CPI Card Group secondary offering closes at $21.50 per share

CPI Card Group Inc. (Nasdaq: PMTS) announced the closing of a registered underwritten secondary public offering of its common stock by stockholders affiliated with Parallel49 Equity.

The offering totaled 2,687,921 shares at $21.50 per share, including 350,598 shares sold through the full exercise of the underwriters' overallotment option. Total gross proceeds to the selling stockholders were approximately $57.8 million, before underwriting discounts and other estimated offering expenses. CPI Card Group did not receive any proceeds from the sale.

B. Riley Securities and D.A. Davidson & Co. served as joint book-running managers for the offering, with Lake Street Capital Markets acting as co-manager.

The offering was made pursuant to a registration statement on Form S-3 previously filed with and declared effective by the U.S. Securities and Exchange Commission.

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