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CURRENT REPORT
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Item 8.01. Other Events.
Shift4 Payments, Inc. (the “Company” or “Shift4”) has reached an agreement with SpotOn Technologies, Inc. (“SpotOn”) to acquire assets related to SpotOn’s sports and entertainment division formerly known as Appetize for approximately $100 million in an all-cash transaction. Under this agreement, Shift4 will assume all customer relationships, certain technology assets and a portion of the SpotOn employee base. The Company expects an immaterial financial contribution in 2023 and expects the contribution to increase in 2024 as the revenue and operating models of Appetize are modified to align with that of Shift4.
The Company reaffirms its guidance for the year ending December 31, 2023, which was provided on the earnings call discussing the Company’s second quarter financial results, held on August 3, 2023.
Forward-Looking Statements
Except for historical information, all of the statements, expectations, and assumptions contained in this Current Report on Form 8-K are forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995, including statements regarding the Company’s expectations regarding the purchase price for the contemplated acquisition, execution of definitive agreements with respect to the contemplated transaction, the consummation of the contemplated transaction, the transaction’s contribution to the Company’s financial condition and its materiality, or in each case the timing thereof. Actual results may differ materially from those explicit or implicit in the forward-looking statements. Important factors that could cause actual results to differ materially include, but are not limited to the risk factors disclosed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022, as updated by the Company’s other filings with the Securities and Exchange Commission, copies of which are available free of charge on the Company’s website at investors.shift4.com. The Company assumes no obligation and does not intend to update these forward-looking statements, except as required by law.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| Date: October 2, 2023 | SHIFT4 PAYMENTS, INC. | |||||
| By: | /s/ Jordan Frankel | |||||
| Jordan Frankel | ||||||
| Secretary, General Counsel and Executive Vice President, Legal, Risk and Compliance | ||||||