SoFi Technologies, Inc. - SOFI STOCK NEWS

SoFi Technologies has completed its acquisition of Golden Pacific Bancorp and its subsidiary, Golden Pacific Bank, enhancing its banking capabilities. The transaction includes a capital contribution of $750 million by SoFi, allowing it to offer improved services and a competitive annual percentage yield (APY) of up to 1.00%, significantly above the national average. The acquisition supports SoFi's strategy to obtain a national bank charter and aims to provide a better digital banking experience for its members. Golden Pacific Bank has been renamed SoFi Bank, N.A.

SoFi (NASDAQ: SOFI) will host a conference call on March 1, 2022, at 5 p.m. Eastern Time, to discuss its financial results for Q4 and the full year of 2021. The results will be available on the company's investor relations website after market close on the same day. Interested parties can pre-register for the call or access an audio-only webcast via provided links. SoFi offers various financial products aimed at helping nearly three million members achieve financial independence.

SoFi Technologies, Inc. has received approval from the Office of the Comptroller of the Currency and the Federal Reserve to become a Bank Holding Company through the acquisition of Golden Pacific Bancorp, Inc. This acquisition, anticipated to close in February, will enable SoFi to operate as SoFi Bank, National Association. CEO Anthony Noto highlighted that this milestone will enhance SoFi's financial products and services, allowing for competitive lending rates and improved interest offerings for members. SoFi plans to invest $750 million in capital for the acquisition.

Mogo Inc. (NASDAQ:MOGO) has appointed Allan Smith as its first Chief People Officer. Smith, with 15 years of experience in human resources, previously worked at SoFi (NASDAQ:SOFI) and Amazon (NASDAQ:AMZN). His expertise is expected to enhance Mogo's talent retention and organizational growth. CEO David Feller expressed optimism about Smith's leadership capabilities in scaling their fintech operations. Mogo serves nearly 1.8 million members with various digital financial solutions, including a prepaid card and cryptocurrency trading services.

SoFi Technologies, Inc. (NASDAQ: SOFI) has successfully redeemed all outstanding Public and Private Warrants issued under the Warrant Agreement from its IPO. As of the Redemption Date (December 6, 2021), 96.7% of Public Warrants and 100% of Private Warrants were exercised, resulting in approximately $95 million in cash proceeds for the company. Following the redemption, no Public or Private Warrants remain outstanding, and they have ceased trading on The Nasdaq. The Common Stock continues to trade under the symbol 'SOFI.'

SoFi Technologies, Inc. (NASDAQ: SOFI) has announced the Redemption Fair Market Value for its outstanding warrants, which will be used for a cashless exercise of these warrants. The company will redeem all public and private placement warrants for a price of $0.10 each by December 6, 2021. The Redemption Fair Market Value is set at $22.38, allowing holders to receive 0.361 shares of common stock per warrant. Unexercised warrants post-deadline will be void, with holders receiving only the redemption price.

SoFi Technologies, Inc. (NASDAQ: SOFI) announced a secondary offering of 50 million shares of common stock by various entities, including SoftBank Group Corp. and Silver Lake Partners. The offering will not alter the number of outstanding shares, and SoFi will not receive any proceeds from this sale. Barclays is the underwriter and plans to sell these shares on the Nasdaq Global Select Market. A shelf registration statement has been filed with the SEC, with accompanying prospectus documents available for public access.

SoFi (NASDAQ: SOFI) will participate in four upcoming investor conferences in November and December 2021. CEO Anthony Noto will host fireside chats at the Citi Virtual FinTech Conference on November 17, and the 45th Nasdaq Virtual Investor Conference on November 30. CFO Chris Lapointe will join a discussion at the 25th Annual Credit Suisse Technology Conference on December 1, followed by Noto at the 5th Annual Virtual Wells Fargo TMT Summit on December 2. Archived webcasts will be available on the SoFi Investor Relations website.

SoFi Technologies announced its Q3 2021 financial results, achieving record GAAP revenue of $272 million, a 35% increase year-over-year, and positive adjusted EBITDA of $10 million for the fifth consecutive quarter. Total members surged 96% to 2.9 million, with 377,000 new members added. Total products also rose significantly, up 108% to 4.3 million. The company raised $3.6 billion in capital this year, enhancing its ability to execute long-term growth strategies. Adjusted net revenue for Q3 was $277 million, exceeding guidance, while adjusted EBITDA surpassed expectations.