the proposed transaction. New York City, May 20, 2020 (GLOBE NEWSWIRE) -- Megalith Financial Acquisition Corp (NYSE: MFAC) (“MFAC” or the “Company”) today announced it has signed a non-binding letter of intent and expects to sign a definitive agreement to acquire a digital banking platform that is among the fastest growing in the country with several million accounts. “seeks,” “may,” “will,” “should,” “future,” “propose” and These forward-looking statements are not guarantees of future performance, conditions or results, and involve a number of known and unknown risks, uncertainties, assumptions and other important factors, many of which are outside the Company's control, that could cause actual results or outcomes to differ materially from those discussed in the forward-looking statements. With attractive market tailwinds, industry-leading technology, and an innovative customer-acquisition model, MFAC management believes that the target company is well positioned to disrupt the U.S. banking market. More information can be found on its website at http://www.megalithfinancial.com About BankMobileEstablished in 2015, BankMobile Technologies is a division of Customers Bank and is among the largest mobile-first banking platforms in the U.S., offering checking and savings accounts, personal loans and credit cards. transactions contemplated by the proposed business combination; costs related to the proposed business combination; and those factors that provides a full suite of low-cost banking products including checking, savings, and credit cards to millennials and middle-income Completion of the transaction is subject to, among other things, the completion of due diligence, the negotiation and execution of a definitive agreement providing for the transaction, satisfaction of the conditions negotiated therein and approval of the transaction by the Company's stockholders. Such forward-looking statements include estimated financial information, including forward-looking statements with respect to revenues and earnings, as well as forward-looking statements with respect to performance, strategies, prospects and other aspects of the businesses of MFAC, Customers Bancorp (“CUBI”), Customers Bank and BankMobile, or the combined Company following completion of the proposed Transactions, which are based on current expectations that are subject to risks and uncertainties and are not predictions of actual performance. We don’t yet know the name of the company, and keep in mind that this is still a non-binding LOI, but on the face of it, this transaction sounds interesting. to stockholders of the Company as of a record date to be established for voting on the proposed transaction. © 2020 SPACInsider | Theme by Theme Ansar. May 20, 2020 INTEL by Kristi Marvin Megalith Financial Acquisition Corp. (MFAC), ahead of their May 26th shareholder vote to extend their deadline, announced this morning that they have signed a non-binding Letter of Intent to acquire a digital banking platform that, “is among the fastest growing in the country with several million accounts. The following information in the form of a press release supplements Megalith Financial Acquisition Corp. operates as a blank check company. Investors and security holders of the Company are advised to read the Extension Proxy Statement, the preliminary Transaction Proxy Statement and the definitive Transaction Proxy Statement, and any amendments thereto, because these documents will contain important information about the Extension, the Company and the proposed transaction. the proceeds of the Company’s initial public offering (the “Extension”). with the potential target company; matters discovered by the potential target company or the Company as they complete their respective The company expects to be EBITDA positive in fiscal year 2020. the completion of due diligence, the negotiation and execution of a definitive agreement providing for the transaction, satisfaction Home » Weekly IPO Updates » INTEL » Megalith Financial Drops a “Teaser” Ahead of Extension Vote, Megalith Financial Acquisition Corp. (MFAC), ahead of their May 26th shareholder vote to extend their deadline, announced this morning that they have signed a non-binding Letter of Intent to acquire a digital banking platform that, “is among the fastest growing in the country with several million accounts.“, Furthermore, the press release also says that the target company, “features an advanced, purpose-built platform via proprietary technology that provides a full suite of low-cost banking products including checking, savings, and credit cards to millennials and middle-income consumers.“. consumers. BankMobile Technologies is operating as the digital banking division of Customers Bank, which is a Federal Reserve regulated and FDIC-insured commercial bank. Megalith Financial Acquisition Corp. is a blank check company incorporated for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses in the fintech or financial services industries. These factors include, but are not limited to: (1) the occurrence of any event, change or other circumstances that could give rise to the termination of the Merger Agreement and the proposed Transactions; (2) the inability to complete the transactions contemplated by the Merger Agreement due to the failure to obtain approval of the stockholders of MFAC, any required regulatory approvals, or other conditions to closing in the Merger Agreement; (3) MFAC’s inability to meet the minimum cash requirements of the Merger Agreement due to a failure to complete the equity private placement or the amount of cash available following any redemptions by MFAC’s public stockholders; (4) the ability to meet NYSE listing standards following the consummation of the Transactions; (5) the risk that the proposed transaction disrupts current plans and operations of BankMobile as a result of the announcement and consummation of the Transactions; (6) the ability of CUBI and Customers Bank to recognize the anticipated benefits of the proposed Transactions, which may be affected by, among other things, competition, the ability of management to operate the combined Company as a stand-alone public company, the ability of the combined Company to grow and manage growth profitably, maintain relationships with customers and suppliers and retain its management and key employees, and the costs involved in CUBI and Customers Bank continuing to provide certain services to the combined Company; (7) costs related to the proposed Transactions; (8) changes in applicable laws or regulations; (9) the possibility that the combined Company may be adversely affected by other economic, business, and/or competitive factors; and (10) other risks and uncertainties indicated from time to time in other documents filed or to be filed with the Securities and Exchange Commission (“SEC”) by MFAC or CUBI.
Download Current Investor Presentation. The Company urges investors, stockholders and other interested persons to read, when available, the preliminary Transaction Proxy Statement as well as other documents filed with the SEC because these documents will contain important information about the Company, the potential target company and the transaction. Megalith Financial Acquisition Corp and BankMobile Merger Information . Forward-looking statements may be identified by the use of words such as “plan,” “intend,” “anticipate,” “believe,” “expect,” “estimate,” “forecast,” “target,” “project,” “predict,” “intend,” “plan” and “outlook” and other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. Investors and security holders of the Company are advised to read the Extension Proxy Statement, the preliminary Transaction Proxy Statement and the definitive Transaction Proxy Statement, and any amendments thereto, because these documents will contain important information about the Extension, the Company and the proposed transaction.
Megalith Financial Acquisition Corp. operates as a blank check company.
When used in this release, the words “estimates,” “projected,” “expects,” “anticipates,” “forecasts,” “plans,” “intends,” “believes,” “seeks,” “may,” “will,” “should,” “future,” “propose” and variations of these words or similar expressions (or the negative versions of such words or expressions) are intended to identify forward-looking statements. Dunklau, CEO of MFAC.
A.J. enter into a definitive agreement with respect to the proposed business combination or to complete the contemplated transactions Investor Call Replay. definitive proxy statement (the “Extension Proxy Statement”) to be used at its special meeting of stockholders to approve The definitive Transaction Proxy Statement will be mailed to the New York, New York 10017, ADDITIONAL INFORMATION REGARDING THE The Company mailed the Extension Proxy Statement and other relevant documents to its stockholders of record as of April 22, 2020 in connection with the Extension. Additional Information and Where to Find It. The Company and its directors and executive officers may be considered participants in the solicitation of proxies with respect to the Extension and the potential transaction described herein under the rules of the SEC. and the definitive Transaction Proxy Statement, and any amendments thereto, because these documents will contain important information The target company features an advanced, purpose-built platform via proprietary technology that provides a full suite of low-cost banking products including checking, savings, and credit cards to millennials and middle-income consumers. These forward-looking statements are not guarantees of future performance, conditions or results, and involve a number of known and unknown risks, uncertainties, assumptions and other important factors, many of which are outside the Company's control, that could cause actual results or outcomes to differ materially from those discussed in the forward-looking statements. company is well positioned to disrupt the U.S. banking market. any sale of any such securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior statement or solicitation of a proxy, consent or authorization with respect to any securities or in respect of the potential transaction Megalith Financial Acquisition Corp. Megalith Financial MFAC signs letter of intent w/ digital banking platform (potential SPAC play) Close. Dunklau (212) 235-0438 aj@megalithfinancial.com www.megalithfinancial.com. With attractive market are “forward looking statements” within the meaning of the “safe harbor” provisions of the United States All forward-looking statements and information set forth herein are based on the current beliefs and assumptions by management of each of MFAC, CUBI, Customers Bank and BMT as of the date hereof and speak only as of the date they are made. ANNOUNCES. The disclosure herein is not a proxy statement or solicitation of a proxy, consent or authorization with respect to any securities or in respect of the potential transaction and shall not constitute an offer to sell or a solicitation of an offer to buy the securities of the Company, nor shall there be any sale of any such securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of such state or jurisdiction. Information about the directors and executive officers of the Company and a description MEGALITH FINANCIAL ACQUISITION CORP. Readers are cautioned that the foregoing factors are not exclusive, and neither such factors nor any such forward-looking statement takes into account the impact of any future events. The Company does not undertake any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. Currency in USD, Trade prices are not sourced from all markets. The Company aims to acquire one and more businesses and assets, via a merger, capital stock exchange, asset acquisition, stock purchase, and reorganization.
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