Proceeds to fund continued increases in sales and marketing, software development, and other key drivers of growth
San Francisco, Nov. 09, 2021 (GLOBE NEWSWIRE) -- RocketFuel Blockchain, Inc. (OTC QB: RKFL), a global provider of payment solutions via Bitcoin and other cryptocurrencies, announced that it had closed a $5 million equity raise from a group of institutional investors. H.C. Wainwright & Co. was the placement agent for the offering.
RocketFuel believes that the capital will enable it to execute on its aggressive growth plan, which includes its strategic partnership with ACI Worldwide, a leading global provider of real-time digital payment software and solutions. The partnership will enable ACI Secure eCommerce to offer RocketFuel’s crypto-payment solution via a single integration, enabling ACI’s more than 80,000 merchants to accept cryptocurrency payments with zero processing fees—an industry first.
RocketFuel also announced that it had repaid its outstanding convertible note, resulting in the company becoming debt free and eliminating any potential equity dilution from conversions.
“We’re honored by the confidence our partners and investors have shown in our vision, product, and team and we look forward to further accelerating the execution of our business plan and aggressive growth strategy over the next 12-18 months” said CEO Peter Jensen. “We are expanding our sales, marketing, and support teams to execute our partnership with ACI Worldwide, as well as other partners, merchants, and credit card processors looking to add crypto payment solutions to their existing product lines.”
RocketFuel intends to use the net proceeds of the offering for general corporate purposes and to fund ongoing operations and expansion of its business. RocketFuel plans to expand its in-house software development team and add personnel in compliance, customer service and other key areas, and to add independent directors to its board. RocketFuel’s goal is to uplist to Nasdaq or the NYSE American market in 2022.
At the annual Money20/20 conference in Las Vegas, RocketFuel announced a new Zero Fee business model where merchants pay zero fees to accept crypto and partners earn commissions on 100% of all revenue and transactions generated by merchants. RocketFuel also recently released its revamped partner dashboard allowing partners to sign up and manage their merchants, including full transparency of transactions, revenue generated, commissions earned, and more.
About RocketFuel Blockchain, Inc.
RocketFuel is a global payments solution company that provides online shoppers with a simple, easy-to-use, one-click checkout process that accepts payments with bank transfers, Bitcoin and 50+ cryptocurrencies. RocketFuel delivers a highly secure and efficient shopping cart experience with significantly low fees for merchants, along with the benefits of no chargebacks and no card declines. RocketFuel's solutions focus on enhanced customer privacy protection eliminating the risk of a data breach while improving speed, security, and ease of use. Shoppers on RocketFuel powered online stores enjoy seamless check-out and forget the clunky cart paradigm of the past. RocketFuel merchants can implement new impulse buying schemes and generate new sales channels that are unavailable in other present-day e-commerce solutions. More information about RocketFuel is available at: www.RocketFuelBlockchain.com
The securities described above were offered by RocketFuel pursuant to a registration statement on Form S-1 (File No. 333-260420) previously filed with and declared effective by the U.S. Securities and Exchange Commission (“SEC”) on October 28, 2021. The offering was made only by means of a prospectus forming part of the effective registration statement. Copies of the final prospectus relating to the offering may be obtained for free by visiting the SEC’s website at www.sec.gov.
This press release does not constitute an offer to sell or the solicitation of an offer to buy the securities, nor shall there be any sale of the securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of such state or jurisdiction.
The Company believes that this press release contains forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. Terms such as “may,” “might,” acceptance of the company’s products and services; competition from existing products or new products that may emerge; the implementation of the company’s business model and strategic plans for its business and our products; estimates of the company’s future revenue, expenses, capital requirements and need for financing; current and future government regulations; and developments relating to the company’s competitors. Readers are cautioned not to place undue reliance on forward-looking statements because of the risks and uncertainties related to them. For further information on such risks and uncertainties, you are encouraged to review the Company's filings with the Securities and Exchange Commission ("SEC"), including its Annual Report on Form 10-K for the fiscal year ended March 31, 2021 and its Quarterly Report for the fiscal quarter ended June 30, 2021. The Company assumes no obligation to update any forward-looking statements as a result of new information or future events or developments, except as required by law.“would,” “should,” “could,” “project,” “estimate,” “pro-forma,” “predict,” “potential,” “strategy,” “anticipate,” “attempt,” “develop,” “plan,” “help,” “believe,” “continue,” “intend,” “expect,” “future,” and terms of similar import (including the negative of any of these terms) may identify forward-looking statements. Such forward-looking statements, including but not limited to statements regarding the plans and objectives of management for future operations, are based on management’s current expectations and are subject to risks and uncertainties that could cause results to differ materially from the forward-looking statements. Actual results and the timing of certain events and circumstances may differ materially from those described by the forward-looking statements as a result of these risks and uncertainties. Factors that may influence or contribute to the accuracy of the forward-looking statements or cause actual results to differ materially from expected or desired results may include, without limitation, market
Kurt Kumar, VP
Ben Yankowitz, CFO