BM Technologies to be acquired by First Carolina Bank for $5.00 per share

BM Technologies (BMTX) entered into a definitive agreement to be acquired by First Carolina Bank pursuant to which First Carolina will purchase all outstanding BMTX shares of common stock for $5.00 per share in an all-cash transaction with an equity value of approximately $67M. Under the terms of the agreement, BM Technologies stockholders will receive $5.00 per share in cash, which represents a 55% premium to the trading price per share of BM Technologies common stock as of October 24, 2024 and a 90% premium to market as of August 14, 2024, the day before BM Technologies disclosed that it had received inbound interest. Upon completion of the transaction, BM Technologies will become a wholly owned subsidiary of First Carolina Bank and shares of BM Technologies’ common stock will no longer be listed on the New York Stock Exchange. BM Technologies will continue operating under the BM Technologies name and be led by Jamie Donahue, current President and Chief Technology Officer of BMTX. The merger agreement has been approved by both the Boards of BMTX and First Carolina Bank and is subject to stockholder approval by stockholders of BMTX. The parties expect the transaction to close in the first quarter of 2025, subject to the satisfaction of customary closing conditions.