Did you know each EV battery contains up to 220 pounds of graphite and China controls more than 90% of the world's graphite trade? In connection with the closing of the Merger, Megalith is changing its name to BM Technologies, Inc. (BMT) and will trade under the symbol BMTX starting Wednesday, January 6, 2021. This release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that involve risks and uncertainty. | January 3, 2023 Forward-looking statements generally are accompanied by words such as "believe," "may," "will," "estimate," "continue," "anticipate," "intend," "expect," "should," "would," "plan," "predict," "potential," "seem," "seek," "future," "outlook," and similar expressions that predict or indicate future events or trends or that are not statements of historical matters, but the absence of these words does not mean that a statement is not forward-looking. An audited balance sheet of the Company as of August 28, 2018 reflecting receipt of the proceeds upon consummation of the initial public offering and the private placement will be included as an exhibit to a Current Report on Form 8-K to be filed by the Company with the Securities and Exchange Commission. In addition to historical information, this press release may contain forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Message Vol. If you recall, Megalith was not offering a contribution to trust for non-redeeming shareholders and while MFAC had put out a teaser ahead of . Westrock Coffee Company (Nasdaq: WEST) (Westrock Coffee, or the "Company), a leading integrated coffee, tea, flavors, extracts, and ingredients solutions provider to the retail, foodservice and restaurant, convenience store and travel center, non-commercial, CPG, and hospitality industries, announced today the Company has acquired Bixby Roasting Co. (Bixby), a specialty-grade roaster that is a leader in the emerging influencer-led brand space. Lists Featuring This Company East Coast Investors (Top 10K) Copies are available on the SEC's website,www.sec.gov. Item 1.01. Real-time analyst ratings, insider transactions, earnings data, and more. Forward-looking statements are not guarantees of future results and conditions but rather are subject to various risks and uncertainties. No offer of securities shall be made except by means of a definitive document. Adding Please refer to the risks detailed from time to time in the reports we file with the SEC, including the Preliminary Proxy Statement, the Registration Statement, the Definitive Proxy Statement, our Annual Report on Form 10-K for the year ended December 31, 2019, as well as other filings on Form 10-Q and periodic filings on Form 8-K, for additional factors that could cause actual results to differ materially from those stated or implied by such forward-looking statements. Fundamentals. Each holder of Customers common stock is entitled to receive 0.15389 shares of BMT common stock for each share of Customers common stock held as of the close of business on December 18, 2020. BM Technologies, Inc. NEW YORK, NY, Jan. 05, 2021 (GLOBE NEWSWIRE) -- BM Technologies, Inc., f/k/a/ Megalith Financial Acquisition Corp. (the Company) (NYSE American: MFAC, MFAC.W, MFAC.U), today announced the completion of its previously announced business combination with BankMobile Technologies, Inc., a Pennsylvania corporation (BankMobile), pursuant to the Agreement and Plan of Merger, dated as of August 6, 2020, by and among the Company, MFAC Merger Sub Inc., a Pennsylvania corporation and an indirect wholly-owned subsidiary of the Company (Merger Sub), BankMobile, Customers Bank, a Pennsylvania state chartered bank and the sole stockholder of BankMobile (Customers Bank), and Customers Bancorp, Inc., a Pennsylvania corporation and the parent bank holding company for Customers Bank. Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more! Upon closing of the transaction, the combined company will operate as BM Technologies Inc. and expects to be listed on the NYSE. From roast and ground coffees to tea and ready-to-drink beverages, Westrock Coffee offers a comprehensive list of beverage solutions to the industry. Leading Brand Behind the Brands to Expand Omnichannel Marketing and New Product Development. The Company anticipates the transfer to the NYSE American to occur on or about December 11, 2020. BankMobile Technologies, a subsidiary of Customers Bank, and one of Americas largest digital banking platforms, and Megalith Financial Acquisition Corp (NYSE: MFAC), a special purpose acquisition . The Company undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law. Megalith Financial Acquisition Corp. is a publicly traded investment vehicle formed for the purpose of acquiring or merging with one or more businesses in the financial technology or financial services industries. TipRanks 46d. These symbols will be available throughout the site during your session. Each warrant entitles the holder thereof to purchase one share of the Company's Class A common stock at $11.50 per share. We disclaim any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise, unless required by law. Dividend). MFACs sponsor entity will forfeit the vast majority of its founder shares at the closing of the Transactions. We are delighted to be able to distribute stock to CUBI shareholders in a fast-growing fintech company that was incubated in Customers Bancorp that has and is expected to continue to provide significant shareholder return. Upon closing, MFAC shareholders are expected to own 25.5% of the combined company, PIPE Investors are expected to own 27.2%, Customers Bancorp shareholders are expected to own 47.3% and Customers Bancorp will own 0.0%. Source: FactSet. In connection with the Special Meeting, 500 shares of Class A common stock were redeemed. For a more complete discussion of the assumptions, risks and uncertainties related to our business, you are encouraged to review Customers Bancorp, Inc.s filings with the Securities and Exchange Commission, including its most recent annual report on Form 10-K for the year ended December 31, 2019, subsequently filed quarterly reports on Form 10-Q and current reports on Form 8-K, including any amendments thereto, that update or provide information in addition to the information included in the Form 10-K and Form 10-Q filings, if any. The Company filed with the Securities and Exchange Commission (the SEC) a preliminary proxy statement on September 21, 2020 (the Preliminary Proxy Statement), a registration statement on Form S-4 (File No. In connection therewith, the Companys stockholders voted in favor of all proposals, including the proposed business combination between the Company and BankMobile Technologies, Inc., a Pennsylvania corporation (BankMobile) (the Proposed Transaction). Type a symbol or company name. Healthcare and med-tech management teams join forces to accelerate longevity-tech solutions into more than 130 million American lives by 2030. Create your Watchlist to save your favorite quotes on Nasdaq.com. Is this happening to you frequently? The company's operating model enables partner banks to provide banking services to low and middle-income Americans who have been left behind by the fee model of traditional banks. In light of the relationship between MFACs sponsor and certain officers and directors of BankMobiles ultimate parent entity Customers Bankcorp Inc. (CUBI), both MFAC and CUBI appointed special committees consisting of independent directors with full access to counsel and financial advisors. How can I contact Megalith Financial Acquisition? Accordingly, undue reliance should not be placed upon the forward-looking statements. If any of these risks materialize or our assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. View source version on businesswire.com: https://www.businesswire.com/news/home/20230228006199/en/, Media: Customers Bank is to receive approximately $97 million in consideration comprised of cash, stock in the Company, and approximately $10 million in value attributed to a new technology license with BMT, with the total consideration subject to potential adjustment based on certain factors described in the merger agreement for the business combination (the Merger Agreement). Shareholder percentage totals can add to more than 100% because some holders are included in the free float. Additional Information and Where to Find It. All BMT serviced deposits and loans will remain at Customers Bank immediately after the closing of the transaction. The Company filed with the SEC a preliminary proxy statement on September 21, 2020 (the Preliminary Proxy Statement), a registration statement on Form S-4 (File No. Before making any voting or investment decision, investors and stockholders of the Company are urged to carefully read the Registration Statement, the Preliminary Proxy Statement and, when they become available, the final Prospectus, the Definitive Proxy Statement, and other relevant documents filed with the SEC, because such documents will contain important information about the Company, BankMobile and the Proposed Transaction. Forward-looking statements are subject to numerous conditions, many of which are beyond the control of the Company, including those set forth in the Risk Factors section of the Company's registration statement and prospectus for the offering filed with the Securities and Exchange Commission (SEC). the Business Combination). View the latest news, buy/sell ratings, SEC filings and insider transactions for your stocks. American Consumer News, LLC dba MarketBeat 2010-2023. Investors are cautioned that there can be no assurance actual results or business conditions will not differ materially from those projected or suggested in such forward-looking statements as a result of various factors. Nelson Mullins Riley and Scarborough and Stradley Ronon Stevens & Young, LLP are acting as legal counsel to Customers Bank. This release shall neither constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any jurisdiction in which the offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such jurisdiction. BankMobile Technologies, a subsidiary of Customers Bank, and one of Americas largest digital banking platforms, and Megalith Financial Acquisition Corp (NYSE: MFAC), a special purpose acquisition company, announced today that they have entered into a definitive merger agreement. The offering was priced at $10.00 per unit, resulting in gross proceeds of $150,000,000. The business combination and related equity financing (together, the Transactions) are expected to close in the fourth quarter 2020, pending MFAC stockholder approval and regulatory approval. Outsmart the market with Smart Portfolio analytical tools powered by TipRanks. Words such as anticipate, estimate, expect, intend, plan, and project and other similar words and expressions are intended to signify forward-looking statements. The official website for the company is www.megalithfinancial.com. BM Technologies, Inc., (f/k/a/ Megalith Financial Acquisition Corp.) Completes Business Combination with BankMobile Technologies, Inc. Megalith Financial Acquisition Corp. Launched in January 2015, BankMobiles mission has been to provide a compliant, mobile-first banking experience that is simple, affordable, and consumer-friendly. Of the proceeds received from the consummation of the initial public offering and a simultaneous private placement of warrants, $151,500,000 (or $10.10 per unit sold in the public offering) was placed in trust. Feed. Merger Agreement This section describes the material provisions of the Merger Agreement but does not purport to. BM Technologies, Inc. is a technology company and is not a bank and provides banking services through its partner banks. "The company is not in a state of financial . Luvleen SidhuChief Executive Officerlsidhu@bankmobile.com. Investors are cautioned that there can be no assurance actual results or business conditions will not differ materially from those projected or suggested in such forward-looking statements as a result of various factors. In connection therewith, the Company's stockholders voted in favor of all proposals, including the . It offers a mobile banking platform in the U. S. that provides access to checking and savings accounts, personal loans and credit cards. To see all exchange delays and terms of use please see Barchart's disclaimer. News for Megalith Financial Acquisition Corp Registered Shs -A-Seeking Alpha 20d. The offering is being made only by means of a prospectus. Silver Spike III Acquisition Corp. (NEO: "SPKC.U" and "SPKC.WT.U") (the "Corporation") is reporting its financial results as of December 31, 2022 and for the period from inception on March 22 . Customers Bank is expected to remain the largest investor in the Company by rolling over significant equity into the combined Company. The terms of the transaction were not disclosed. To ensure economic efficiency, the parties currently expect the Proposed Transaction to close on January 4, 2021. Such statements are based on managements current expectations and are subject to a number of risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. BM Technologies, Inc. is a technology company that provides . Receive MFAC Stock News and Ratings via Email. The Company's units began trading on the New York Stock Exchange under the ticker symbol MFAC.U on August 24, 2018. A.J. Megalith Financial Acquisition Corp Registered Shs -A-, Plus500. About. In-depth profiles and analysis for 20,000 public companies. Megalith Financial Acquisition Corp. in a filing today amended its merger agreement with BankMobile Technologies involving BankMobile's parent company, Customers Bank.The original agreement provided that a portion of the consideration payable to Customers Bank was to be paid in shares of the Company's Class A common stock to Customers Bank. Additionally, BankMobile recently announced the execution of an agreement with Google to introduce digital bank accounts, which will be available to its customers. Before making any investment decision, investors and stockholders of the Company are urged to carefully read the Registration Statement and the Definitive Proxy Statement, and other relevant documents filed with the SEC, because such documents will contain important information about the Company, BankMobile and the Proposed Transaction. This communication is being made in respect of the proposed business combination between the Company and BankMobile Technologies, Inc., a Pennsylvania corporation (BankMobile) (the Proposed Transaction). Cavalry's Rosenberger defends that he's making a big acquisition in the audio space and that more cash is on its way to right the ship here. This release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that involve risks and uncertainty. The special committees of each party reviewed this transaction and made unanimous recommendations to their respective boards of directors for approval. With offices in 10 countries, the Company sources coffee and tea from 35 origin countries. All forward-looking statements and information set forth herein are based on managements current beliefs and assumptions as of the date hereof and speak only as of the date they are made. Transaction will be funded through a combination of company's common stock, cash held in the MFAC trust account, proceeds. | Source: Megalith Financial Acquisition Corp A.J. 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These forward-looking statements include, but are not limited to, certain plans, expectations, goals, projections, and statements about the plans, objectives, expectations, and intentions of Westrock Coffee, the anticipated benefits of the Bixby acquisition, and other statements that are not historical facts. These documents can be obtained free of charge from the sources indicated above. 86% of retail CFD accounts lose money, BM Technologies to reduce workforce by ~25%, appoints president, BM Technologies (BMTX) Gets a Buy from Maxim Group, BM Technologies terminates partnership with First Sound Bank and authorizes $10M buyback, Maxim Group Sticks to Their Buy Rating for BM Technologies (BMTX), Benzinga's Top Ratings Upgrades, Downgrades For November 16, 2022, Registration on or use of this site constitutes acceptance of our. DunklauChief Executive Officeraj@megalithfinancial.com, UPDATE 1-US Treasury official visited China last week - sources, Monetary rules suggest Fed's policy rate could be lower, report says, Italy, France confront 2nd year of western Europe drought, US Treasury official visited China last week, sources say, Democrat Tester says he will oppose Biden ESG investment rule. Stockholders Approve Business Combination with BankMobile Technologies, Inc. finance.yahoo.com - December 21 at 11:07 PM: Customers Bancorp Provides Additional Information About BankMobile Divestiture markets.businessinsider.com - December 21 at 10:14 PM: Megalith Financial Acquisition Corp. (MFAC) Megalith Financial Acquisition (NYSE:MFAC) has a market capitalization of $24.73 million. The Company filed with the Securities and Exchange Commission (the SEC) a preliminary proxy statement on September 21, 2020 (the Preliminary Proxy Statement), a registration statement on Form S-4 (File No. DunklauChief Executive Officeraj@megalithfinancial.com, UPDATE 1-US Treasury official visited China last week - sources, Monetary rules suggest Fed's policy rate could be lower, report says, US Treasury official visited China last week, sources say, Democrat Tester says he will oppose Biden ESG investment rule, Gender-equal boards out of reach until 2038, says MSCI. 333-249815) on November 3, 2020, as amended on November 18, 2020 and December 9, 2020 (the Registration Statement) (which includes a prospectus (the Prospectus) and the Preliminary Proxy Statement, as amended), and a final Prospectus on December 11, 2020 (the Final Prospectus, and together with the definitive proxy statement, dated December 11, 2020, included therein, the Definitive Proxy Statement) in connection with the Proposed Transaction, and will file other documents regarding the Proposed Transaction with the SEC. Upon the closing of the transaction, BM Technologies will be a financial technology company bringing banks and business partners together through its digital banking platform.With over 2 million accounts, BankMobile Technology, Inc. (BMT or BankMobile) is one of the largest digital banking platforms in the country. Chardan is also acting as a capital markets advisor to MFAC. Caves Valley acquired the retail and office portion for $27 million in 2020 from a subsidiary of Ashkenazy Acquisition Corp. An Overview of Blue Chips. Top Stocks. The public company will be renamed BM Technologies. Customers Bank will be subject to a standard lock-up period, but plans to reduce its ownership stake in BM Technologies gradually after the closing of the transaction. . Remington and I are thrilled to take our careers and company to the next level by joining forces with Westrock Coffee, said Miles Fisher. Sign up for MarketBeat All Access to gain access to MarketBeat's full suite of research tools: You have already added five stocks to your watchlist. Customers Bancorp, Inc.s voting common shares are listed on the New York Stock Exchange under the symbol CUBI. Scott and his team continue to grow with their impressive customer base and look to serve their customers not only through traditional private brand offerings but also through the creation of products for specific customer segments and influencer-based brands. A registration statement relating to these securities has been filed with, and declared effective by, the Securities and Exchange Commission on August 23, 2018. 326 E 8th St #105, Sioux Falls, SD 57103 The disclosure herein is not a proxy statement or solicitation of a proxy, consent or authorization with respect to any securities or in respect of the Proposed Transaction and shall not constitute an offer to sell or a solicitation of an offer to buy the securities of MFAC, nor shall there be any sale of any such securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of such state or jurisdiction. Get short term trading ideas from the MarketBeat Idea Engine. BankMobile has also expanded its White-Label strategy most recently with T-Mobile for the launch of T-Mobile MONEY. In addition, the forward-looking statements reflect Westrock Coffee's expectations, plans, or forecasts of future events and views as of the date of this communication. FREE Breaking News Alerts from StreetInsider.com! More information can also be found at https://www.megalithfinancial.com/investor-relations. Customers Bancorp, Inc. cautions that the foregoing factors are not exclusive, and neither such factors nor any such forward-looking statement takes into account the impact of any future events. Watch. Jack in the Box Pops On Tasty Results, Robust Outlook, Wendys Price Firms After Sizzling Quarter And Juicy Outlook, Terran Orbitals New $2.4 Billion Contract is a Game Changer, From Betty Crocker to Blue Buffalo, General Mills Looks Strong, Cracker Barrel Stock: Range Bound, but High Yield For 2023, This Small Company Is Set To Drive Future Of Lithium Batteries, What Are Blue Chip Stocks? 1; Research Tools MFAC has received binding commitments of approximately $20 million for a common stock private placement, which commitments exceed the minimum cash closing condition required by the Merger Agreement. Global Markets News Expert Spotlight TipRanks Labs Earnings Reports Insights Market Breakdowns Dividend Stock News Crypto News. The transaction reflects an enterprise value for the Company of $140 million. The cash component of the consideration will be funded by a portion of MFACs cash in trust as well as a private placement from institutional investors and MFACs sponsor that will close concurrently with the closing of the business combination, in addition to BankMobiles cash on its balance sheet in excess of an agreed upon cash reserve. 52-Wk High $10.13. These forward-looking statements are provided for illustrative purposes only and are not intended to serve as and should not be relied on by an investor, or others, as a guarantee, an assurance, a prediction, or a definitive statement of fact or probability. Today, the BankMobile BaaS platform is provided to colleges and universities and currently serves over two million account-holders, and provides disbursement services at 722 campuses (covering one out of every three students in the U.S.). If you have an ad-blocker enabled you may be blocked from proceeding. To ensure economic efficiency, the parties currently expect the Proposed Transaction to close on January 4, 2021. For more information, please visit WestrockCoffee.com. Investors are cautioned that there can be no assurance actual results or business conditions will not differ materially from those projected or suggested in such forward-looking statements as a result of various factors. These forward-looking statements involve risks and uncertainties that are subject to change based on various important factors (some of which, in whole or in part, are beyond Customers Bancorp, Inc.s control). Megalith Financial Acquisition Corp. is a newly organized blank check company formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase,. Megalith Financial Acquisition Corp is a blank check company formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses. Westrock Coffee Company (Nasdaq: WEST) ("Westrock Coffee," or the "Company"), a . BM Technologies to reduce workforce by ~25%, appoints president. The Merger closed on January 4, 2021 (the "Merger Closing Date"). View which stocks are hot on social media with MarketBeat's trending stocks report. Keefe, Bruyette, & Woods, - a Stifel Company is acting as financial advisor and capital markets advisor to MFAC. We disclaim any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise, unless required by law. Leading "Brand Behind the Brands" to Expand Omnichannel Marketing and New Product Development. Watchers 1,285 52-Wk Low $4.31 52-Wk High $10.13. This release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that involve risks and uncertainty. No news. The business combination transaction reflects an enterprise value for the Company of approximately $140 million. Today, BankMobile provides its Banking-as-a-Service (BaaS) platform to colleges and universities through BankMobile Disbursements, which reaches approximately one in every three college students in the country. | Source: Ellenoff Grossman & Schole is acting as legal counsel to MFAC. . The acquisition, which includes Bixbys roasting facility in Los Angeles, CA, will continue to expand Westrock Coffees omnichannel product marketing and development resources as it capitalizes on shifting consumer consumption trends. Megalith Financial Acquisition Corp. was founded in 2017 and is based in New York, New York. In connection therewith, the Companys stockholders voted in favor of all proposals, including the proposed business combination between the Company and BankMobile Technologies, Inc., a Pennsylvania corporation (BankMobile) (the Proposed Transaction). Which Dollar Store, If Any, is Worth Your Investment Dollars? Raymond James is acting as financial advisor to BankMobile and Customers Bank. This communication is being made in respect of the Proposed Transaction. Listen to this article 2 min. Our daily ratings and market update email newsletter. Entry into a Material Definitive Agreement. Megalith Financial Acquisition Corp. Carla Leibold, CFO 484-923-8802. The balance of the consideration will consist of shares of common stock in the combined Company, each to be valued at $10.38 per share. An investment company based out of New York has acquired an industrial property north of Dayton in a $5.25 million acquisition. Stockholders may also obtain copies of the Definitive Proxy Statement, without charge, at the SECs website at www.sec.gov or by directing a request to: Megalith Financial Acquisition Corp., 535 Fifth Avenue, 29th Floor, New York, New York 10017. It is focused on technology, innovation, easy-to-use products and education with the mission of being customer-obsessed and creating customers for life. The BankMobile platform employs a multi-partner distribution model, known as Banking-as-a-Service (BaaS), that enables the acquisition of customers at higher volumes and substantially lower expense than traditional banks. The free float combination transaction reflects an enterprise value for the Company by rolling over significant into! But does not purport to symbols will be available throughout the site during your.! Including the 140 million Alpha 20d describes the material provisions of the Private Securities Litigation Reform Act of that... 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