A total of 12,391,408 warrants were exchanged for stock

Davis Polk advised the dealer manager and solicitation agent in connection with an offer to exchange outstanding warrants to purchase shares of common stock of BTRS Holdings Inc. for shares of common stock of the company and the solicitation of consents from holders of the warrants to amend the warrant agreement to permit the company to require that each warrant outstanding upon the closing of the exchange offer be converted into common stock. A total of 12,391,408 of the warrants, or approximately 99.2% of the outstanding warrants, were tendered, each for 0.270 shares of common stock. The settlement of the exchange offer occurred on December 21, 2021.

Based in Lawrenceville, New Jersey, BTRS provides a comprehensive suite of order-to-cash software as a service (“SaaS”) solutions with integrated payments, including credit and collections, invoice presentment and cash application services to its customers, primarily based in North America, but with global operations.

The Davis Polk corporate team included partner Byron B. Rooney and associate Dana Sorbi. The intellectual property and technology transactions team included partner Pritesh P. Shah and associate Graham Duff. The tax team included partner Lucy W. Farr and associate Ben Levenback. All members of the Davis Polk team are based in the New York office.

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