GTY Technology (GTYH), which has been pumping out 8-Ks at a furious pace lately, released another 8-K this morning announcing they have entered into an agreement to negotiate a strategic partnership with a global payment processing company 45 days from the closing of their business combination. The global payment processor has yet to be named, but it has also agreed to purchase 1,500,000 class A ordinary shares of the Company at a price of $10.00 per share (or $15 million), immediately prior to the business combination.
The $15 million from the payment processor is on top of the $66,562,380 and $26,681,440, from institutional investors that have also agreed to purchase shares at $10.00, previously 8-k’d here and here. All three of these announcements means that GTYH has managed to round up $108,243,820 in total for their PIPE. All done at $10.00.
However, while we do not yet know who the payment processor is or any of the details of the company, payment processing is hot and could be a nice addition to the business combination. Although, you have to give the GTYH team props for stamina or effort….they are already trying to close on six different companies and are working through a lawsuit, so adding a seventh “partnership” seems like asking a marathoner to knock out 1,000 sit-ups as they cross the finish line. It’s exhausting just trying to keep up with their news flow.