Consumer fintech company Opportunity Financial and FG New America Acquisition today announced they have entered into a definitive business combination agreement.
The implied equity value of the combined company at closing is approximately $800 million. The business combination is expected to be fully funded through cash in trust.
Upon closing, the combined company’s common stock is expected to trade on the NYSE under OPFI. The deal is expected to close by the end of the second quarter, pending shareholder approval.
Existing OppFi equityholders will initially retain approximately 62 percent ownership in the pro forma company, assuming none of the SPAC’s stockholders elect to redeem their shares in connection with the merger. Existing OppFi equityholders may also receive additional earn-out shares over three years if certain stock price targets are met. Read more.
