FTAC Olympus Acquisition said its shareholders voted to approve the proposed business combination with global payments and commerce platform Payoneer.
Following the reorganization, Payoneer is expected to have up to $563 million in cash.
The deal reflects an implied enterprise value at closing of approximately $3.3 billion, representing a 7.6x multiple of 2021 expected revenue of $432 million.
Nearly 98 percent of the votes cast were in support of the deal, the SPAC said. FTAC Olympus in the press release did not disclose whether there were redemptions ahead of the vote, nor was there any mention of redemptions in either of the SPAC’s two 8-K filings that followed the shareholders’ meeting.
The combined company will be named Payoneer Global. Common stock and warrants will trade on the Nasdaq under PAYO and PAYOW, respectively. Read more.
