With Purpose (dba GloriFi) entered a merger agreement with DHC Acquisition in a deal with an enterprise value of $1.7 billion. If approved, the company expects to trade on the Nasdaq under the ticker symbol GLRI.
The transaction is expected to provide up to approximately $279 million (assuming no redemptions by DHC shareholders). GloriFi’s existing equity holders will roll forward 100% of their shares.
The deal has a $90 million minimum cash condition.
GloriFi in a press release describes itself as “a pro-freedom, pro-America, pro-capitalism technology company that will soon offer best-in-class financial services such as credit cards, insurance, mortgages, brokerage, and banking products, empowering members to put their money where their values are and preserve the country they believe in. Members will soon be able to download a state-of-the-art financial lifestyle app offering personalized news, weather, market data, and insights to help them navigate their finances and make better financial decisions amidst a challenging economy.”
Toby Neugebauer is GloriFi’s founder & CEO. He also elads Banzai Funding Group.
Based in Dallas, in 2015 he was the sole donor to Texas Sen. Ted Cruz’ Super PAC, Keep The Promise II, contributing $10 million, which was one of the largest campaign donations ever made of this type.
Neugebauer was in charge of the Super PAC, later withdrawing the remaining $9 million after Cruz quit the presidential race in May 2016. Read more.
