FG New America Acquisition stockholders voted in favor of the SPAC’s merger with Opportunity Financial, a consumer-focused FinTech platform.
The closing of the business combination is expected today. OppFi common stock and warrants are expected to trade on the NYSE under OPFI and OPFI WS beginning July 21.
The SPAC said 14.8 million outstanding public shares were redeemed ahead of thre vote, leaving approximately $91.6 million in trust.
FG New America in an 8-K filing last week said OppFi agreed to waive the closing condition on the business combination agreement requiring at least $200 million in cash to seal the deal. The agreement was changed to reflect a new minimum of $83 million and to revise the investor rights agreement to permit the additional equity in the company and OppFi that will be issued in lieu of cash as a result of the waiver to be excluded from the lock-up provisions. Read more.
