FTAC Olympus Acquisition Corp. (NASDAQ:FTOC) announced in a press release that its shareholders approved its combination with payments firm Payoneer at a special meeting earlier today.
The press release did not disclose redemptions, however, 97.8% of the votes cast at the meeting voted to approve the business combination. The combined company will be named Payoneer Global Inc., and its shares and warrants will start trading on the Nasdaq under the symbol “PAYO” and “PAYOW”, respectively.
The parties initially inked the $3.3 billion deal on February 3. Payoneer provides a platform for ecommerce-enabling payments, international transfers and digital banking with about 4 million customers and 1,500 employees worldwide.
The company made a rebranding announcement yesterday to reflect its current position in the market saying that, the “new brand color is “universal”, reflecting its promise to be for everyone everywhere.” The new symbol is a circle, “illustrating its journey to becoming a single destination, unified, and connected in more places than anyone else.”
ADVISORS
- Financial Technology Partners is serving as exclusive financial and capital markets advisor to Payoneer.
- Davis Polk & Wardwell LLP is serving as legal counsel to Payoneer and Paul Hastings is serving as regulatory counsel to Payoneer.
- PwC is serving as Payoneer’s auditors.
- Citi and Goldman Sachs & Co. LLC are serving as financial and capital markets advisors to FTOC.
- Cantor Fitzgerald is serving as capital markets advisor to FTOC.
- Morgan Lewis is serving as legal counsel to FTOC.
- Goldman Sachs & Co. LLC and Citi are serving as placement agents on the PIPE.
At the SPAC of Dawn There are signs that the macro environment for SPACs is gradually improving, but the Screaming Eagle team yesterday announced a non-redemption agreement for its combination with Lionsgate Studios. Such agreements are generally a lever one pulls when a SPAC expects a potentially turbulent closing. All in all, the terms for...
Israeli tech firms have made up an outsized proportion of SPAC activity and despite the ongoing tensions in its region, that dealmaking is continuing unabated. In fact, the SPAC named for the particular mission of taking Israeli firms public through SPACs, Israel Acquisition Corp. (NASDAQ:ISRL) in fact just took one step closer in completing that...
At the SPAC of Dawn Although the market has largely recovered from a negative stretch last week, the roller coaster is tilted back downward for Trump Media (NASDAQ:DJT), which slid -8% yesterday to $32.57 – one of its lowest points since closing with Digital World last month. Other SPACs and de-SPACs are having a more...
Remember the metaverse? Many do not. Meta’s (NASDAQ:META) attempted transition to virtually living and working seemed to mark a trend that went up and down quickly, but one SPAC deal has both survived that roller coaster and may rise with a second. Back in December 2022, Newbury Street (NASDAQ:NBST) announced a $1.85 billion combination with...
At the SPAC of Dawn Tucked into the bill that provides $95 billion in funding to American allies passed by the House this weekend is another measure that is likely to have far more impact on at least one pending deal in SPAC world. It would appear that the timing was fortuitous for TikTok rival...