Item 1A. Risk Factors
Item 1A. Risk Factors
There have been no material changes to the risk factors disclosed under the heading “Risk Factors” in our Form 10-K for the fiscal year ended September 30, 2023 filed with the SEC on November 22, 2023, except as described below.
We are exploring a potential sale of certain assets related to our Merchant Services business, and there can be no assurance that we will be successful in completing any potential sale, that a potential sale will yield additional value for our stockholders, or that exploration of a potential sale will not adversely impact the Company.
On February 8, 2024, we announced that our Board of Directors had initiated a process to explore a potential sale of certain assets related to our Merchant Services business. There is no assurance that the process to explore the sale of the Merchant Services business will result in any definitive agreement or any transaction, or if the transaction is completed, the timing or terms of any such transaction. Moreover, there can be no assurance that any potential transaction, if identified, evaluated and consummated, will provide additional value to our stockholders and will not adversely impact the market price of our Class A common stock.
Speculation regarding any developments related to the review of a potential sale of our Merchant Services business and perceived uncertainties related to the future of the Company could cause the market price of our Class A common stock to fluctuate significantly or to decline. In addition, there can be no assurance that exploring a potential sale of our Merchant Services business will not cause the diversion of management’s attention, interfere with our ability to retain or attract key personnel, adversely impact important business relationships,
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adversely impact our financial results, or expose us to potential litigation. In addition, we may incur significant transaction expenses in connection with this process. If we are unable to mitigate these or other potential risks related to the exploration of a potential sale, our business and financial results may be adversely affected.
Further, our Board of Directors may determine to suspend or terminate the exploration of a potential sale of our Merchant Services business at any time due to various factors. Any potential transaction is also dependent upon a number of factors that may be beyond our control, including among other factors, market conditions, industry trends, regulatory limitations and the interest of third parties in our business.
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
None.
Item 3. Defaults Upon Senior Securities
None.
Item 4. Mine Safety Disclosures
Not applicable.
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