In a just published Form 13, filed with the US Securities and Exchange Commission (SEC), Cardconnect Corp. (NASDAQ:CCN) reported that First Data Corp has picked up 100 of common stock as of 2017-07-06.
The acquisition brings the aggregate amount owned by First Data Corp to a total of 100 representing a 100% stake in the company.
For those not familiar with the company, CardConnect Corp., formerly FinTech Acquisition Corp., is a holding company. The Company holds interests in CardConnect, LLC. The Company is a provider of payment processing solutions to merchants throughout the United States. The Company’s segments include Merchant Acquiring Services and Other. The Company’s platform allows it to provide payment solutions, customer support and tools for its distribution partners and merchants. Its solutions and services enable distribution partners to manage their business and for merchants to securely accept electronic payments. Its Merchant Acquiring services business involves providing end-to-end electronic payment processing services to merchants by facilitating the exchange of information and funds between them and cardholders’ financial institutions. It undertakes or facilitates through third parties, merchant set-up and training, transaction authorization, settlement, merchant funding, merchant assistance and support, and risk management.
A glance at Cardconnect Corp. (NASDAQ:CCN)’s key stats reveals a current market capitalization of $469.38 Million based on $31.19 Million shares outstanding and a price at last close of $15.05 per share.
Looking at insider activity, there are a few transactions worth noting.
Specifically, on 2016-09-30, Shanahan picked up 100 at a purchase price of $9.97. This brings their total holding to 100 as of the date of the filing.
On the sell side, the most recent transaction saw Cohen unload 187,119 shares at a sale price of $0.01. This brings their total holding to 700,469.
It’s possible to gauge a company’s potential by tracking the activity of its major holders, as well as checking in on insider activity such as those transactions listed above. We’ll be keeping an Cardconnect Corp. (NASDAQ:CCN) as things move forward to see if its progress aligns with these transactions.
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