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FTAC Olympus Acquisition Corp. (NASDAQ: FTOC) announced that over 97.8% of its shareholders approved the merger with Payoneer Inc. during an Extraordinary General Meeting on June 23, 2021. Approximately 65.0% of FTOC's outstanding shares voted in favor. Following the merger, the new entity will be named Payoneer Global Inc., with its stocks trading under the ticker symbols PAYO and PAYOW on Nasdaq. All necessary regulatory approvals have been obtained. Betsy Cohen, Chairman of FTOC, expressed excitement about the overwhelming shareholder support and looks forward to Payoneer's public market entry.
Payoneer has announced a rebranding to align with its growth as a fintech leader, also set to trade on Nasdaq under the ticker PAYO with an enterprise value of $3.3 billion. Originally established in 2005, Payoneer now facilitates borderless commerce for millions of businesses worldwide. The new brand identity signifies its commitment to being a universal partner in digital commerce. The reorganization with FTAC Olympus Acquisition Corp is expected to close by June 23, 2021, paving the way for Payoneer's entry into the public market.
FTAC Olympus Acquisition Corp. (NASDAQ:FTOC) has announced a Special Meeting for shareholders on June 23, 2021, to vote on the proposed business combination with Payoneer Inc. Shareholders will consider the Amended Reorganization Agreement and other proposals. As of May 19, 2021, holders of Class A and Class B ordinary shares are eligible to vote. The virtual meeting is prompted by COVID-19 health concerns. If approved, the transaction aims for a swift closing, enhancing Payoneer's position as a publicly listed entity.
FTAC Olympus Acquisition Corp. (NASDAQ: FTOC) has announced Payoneer Inc.'s upcoming participation in two virtual investor conferences. On May 19, 2021, Payoneer will join a panel discussion at the Barclays Emerging Payments and Fintech Forum. The following day, May 20, 2021, Payoneer will present at the 16th Annual Needham Virtual Technology & Media Conference, starting at 1:30 PM ET. The transaction for Payoneer to become publicly listed via FTOC is anticipated to close by the end of Q2 2021, pending necessary approvals.
Payoneer reported strong financial results for Q1 2021, with a 61% increase in volume to $13.3 billion and a 23% rise in revenue to $100.6 million, both year-over-year. Adjusted volume and revenue surged by 67% and 46%, respectively. Transaction costs decreased to 20% of revenue, aided by $4.2 million in non-recurring benefits. The net loss diminished by 53% to $3.5 million. Payoneer anticipates exceeding its full-year targets and expects to update annual guidance in August.
FTAC Olympus Acquisition Corp. (NASDAQ: FTOC) announced that Payoneer, a global payment platform, will participate in three upcoming virtual investor conferences. The events include a fireside chat at the Wolfe Research FinTech Forum on March 10, 2021, a presentation at the BofA Securities Electronic Payment Symposium on March 22, 2021, and another fireside chat at the Cowen FinTech Bus Tour on March 24, 2021. The merger between Payoneer and FTOC is expected to close in the first half of 2021, making Payoneer a publicly listed entity in the U.S.
