BM Technologies, Inc. (previously Megalith Financial Acquisition Corp., NYSE: MFAC, MFAC.U, MFACWS) has successfully completed its business combination with BankMobile Technologies, Inc. This merger, effective January 5, 2021, results in BankMobile becoming a wholly-owned subsidiary of BM Technologies. The company's common stock and public warrants are set to trade under the new ticker symbols BMTX and BMTX.W starting January 6, 2021. CEO Luvleen Sidhu highlighted the company's position as a leading neo banking fintech, focusing on innovation and customer-centric services.
Megalith Financial Acquisition Corp. (MFAC) announced that shareholders voted in favor of all proposals during its special meeting on December 21, 2020, which included the merger with BankMobile Technologies, Inc. The proposed transaction is expected to close on January 4, 2021. This merger aims to leverage synergies within the fintech industry, enhancing MFAC's market position. Additionally, during the meeting, 500 shares of Class A common stock were redeemed, reflecting shareholder actions following the approval.
Megalith Financial Acquisition Corp. (MFAC) will voluntarily delist from the NYSE and transfer to NYSE American, effective approximately December 11, 2020. This decision is primarily influenced by more favorable listing requirements on the NYSE American. MFAC maintains its commitment to filing periodic reports with the SEC. The company focuses on fintech and financial services, having gone public in August 2018. Additionally, they are proposing a business combination with BankMobile Technologies, with important filings underway to inform stockholders.
Megalith Financial Acquisition Corp. (MFAC) and BankMobile Technologies will participate in a webinar on December 8, 2020, to discuss their proposed merger. The webinar will feature key executives from both companies. Additionally, they are attending the Raymond James Technology Investors Conference from December 7-9, 2020. MFAC's merger with BankMobile, originally agreed upon in August 2020, was amended in November 2020. This merger aims to enhance MFAC's position in the fintech sector, leveraging BankMobile's innovative banking solutions, catering particularly to underserved consumers.