Payoneer, FTAC Olympus Acquisition Corp complete business combination
Payoneer Inc and FTAC Olympus Acquisition Corp (NASDAQ:FTOC), a special purpose acquisition company, have completed their business combination. The business combination was approved by FTOC’s shareholders at an extraordinary general meeting held on June 23, 2021.
A new public entity under the name Payoneer Global Inc and its common stock and warrants will begin trading today on the Nasdaq stock market under the ticker symbol “PAYO” and “PAYOW”, respectively.
Payoneer’s global management team, led by Scott Galit, Chief Executive Officer, Michael Levine, Chief Financial Officer, and Keren Levy, Chief Operating Officer, will continue to lead the Company.
The transaction includes a $300 million PIPE investment from investors including existing investor Wellington Management, as well as Dragoneer Investment Group, Fidelity Management & Research Company LLC, Franklin Templeton, certain funds managed by Millennium Management, funds and accounts advised by T. Rowe Price Associates, Inc., and Winslow Capital Management, LLC.
Betsy Cohen, Chairman of the Board of Directors of FTAC Olympus Acquisition Corp., stated,
“The Payoneer team has positioned the company incredibly well to capitalize on the expansion of global commerce, and we are proud to be their partner during this next phase of growth. Payoneer has a strong balance sheet with ample capital to expand its already broad suite of services, both organically, by deepening existing merchant relationships and continuing to build new ones, and through strategic acquisitions.”
Financial Technology Partners served as exclusive financial and capital markets advisor to Payoneer. Davis Polk & Wardwell LLP served as legal counsel to Payoneer and Paul Hastings served as regulatory counsel to Payoneer. PwC served as Payoneer’s auditors. EY served as Payoneer’s tax and public markets advisor.
Citi and Goldman Sachs & Co. LLC served as financial and capital markets advisors to FTOC. Cantor Fitzgerald also served as capital markets advisor to FTOC, and Morgan, Lewis & Bockius LLP served as legal counsel to FTOC.