Stay Inc. Announces $5 Million USD Offering

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TORONTO, Dec. 07, 2023 (GLOBE NEWSWIRE) -- Stay Inc. ("Stay" or the "Company"), a platform in the short and long-term rental industry with operations in both Canada and the United States of America (“Stay USA Inc.”), is pleased to announce that it is seeking to raise up to $5 million USD in an offering (the "Offering") of class A common shares of the Company (“Common Shares”) pursuant to Rule 506(c) promulgated under Regulation D of the Securities Act of 1933, as amended (the "Securities Act") and/or other applicable exemptions from registration under the Securities Act and applicable state law.

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GlobeNewswire, Inc.

Retrieved on:

Thursday, December 7, 2023

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Tags:

Regulation D, Indian stock exchange, Stay, PPM, Rule

Geotags:

TORONTO, ON, CA, CANADA

⚠ partially generated by AI ↴

Organisation:

STAY, STAY INC.

Summary

Key Points:

TORONTO, Dec. 07, 2023 (GLOBE NEWSWIRE) -- Stay Inc. ("Stay" or the "Company"), a platform in the short and long-term rental industry with operations in both Canada and the United States of America (“Stay USA Inc.”), is pleased to announce that it is seeking to raise up to $5 million USD in an offering (the "Offering") of class A common shares of the Company (“Common Shares”) pursuant to Rule 506(c) promulgated under Regulation D of the Securities Act of 1933, as amended (the "Securities Act") and/or other applicable exemptions from registration under the Securities Act and applicable state law.
A Private Placement Memorandum (“PPM”) details the Offering of 33,333,333 Common Shares at a price of US$0.15 per Common Share for aggregate gross proceeds of up to US$5 million.
The Common Shares sold through this Offering will be restricted shares and will not be freely tradable until expiry of the statutory period under Rule 144 under the Securities Act, or if such Common Shares are registered.
Although general solicitation is permitted under Rule 506(c) offerings, purchasers must be accredited investors and meet certain Securities and Exchange Commission verification requirements for validation of their "accredited investor" status.

TORONTO, Dec. 07, 2023 (GLOBE NEWSWIRE) -- Stay Inc. ("Stay" or the "Company"), a platform in the short and long-term rental industry with operations in both Canada and the United States of America (“Stay USA Inc.”), is pleased to announce that it is seeking to raise up to $5 million USD in an offering (the "Offering") of class A common shares of the Company (“Common Shares”) pursuant to Rule 506(c) promulgated under Regulation D of the Securities Act of 1933, as amended (the "Securities Act") and/or other applicable exemptions from registration under the Securities Act and applicable state law.

A Private Placement Memorandum (“PPM”) details the Offering of 33,333,333 Common Shares at a price of US$0.15 per Common Share for aggregate gross proceeds of up to US$5 million.

The Common Shares sold through this Offering will be restricted shares and will not be freely tradable until expiry of the statutory period under Rule 144 under the Securities Act, or if such Common Shares are registered. Although general solicitation is permitted under Rule 506(c) offerings, purchasers must be accredited investors and meet certain Securities and Exchange Commission verification requirements for validation of their "accredited investor" status.

For additional details of the Offering, please see the PPM on the Stay website at: https://stayapp.co/regdoffering

More information about the Company can be viewed on its website, https://stayapp.co/

This press release does not constitute an offer to sell nor a solicitation of an offer to purchase any securities in any jurisdiction in which such an offer or solicitation is not authorized and does not constitute an offer within any jurisdiction to any person to whom such offer would be unlawful. Further, the securities being offered by Stay have not been registered under the Securities Act, any state securities laws or the securities laws of any other jurisdiction and may not be offered or sold absent registration or an applicable exemption from the registration requirements.

About Stay

Stay is an online marketplace (stayapp.co) that currently facilitates short-term rentals (STR) and will be expanding into the mid and long-term rental markets. This host-centric platform is designed for professional hosts, property managers, and entrepreneurial minded real estate investors. The platform also provides guests with access to a competitive alternative offering quality and “professionally” managed properties. Stay continues to grow with over 45,000 registered users and over 19,000 properties listed on the platform.

For further information: Nick Sama, Phone# (416) 992-7917, Email: [email protected]

Forward- Looking Statements

This press release contains “forward-looking information” within the meaning of applicable Canadian securities legislation. Generally, forward-looking information can be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations (including negative and grammatical variations) of such words and phrases or state that certain acts, events or results “may”, “could”, “would”, “might” or “will be taken”, “occur” or “be achieved”.

Forward-looking information in this press release may include, without limitation, statements relating to: the completion of the Transaction and the timing thereof, the execution of the Definitive Agreement, the proposed business of the Resulting Issuer, shareholder and regulatory approvals, and future press releases and disclosure.

These statements are based upon assumptions that are subject to significant risks and uncertainties, including risks regarding general economic and industry factors, market conditions, management’s ability to manage and to operate the Stay business, and the equity markets generally. Because of these risks and uncertainties and as a result of a variety of factors, the actual results, expectations, achievements or performance of each of the Resulting Issuer, the Company, or AF2 may differ materially from those anticipated and indicated by these forward-looking statements. Any number of factors could cause actual results to differ materially from these forward-looking statements as well as future results. Although the Company believes that the expectations reflected in forward looking statements are reasonable, they can give no assurances that the expectations of any forward-looking statements will prove to be correct. Except as required by law, the Company disclaims any intention and assumes no obligation to update or revise any forward-looking statements to reflect actual results, whether as a result of new information, future events, changes in assumptions, changes in factors affecting such forward-looking statements or otherwise.

SOURCE Stay Inc.