Megalith Financial Acquisition Corp. in a filing today amended its merger agreement with BankMobile Technologies involving BankMobile’s parent company, Customers Bank.
The original agreement provided that a portion of the consideration payable to Customers Bank was to be paid in shares of the Company’s Class A common stock to Customers Bank. Pursuant to the First Amendment, the Original Agreement was amended to provide that (i) Customers Bancorp would become a party to the Merger Agreement, (ii) the Merger Consideration Shares will now be issued to the stockholders of Customers Bancorp, and (iii) Customers Bancorp may at its discretion, upon written notice to the Company, redirect or reallocate the distribution of the Merger Consideration Shares at any time prior to the closing of the Proposed Transaction (the “Closing”) to other parties. The agreement was also amended to provide restrictions on the sale or transfer of the Merger Consideration Shares for a period of 12 months after the closing, rather than for 180 days as cited in the the Lock-Up Agreement. Read more.
Megalith also filed a registration statement for shares in the proposed merger with BankMobile. Read more.
Megalith Financial Acquisition Corp. Amends Merger Agreement With BankMobile Technologies
