Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more! Transfers Listing to NYSE American LLC, BankMobile Technologies, Inc. and Megalith Financial Acquisition Corp. to Participate inSPACInsider Webinar on December 8that 1pm ET and Attend 2020 Raymond James Technology Investors Conference, 535 5TH AVE 29TH FLOOR, NEW YORK NY, 10017. Shareholder percentage totals can add to more than 100% because some holders are included in the free float. 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 assurance can be given that the net proceeds of the offering will be used as indicated. The public company will be renamed BM Technologies. Source: FactSet. 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. Volume (M) 634.00. . 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. Accordingly, undue reliance should not be placed upon the forward-looking statements. BankMobile has also expanded its White-Label strategy most recently with T-Mobile for the launch of T-Mobile MONEY. Ellenoff Grossman & Schole LLP acted as counsel to the Company and Graubard Miller acted as counsel to the underwriters. Words such as anticipate, estimate, expect, intend, plan, and project and other similar words and expressions are intended to signify forward-looking statements. On September 8, 2022, the Company announced that FTFT HK signed a Memorandum of Understanding with Alpha Financial to acquire Alpha HK. These forward-looking statements are subject to a number of risks and uncertainties, including, but not limited to, changes in domestic and foreign business, market, financial, political, and legal conditions; risks relating to the uncertainty of the projected financial information with respect to Westrock Coffee; risks related to the rollout of Westrock Coffee's business and the timing of expected business milestones; the effects of competition on Westrock Coffee's business; the ability of Westrock Coffee to issue equity or equity-linked securities or obtain debt financing in the future; the risk that Westrock Coffee fails to fully realize the potential benefits of acquisitions or has difficulty successfully integrating acquired companies; the availability of equipment and the timely performance by suppliers involved with the build-out of the Conway, Arkansas manufacturing facility and distribution center; the loss of significant customers; and those factors discussed in Westrock Coffees registration statement on Form S-1, which was deemed effective by the United States Securities and Exchange Commission (the SEC) on December 21, 2022, under the heading Risk Factors, and other documents Westrock Coffee has filed, or will file, with the SEC. When the symbol you want to add appears, add it to My Quotes by selecting it and pressing Enter/Return. Your password must be at least 8 characters long and contain at least 1 number, 1 letter, and 1 special character. Words such as anticipate, estimate, expect, intend, plan, and project and other similar words and expressions are intended to signify forward-looking statements. The company was founded by Luvleen Sidhu in May 2016 and is headquartered in Wayne, PA. . 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. Entry into a Material Definitive Agreement. In connection with the Special Meeting, 500 shares of Class A common stock were redeemed. | Source: A registration statement relating to these securities has been filed with, and declared effective by, the Securities and Exchange Commission on August 23, 2018. Compare your portfolio performance to leading indices and get personalized stock ideas based on your portfolio. Leading Brand Behind the Brands to Expand Omnichannel Marketing and New Product Development. 326 E 8th St #105, Sioux Falls, SD 57103 Westrock Coffee anticipates that subsequent events and developments will cause Westrock Coffee's assessments to change. Megalith Financial Acquisition's mailing address is 535 5TH AVE 29TH FLOOR, NEW YORK NY, 10017. All rights reserved. With the resources and momentum that Westrock Coffee brings, we are ready to get to work and fuel the product development and e-commerce offerings of the Company.. 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. 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 . This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. 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. Remington and I are thrilled to take our careers and company to the next level by joining forces with Westrock Coffee, said Miles Fisher. Megalith Financial Acquisition Corp. is a blank check company incorporated in Delaware for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase,. These symbols will be available throughout the site during your session. You'll now be able to see real-time price and activity for your symbols on the My Quotes of Nasdaq.com. Statements preceded by, followed by, or that include the words may, could, should, pro forma, looking forward, would, believe, expect, anticipate, estimate, intend, plan, or similar expressions generally indicate a forward-looking statement. Upon closing of the Merger, Customers received cash consideration of $23.1 million and holders of Customers common stock who held their Customers shares as of the close of business on December 18, 2020 became entitled to receive an aggregate of 4,876,387 shares of BMT's common stock, representing approximately 41% of the outstanding common stock of BMT. 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. Type a symbol or company name. Top Stocks. Global Markets News Expert Spotlight TipRanks Labs Earnings Reports Insights Market Breakdowns Dividend Stock News Crypto News. The Company expects that its common stock and public warrants will begin to trade on the NYSE American LLC under the ticker symbols BMTX and BMTX.W, respectively, on or about January 6, 2021. December 21, 2020 21:42 ET Please refer to the risks detailed from time to time in the reports we file with the Securities and Exchange Commission (SEC), including our proxy statement/prospectus filed with the SEC on December 11, 2020, 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. Duane Morris LLP is acting as independent counsel to Customers Bancorps special committee. TipRanks 46d. Real-time analyst ratings, insider transactions, earnings data, and more. Please disable your ad-blocker and refresh. We are excited to welcome them to the Westrock Coffee team and look forward to integrating their talents and ideas into our portfolio.. 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). Get 30 Days of MarketBeat All Access Free, Sign in to your free account to enjoy these benefits. 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. It intends to effect a merger, capital stock exchange, asset acquisition, stock purchase, reorganization, or similar business combination with one or more businesses. 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). Actual events and circumstances are difficult or impossible to predict and will differ from assumptions. The official website for the company is www.megalithfinancial.com. Forward-looking statements are not guarantees of future results and conditions but rather are subject to various risks and uncertainties. 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. 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. 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. Westrock Coffee is a leading integrated coffee, tea, flavors, extracts, and ingredients solutions provider in the U.S., providing coffee sourcing, supply chain management, product development, roasting, packaging, and distribution services to the retail, foodservice and restaurant, convenience store and travel center, CPG, non-commercial, and hospitality industries around the world. Copies of the prospectus may be obtained by contacting Chardan Capital Markets, LLC, 17 State Street, 21st Floor, New York, New York 10004. To ensure economic efficiency, the parties currently expect the Proposed Transaction to close on January 4, 2021. Get short term trading ideas from the MarketBeat Idea Engine. 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. Westrock Coffee Company Announces Strategic Acquisition of Bixby Roasting Co. By: Westrock Coffee Company via Business Wire. Bixby co-founders Miles Fisher and Remington Hotchkis, both of whom will be joining the Westrock Coffee senior management team, launched the company in 2017. Our daily ratings and market update email newsletter. 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) The terms of the transaction were not disclosed. Merger Agreement This section describes the material provisions of the Merger Agreement but does not purport to. These documents can be obtained free of charge from the sources indicated above. Chardan is also acting as a capital markets advisor to MFAC. Keefe, Bruyette, & Woods, - a Stifel Company is acting as financial advisor and capital markets advisor to MFAC. It offers a mobile banking platform in the U. S. that provides access to checking and savings accounts, personal loans and credit cards. Sign in to your free account to enjoy all that MarketBeat has to offer. 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. Contact A.J. 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. BMT is one of the largest digital banking platforms in the United States and is very well positioned to take advantage of the positive digital banking trends sweeping the nation, stated Jay Sidhu, Customers Bancorps Chairman and CEO. 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. These statements are based on various assumptions, whether or not identified in this communication, and on the current expectations of the management of Westrock Coffee as of the date hereof and are not predictions of actual performance. 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. These forward-looking statements should not be relied upon as a representation of Westrock Coffee's assessments as of any date subsequent to the date of this communication. Stockholders will also be able to obtain copies of the final Prospectus and the Definitive Proxy Statement, without charge, once available, 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. Additional Information and Where to Find It. Find the latest Megalith Financial Acquisition Corp, MFAC stock market data. All BMT serviced deposits and loans will remain at Customers Bank immediately after the closing of the transaction. Pro forma net leverage of 4.2x based upon 2020E pro forma core EBITDA of $3.8M. The offering is being made only by means of a prospectus. View source version on businesswire.com: https://www.businesswire.com/news/home/20210105005588/en/, Jay Sidhu, Chairman & CEO 610-935-8693 FREE Breaking News Alerts from StreetInsider.com! The company focuses on companies in the financial services industry or businesses providing technological services to the financial industry. With offices in 10 countries, the Company sources coffee and tea from 35 origin countries. Watch. 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. Listen to this article 2 min. Partnership with T-Mobile in offering T-Mobile MONEY, Highly attractive distribution channel through market leading position in higher education reaches one in every three college students, BankMobile provides its Banking-as-a-Service (BaaS) to colleges and universities through its BankMobile Disbursements business, which reaches more than five million students on 722 campuses nationwide, Unique offering delivers a full-service digital banking platform, connecting customers with a partner bank, In addition to its omni-channel digital banking apps delivered on a modern technology platform, BankMobile provides full-service banking support and access to a bank partner, The full-service digital banking platform includes back-office support, state of the art mobile-first onboarding systems, deposit operations, fraud management, and customer care, Enterprise Value of $140 million at only 1.3x 2021E Revenues and 1.0x 2022E Revenues, Highly experienced and recognized management team and board, Executive management team averages 24 years of industry experience, CEO, Luvleen Sidhu, graduate of Harvard University and Wharton School and recognized as 2019 Fintech Woman of the Year by LendIt Fintech, Very experienced board of independent directors expected to be named shortly. 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. 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. 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. contact@marketbeat.com Megalith Financial Acquisition's mailing address is 535 5TH AVE 29TH FLOOR, NEW YORK NY, 10017. 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.). 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. This communication is being made in respect of the Proposed Transaction. Springleaf (LEAF) Stock Soars as OneMain Financial Acquisition Gains Regulatory Approval, Dynasty Financial acquires St. Pete firm on the heels of capital raise, Agrinam Acquisition Corporation Announces Third Quarter Interim Financial Results, Cowen Financial Products LLC Cuts Stake in Breeze Holdings Acquisition Corp (BREZ), SMBC Aviation Capital says it would consider further acquisitions, Captrust Buys $2.3 Billion RIA, Building on Recent Acquisitions, Financial Strategies Acquisition Announces Extension Of Termination Date, Additional Contribution To Trust Account To Extend Termination Date, GRAPHITE: "Essential for America's National Defense", Making Accounting Teams Your Secret Weapon In The Time Of Mergers And Acquisitions, SPAC Backed by Father Gains 84% Buying Firm Run by Daughter, SPAC Backed by Father Fuels 84% Gain Buying Firm Run by Daughter, BM Technologies (NYSE: BMTX) Honors 178 Leading Higher Education Institutions, BM Technologies (NYSE: BMTX) To Announce Fourth Quarter and Full Year 2020 Results. NOT FOR DISTRIBUTION TO U.S. NEWSWIRES OR DISSEMINATION IN THE UNITED STATES. 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. Recently announced an execution of an agreement with Google to introduce digital bank accounts built on BankMobiles existing infrastructure. 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. Megalith Financial Acquisition News: This is the News-site for the company Megalith Financial Acquisition on Markets Insider Dividend). Megalith Financial Acquisition (NYSE:MFAC) has a market capitalization of $26.81 million. We believe that BankMobiles approach to collaborate with distribution partners and partner banks, positions it well to continue to grow as an increasing number of non-banks are looking to offer financial services to their existing customers. If you have an ad-blocker enabled you may be blocked from proceeding. Upgrade to MarketBeat Daily Premium to add more stocks to your watchlist. The Merger closed on January 4, 2021 (the "Merger Closing Date"). In addition, at the closing, Customers Bank may be repaid a portion of the $40 million debt owed to it by BMT with the new Company assuming any unpaid debt. The company plans to . China is aggressively locking up mines and production. Words such as anticipate, estimate, expect, intend, plan, and project and other similar words and expressions are intended to signify forward-looking statements. Is Stellantis Stock a Value Investors Dream? There may be additional risks that Westrock Coffee does not presently know, or that Westrock Coffee currently believes are immaterial, that could also cause actual results to differ from those contained in the forward-looking statements. 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. Megalith Financial Acquisition Corp. NEW YORK, NY, Dec. 21, 2020 (GLOBE NEWSWIRE) -- Megalith Financial Acquisition Corp. (the Company or MFAC) (NYSE American: MFAC, MFAC.W, MFAC.U), a special purpose acquisition company, today held its previously announced special meeting of stockholders (the Special Meeting). Get daily stock ideas from top-performing Wall Street analysts. S&P 500, Nasdaq slip as rising yields spook investors, Lowe's (LOW) reports sales and revenue forecast below consensus; analyst says still 'better than feared', 3M (MMM) rises on positive DoD data related to earplug litigation, Kohl's (KSS) falls on weak results, outlook; results 'awful' says analyst, Chinese ADRs gain as strong PMI reports point to reopening bounce, Ford Motor (F) Declares $0.65 Special Dividend; 4.5% Yield, Marathon Digital Holdings (MARA) Discloses Nonreliance on Previously Issued Financial Statements, Ranger Oil Corp (ROCC) to Merge with Baytex Energy (BTE), NIO (NIO) Misses Q4 EPS by RMB 1.27, Misses on Revenue, Delivers 40K Vehicles; Offers Q1 Guidance, Midday movers: Novavax, Eli Lilly, Kohl's and more, Kohl's, Rivian and AMC Entertainment fall premarket; GM and Procter&Gamble rise, After-hours stock movers: Novavax sinks on results, B&G Foods gains, Midday movers: Target, Norwegian Cruise Line, AMC Entertainment and more, Target, Norwegian Cruise Line fall premarket; Chevron and Zoom rise, Opportunity to disrupt massive U.S. banking market, Consumer preferences are changing rapidly, and banks are slow to adapt, Americans paid $34B in overdraft fees alone in 2017, Non-Banks increasingly want to engage their customers via financial services; however, the technical and regulatory challenges are substantial, B2B2C model delivers high-volume, low-cost customer acquisitions, By partnering with very large companies with established brand equity and loyal customer bases, BankMobile is able to leverage its technology and significantly reduce its customers acquisition costs while providing substantial benefits to its business partners, BankMobiles customer acquisition cost today averages less than $10 per new account, Collaborations with industry leading companies. Chardan acted as sole book running manager in the offering. Latest News Lists & Leads . . Export data to Excel for your own analysis. At the closing of the transaction, MFAC will change its name to BM Technologies. About Megalith Financial Acquisition Corp. Megalith Financial Acquisition Corp. is a blank check company incorporated in Delaware for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses, with a focus on the fintech or financial services industries. Upon closing of the transaction, the combined company will operate as BM Technologies Inc. and expects to be listed on the NYSE. Additional Information and Where to Find It. The transaction reflects an enterprise value for the Company of $140 million. This press release contains statements that constitute forward-looking statements, including with respect to the anticipated use of the net proceeds. American Consumer News, LLC dba MarketBeat 2010-2023. Megalith Financial Acquisition (NYSE:MFAC) has a market capitalization of $24.73 million. The Company anticipates the transfer to the NYSE American to occur on or about December 11, 2020. 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. MFAC consummated its initial public offering on the NYSE in August 2018 and is listed under the symbol MFAC. More information can be found on its website at http://www.megalithfinancial.com. To ensure this doesnt happen in the future, please enable Javascript and cookies in your browser. Westrock Coffee is the beverage industrys brand behind the brands, supplying the worlds most recognized brands with the worlds most transformative coffee, tea, flavors, extracts, and ingredients products. Launched in January 2015, BankMobiles mission has been to provide a compliant, mobile-first banking experience that is simple, affordable, and consumer-friendly. 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? Fundamentals. Dunklau, CEO of MFAC said, There has been rapid growth of digital banking platforms, or neobanks, as many customers search for less burdensome access to banking services. Each warrant entitles the holder thereof to purchase one share of the Company's Class A common stock at $11.50 per share. 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 an era when digital banking continues to expand, we look forward to building our business over the coming years and taking advantage of all strategic opportunities, said BankMobile CEO Luvleen Sidhu. As previously announced, Megalith Financial Acquisition Corp. (Megalith), MFAC Merger Sub Inc. (Merger Sub), Customers Bancorp, Customers Bank and BankMobile Technologies, Inc., a wholly-owned subsidiary of Customers Bank (BankMobile) had entered into an Agreement and Plan of Merger (as amended to date, the Merger Agreement), which provided for the merger of BankMobile with and into Merger Sub (the Merger), with Merger Sub surviving the Merger as a wholly-owned subsidiary of Megalith. From roast and ground coffees to tea and ready-to-drink beverages, Westrock Coffee offers a comprehensive list of beverage solutions to the industry. Megalith Financial Acquisition Corp. does not have significant operations. WEST READING, Pa.--(BUSINESS WIRE)-- 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 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 Business Combination and shall not constitute an offer to sell or a solicitation of an offer to buy the securities of the Company, 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.