnMobile, Inc. is a global mobile payments technology and processing company offering mobile payment services through its Indian subsidiary. MoneyOnMobile enables Indian consumers to use mobile phones to pay for goods and services or transfer funds from one cell phone to another. It can be used as simple SMS text functionality or through the MoneyOnMobile application or internet site. MoneyOnMobile has more than 325,000 retail locations throughout India.
Safe Harbor Statement
This release does not constitute an offer to sell or a solicitation of offers to buy any securities of any entity. This release contains certain forward-looking statements based on our current expectations, forecasts and assumptions that involve risks and uncertainties. Forward-looking statements in this release are based on information available to us as of the date hereof. Our actual results may differ materially from those stated or implied in such forward-looking statements, due to risks and uncertainties associated with our business, which include the risk factors disclosed in our Form 10-K filed on August 19, 2016. Forward-looking statements include statements regarding our expectations, beliefs, intentions or strategies regarding the future and can be identified by forward-looking words such as "anticipate," "believe," "could," "estimate," "expect," "intend," "may," "should," and "would" or similar words. We assume no obligation to update the information included in this press release, whether as a result of new information, future events or otherwise.
Web site: www.MoneyOnMobile.in
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