BM Technologies Stockholders to Receive $5.00 Per Share in Cash, Representing 55% Premium to Market

RADNOR, PA / ACCESSWIRE / October 25, 2024 / BM Technologies, Inc. (NYSE:BMTX) ("the Company" or "BMTX"), one of the largest digital banking platforms, today announced it has entered into a definitive agreement to be acquired by First Carolina Bank ("FCB" or "First Carolina") 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 $67 million.

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.