Sezzle, which provides online merchants with an installment-based payment platform, filed on Wednesday to register its shares with the SEC and complete a direct listing on the Nasdaq. The shares of common stock listed will be sold by existing shareholders; Sezzle will not raise new capital in its listing. The company did not disclose a reference price or anticipated timing of its listing.
The Registered Stockholders plan to sell up to 117.2 million shares of common stock.
The Minneapolis, MN-based company is currently listed on the Australian Securities Exchange under the symbol "SZL". For the first quarter of 2023 to date, shares have reached an as-converted high of $0.50. At that price, Sezzle would command a market value of $104 million; however, the company noted in its prospectus that it plans to complete a reverse stock split in order to meet the Nasdaq's initial listing requirements.
Sezzle provides a digital payments platform that allows merchants to offer their customers a flexible alternative to traditional credit. As of December 31, 2022, Sezzle's platform supported 42,000 Active Merchants and approximately 2.9 million Active Consumers. The company elected to become a Public Benefit Corporation in June 2020, and became a Certified B Corp in March 2021.
Sezzle was founded in 2016 and booked $126 million in revenue for the 12 months ended December 31, 2022. It plans to list on the Nasdaq under the symbol SZL. As a direct listing without a firm commitment offering, there are no underwriters on the deal; however, unlike most direct listings to date, it has not selected a financial advisor.
