FG New America Acquisition set a July 16 meeting date for shareholders to vote on the proposed merger with consumer-focused fintech platform Opportunity Financial.
The deal has an equity value of approximately $800 million.
Announced in February, the business combination is expected to be fully funded through cash in trust. The SPAC raised $225 million in a September IPO.
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.
If shareholders approve the deal, at closing the combined company’s common stock is expected to trade on the NYSE under OPFI. Read more.
