EJF Acquisition Corp. (NASDAQ:EJFA) announced this afternoon that its shareholders have voted to approve its combination with Israeli fintech firm Pagaya in a special meeting held earlier today.
Although today’s press release was short on details and did not disclose redemption numbers, EJFA traded slightly above its trust value of $10 throughout its redemption deadline June 15. However, the SPAC closed today at just $5.63.
Earlier this year, EJF upsized the PIPE for its combination with Pagaya from $200 million to $350 million. The upsized PIPE was led by a group of long-term investors including Tiger Global, Whale Rock, Singapore’s sovereign wealth fund, the Healthcare of Ontario Pension Plan, and G Squared. EJF originally brought $288 million into the transaction from its trust, which it supplemented with a $200 million PIPE at deal announcement. The funding from the original $200 million PIPE already covered the deal’s $200 million minimum cash closing condition.
The parties now expect to close the deal on June 22, 2022 and following the closing, the publicly listed company will be named Pagaya Technologies Ltd. The combined company’s shares and public warrants are expected to begin trading on the Nasdaq stock market under the symbols “PGY” and “PGYWW”, respectively.
EJF initially announced the $8.5 billion combination with Pagaya on September 15. Tel Aviv-based Pagaya provides an AI-powered platform matching customers with third-party credit products both applying for loans and at the point-of-sale (POS).
ADVISORS
- UBS Investment Bank is serving as lead financial and capital markets advisor to EJFA.
- Barclays is also serving as financial and capital markets advisor to EJFA.
- Simpson Thacher & Bartlett LLP is serving as legal counsel to EJFA in connection with the transaction.
- Duff & Phelps, A Kroll Business, rendered a fairness opinion to EJFA’s Board of Directors.
- J.P. Morgan Securities LLC is serving as exclusive financial advisor to Pagaya.
- Skadden, Arps, Slate, Meagher & Flom LLP and Goldfarb Seligman & Co. are serving as legal counsel to Pagaya.
Terms Tracker for the Week Ending May 9, 2025 Welcome to our weekly column where we discuss the findings from our IPO terms tracker based on the previous week’s pricings. After the sprint that was last week, with nine IPOs and six new SPAC filings, this week took a breather. Only two SPACs priced, there...
Lake Superior (NASDAQ:LKSPU) has filed for a $100 million SPAC as its CEO attempts to go three-for-three with SPACs that led to completed deals. This new vehicle has one right to a 1/6 share in each unit and some common features of a SPAC underwritten by Cohen & Company in this current climate. Although the...
At the SPAC of Dawn De-SPACs were among the biggest movers in yesterday’s stock market rally, but most of this momentum came on the backs of direct earnings performance. Only three US-listed companies had bigger one-day gains than quantum computing firm D-Wave’s (NYSE:QBTS) +51.2% jump. This came as the company announced $15 million in revenue...
EGH Acquisition Corp. (NASDAQ:EGHAU) announced the pricing of its $150 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “EGHAU”, Friday, May 8, 2025. The new SPAC aims to combine with a target company in the energy transition or sustainability arena that help industries achieve efficiencies and decarbonization....
At the SPAC of Dawn Fed Chair Jerome Powell announced yesterday that the body intends to keep rates unchanged, earning him the moniker “FOOL” by US President Donald Trump. But, the announcement could bring some stability to market, which has seen macro factors pull it a variety of directions since the start of the year....