FinServ Acquisition shareholders voted in favor of the merger with e-commerce financial tech company Katapult, the SPAC said in an 8-K filing.
Total consideration paid to Katapult’s existing shareholders would be $833 million.
Upon closing the combined company will operate as Katapult and trade on the Nasdaq under “KPLT”. The transaction reflects an implied pro forma combined enterprise value of approximately $1 billion.
Katapult is a provider of e-commerce point-of-sale purchase options for nonprime US consumers. Katapult’s fully digital platform provides consumers with a flexible lease purchase option on durable goods.
The SPAC said 6,388 shares were redeemed ahead of the merger vote for $10.05 per share, a negligible amount though still a peculiar move since the SPAC’s shares were trading at $13.81 ahead of the vote — meaning the investors who cashed out left more than $24,000 on the table. Read more.
