Megalith Financial Drops a “Teaser” Ahead of Extension Vote
by Kristi Marvin on 2020-05-20 at 9:41am

Megalith Financial Acquisition Corp. (MFAC), ahead of their May 26th shareholder vote to extend their deadline, announced this morning that they have signed a non-binding Letter of Intent to acquire a digital banking platform that, “is among the fastest growing in the country with several million accounts.

Furthermore, the press release also says that the target company, “features an advanced, purpose-built platform via proprietary technology that provides a full suite of low-cost banking products including checking, savings, and credit cards to millennials and middle-income consumers.

We don’t yet know the name of the company, and keep in mind that this is still a non-binding LOI, but on the face of it, this transaction sounds interesting.  Megalith will be looking to extend their deadline to August 28, 2020, and previously had not included a contribution to trust in the proxy for non-redeeming shareholders.  That’s generally a sign of confidence from the team that they believe this will be a well received transaction and are expecting the share price to trade above cash in trust value.  The trick is in making sure investors feel the same way about it and that’s hard to do with limited information.

Unfortunately, MFAC can’t fully announce ahead of their vote with a signed definitive agreement, but we’ll know soon enough if this teaser was enough to wet investors’ appetites.

 

Megalith Financial Drops a “Teaser” Ahead of Extension Vote
Recent Posts
by Nicholas Alan Clayton on 2025-06-30 at 8:28am

At the SPAC of Dawn The last day of the quarter is to play host to a pair of shareholder votes and a possible pricing of Indigo‘s (NASDAQ:INACU) $100 million IPO. This week is also to play host to fresh jobs numbers just before the long July 4 weekend. Black Hawk (NASDAQ:BKHA) was also one...

by Kristi Marvin on 2025-06-28 at 10:02am

Terms Tracker for the Week Ending June 27, 2025 Welcome to our weekly column where we discuss the findings from our IPO terms tracker based on the previous week’s pricings. June continued its late-month rally with another five SPAC IPOs pricing this week, bringing the monthly total to 10 and the 2025 year-to-date count to...

by Nicholas Alan Clayton on 2025-06-27 at 11:20am

Blueport (NASDAQ:BPACU) has filed for a $69 million SPAC that would bring another first-time sponsor team to market. The new SPAC is offering investors a right to a 1/6 share in each unit and it will have 15 months to complete a business combination. It is underwritten by Alliance Global Partners and will not be...

by Nicholas Alan Clayton on 2025-06-27 at 8:25am

At the SPAC of Dawn The markets appear to poised to continue a rosy week with futures in the green in anticipation of PCE inflation readings. Space is one of the sectors feeling the most love recently and launch services firm Rocket Lab (NASDAQ:RKLB) is keeping up the momentum, scheduling two launches within 48 hours...

by Nicholas Alan Clayton on 2025-06-26 at 7:04pm

FIGX Acquisition Corp. (NASDAQ:FIGXU) announced the pricing of its $131 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “FIGXU”, Friday, June 27, 2025. The new SPAC aims to seek out a financial services target with a particular focus on wealth and asset managers with the potential to...

logo

Copyright © 2025 SPACInsider, Inc. All Rights Reserved