As submitted to the Securities and Exchange Commission on November 20, 2019.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 1-U
CURRENT REPORT PURSUANT TO REGULATION A
November 15, 2019
(Date of earliest event reported)
STREETSHARES, INC.
(Exact name of issuer as specified in its charter)
Delaware | | 6199 | | 46-4390152 |
(State or other jurisdiction
of incorporation) | | (Primary Standard Industrial
Classification Code Number) | | (Employer Identification
Number) |
1900 Campus Commons Drive, Suite 200 Reston, VA 20191
Telephone: (571) 325-2966
(Address of principal executive offices and telephone number of issuer)
StreetShares Notes
(Title of each class of securities issues pursuant to Regulation A)
Prior to November 15, 2019, StreetShares, Inc. and its subsidiaries (“StreetShares” or the “Company”) offered contract financing products to government and commercial contractors based on the total size of the contracts assigned to the Company by the customer. StreetShares’ contract financing product is not a lending product. Rather, the Company purchases invoice receivables (also referred to as, factored receivables or factored invoices) from contractors performing work on government and commercial contracts.
On November 15, 2019, the Company sold to a non-affiliated third-party certain of its factored invoice receivables having a principal balance of approximately $1,850,000.00. As of November 15, 2019, the Company still maintains one customer who has contract financing products with the Company. For new customers, the Company is no longer offering to factor invoice receivables. The Company nonetheless still offers loans and lines of credit to government and commercial contractors.
SIGNATURES
Pursuant to the requirements of Regulation A, the issuer certifies it has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Reston, Commonwealth of Virginia, on the 20th day of November, 2019.
| | STREETSHARES, INC. |
| | |
| | By: /s/ Lauren Friend McKelvey |
| | Name: Lauren Friend McKelvey |
| | Title: General Counsel and Chief Compliance Officer |
