Far Point Acquisition Corporation Stockholders Approve Business Combination With Global Blue Group AG

Rhea-AI Summary

On August 24, 2020, Far Point Acquisition Corporation (NYSE: FPAC) announced stockholder approval for its business combination with Global Blue Group AG. Approximately 67.68% of FPAC's shares voted in favor, comprising 53,505,646 shares. The transaction is expected to close on August 28, 2020. Additionally, stockholders holding 48,708,994 shares of Class A Common Stock chose to redeem their shares related to the transaction. FPAC, formed to merge with firms in the financial technology sector, raised $632 million during its June 2018 IPO.

Positive

• 67.68% of FPAC stockholders approved the merger with Global Blue.
• Completion of the merger is anticipated on August 28, 2020.

Negative

• 48,708,994 shares of Class A Common Stock will be redeemed, indicating potential investor concern.
• Uncertainties related to COVID-19 could impact the merger's expected benefits and integration.

NEW YORK, Aug. 24, 2020 /PRNewswire/ -- Far Point Acquisition Corporation (NYSE: FPAC, FPAC.UN, and FPAC.WS) a special purpose acquisition company ("FPAC"), announced that its stockholders voted to approve the proposed business combination transaction (the "Transaction") with Global Blue Group AG ("Global Blue") at a Special Meeting held for this purpose on August 24, 2020.  Holders of 53,505,646 shares of FPAC's Common Stock, or approximately 67.68% of the issued and outstanding shares, voted in favor of the Transaction.  The parties expect the closing of the Transaction to occur August 28, 2020.  FPAC also announced that stockholders holding 48,708,994 shares of FPAC's Class A Common Stock have elected to redeem their shares in connection with the closing of the Transaction.

About Far Point

Far Point Acquisition Corporation (NYSE: FPAC) is a special purpose acquisition company organized under the laws of Delaware for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization, or similar business combination with one or more businesses in the financial technology industry. The company completed its initial public offering on the NYSE in June 2018, raising $632 million from investors.

Forward Looking Statements

This press release includes "forward looking statements" within the meaning of the "safe harbor" provisions of the United States Private Securities Litigation Reform Act of 1995. Undue reliance should not be placed on these forward-looking statements, and such statements are not guarantees of future performance, conditions or results, and involve a number of known and unknown risks, uncertainties, assumptions, estimates and other important factors, many of which are outside FPAC's or Global Blue's management's control, that could cause actual results or outcomes to differ materially from those discussed in the forward-looking statements. Among the key factors that could cause actual results to differ materially from those projected in these forward-looking statements are the following: the impact of COVID-19, including in relation to international travel and similar health-related travel disruptions; the negative impact of COVID-19 cost-saving measures; the inability to complete the transactions contemplated by the proposed business combination; the inability to recognize the anticipated benefits of the proposed business combination; the ability to meet NYSE's listing standards following the consummation of the transaction contemplated by the proposed business combination; costs related to the proposed business combination; Global Blue's ability to execute on its plans; Global Blue's estimates of the size of the markets for its solutions; Global Blue's ability to identify and integrate acquisitions; the performance and security of Global Blue's services; Global Blue's inability to execute strategic plans due to inability to generate sufficient cash flow; potential litigation or investigations involving Far Point or Global Blue and resulting material settlements, fines or penalties; changes to the regulatory environment, licensing requirements and government agreements; and the general economic and market conditions impacting, among others, currency exchange rates, international travel and the overall level of consumer spending, thereby impacting the demand for Global Blue's services. Other factors include the possibility that the proposed transaction does not close, including due to the failure to receive required security holder approvals, or the failure of other closing conditions. Neither FPAC nor Global Blue undertake any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

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SOURCE Far Point Acquisition Corporation

FAQ

What was the outcome of Far Point Acquisition Corporation's stockholder meeting on August 24, 2020?

Stockholders voted to approve the merger with Global Blue Group AG.

When is the expected closing date for the merger between FPAC and Global Blue?

The transaction is expected to close on August 28, 2020.

How many shares did stockholders redeem in connection with the FPAC and Global Blue merger?

Stockholders holding 48,708,994 shares of Class A Common Stock elected to redeem their shares.

What percentage of FPAC stockholders approved the merger with Global Blue?

Approximately 67.68% of FPAC stockholders voted in favor of the merger.

What are the potential risks associated with the merger between FPAC and Global Blue?

Risks include uncertainties related to COVID-19 affecting travel and business integration.