Janover Inc. Announces Closing of $5.65 Million Initial Public Offering
July 27 2023 - 3:05PM
Janover Inc. (Nasdaq: JNVR) (“Janover” or
the “Company”), a B2B fintech marketplace connecting commercial
property borrowers and lenders with a human touch, today announced
that it has closed its previously announced initial public offering
of 1,412,500 shares of common stock at a public offering price of
$4.00 per share for aggregate gross proceeds of approximately $5.65
million, prior to deducting underwriting discounts, commissions,
and other offering expenses.
In addition, the Company granted the
underwriters a 45-day option to purchase up to an additional
211,875 shares of common stock at the initial public offering
price, less underwriting discounts and commissions to cover
over-allotments, if any.
Janover expects to use the net proceeds from the
offering primarily to fund the development of new products and
improvements to existing products; expand sales and marketing
capabilities; and for general corporate purposes, including capital
expenditures and working capital.
Spartan Capital Securities, LLC and R.F.
Lafferty & Co., Inc. acted as joint book-running managers for
the offering.
A registration statement on Form S-1, as amended
(File No. 333-267907), was filed with the Securities and Exchange
Commission (“SEC”) and was declared effective by the SEC on July
24, 2023. A final prospectus relating to the offering was also
filed with the SEC and is available on the SEC's website at
www.sec.gov. Electronic copies of the final prospectus relating to
this offering may be obtained from Spartan Capital Securities, LLC,
45 Broadway, New York, NY 10006, or by telephone at (877)
772-7818.
This press release does not constitute an offer
to sell or the solicitation of an offer to buy nor shall there be
any sale of these securities in any state or jurisdiction in which
such offer, solicitation or sale would be unlawful prior to
registration or qualification under the securities laws of any such
state or jurisdiction.
About Janover Inc.
Janover is a B2B fintech marketplace connecting
commercial property borrowers and lenders with a human touch. The
Company seeks to revolutionize the commercial real estate lending
market by making it hyper-efficient, transparent, and accessible to
all rather than the few. Through the Company’s online
platform, it provides technology that connects commercial mortgage
borrowers looking for capital to refinance, build, or purchase
commercial property, including, but not limited to, apartment
buildings, to commercial property lenders. Borrowers include, but
are not limited to, owners, operators, and developers of commercial
real estate including multifamily properties and most recently, a
growing segment of small business owners, which Janover believes
represents a significant growth opportunity. Lenders include small
banks, credit unions, REITs, Fannie Mae® and Freddie Mac®
multifamily lenders, FHA® multifamily lenders, debt funds, CMBS
lenders, SBA lenders, and more. Additional information about the
Company is available at: https://janover.co/.
Forward-Looking Statements
This press release contains forward-looking
statements regarding the Company’s current expectations. These
forward-looking statements include, without limitation, references
to the Company’s expectations regarding the closing of the public
offering and its anticipated use of net proceeds from the offering.
These statements are not guarantees of future performance and are
subject to certain risks, uncertainties and assumptions that are
difficult to predict. Factors that could cause actual results to
differ include, but are not limited to, risks and uncertainties
related to the satisfaction of customary closing conditions related
to the public offering, or factors that result in changes to the
Company's anticipated use of proceeds. These and other risks and
uncertainties are described more fully in the section captioned
"Risk Factors" in the Company’s Registration Statement on Form S-1
related to the public offering (SEC File No. File No. 333-267907).
Forward-looking statements contained in this announcement are made
as of this date, and the Company undertakes no duty to update such
information except as required under applicable law.
Contact:Crescendo
Communications, LLCTel: 212-671-1020Email:
jnvr@crescendo-ir.com
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