BM Technologies Completes Acquisition by First Carolina Bank

BM Technologies, Inc., a Delaware corporation, recently announced the successful completion of its acquisition by First Carolina Bank, a North Carolina state-chartered bank. The acquisition was finalized on January 31, 2025, following the Agreement and Plan of Merger dated October 24, 2024. First Carolina Bank, also known as Parent, merged with BM Technologies, Inc., with the latter now operating as a wholly owned subsidiary of Parent.

The acquisition terms stated that each share of common stock (Common Stock) of BM Technologies, Inc. outstanding before the effective time was converted into the right to receive $5.00 per share in cash, subject to tax withholding. Additionally, all eligible Company Stock Awards were canceled and converted to cash based on the Merger Consideration.

Regarding warrants, each unexercised warrant to purchase Common Stock ceased to represent a warrant for stock and became exercisable for the merger consideration per the terms of the Warrant Agreement. Adjustment provisions were also made to the exercise price of the warrants under certain conditions.

Following these transactions, BM Technologies notified the NYSE American LLC (NYSE) of the merger’s completion and initiated the delisting process for the Common Stock and Company Warrants. The Company halted trading of the securities on February 3, 2025.

As a result of the acquisition, a change in control of BM Technologies occurred, with the company now operating as a wholly owned subsidiary of Parent. The funding for the acquisition was provided through cash on hand.

Consequent to the merger, there were changes in the board of directors and officers of BM Technologies. Multiple resignations and appointments took effect as of the Effective Time. Furthermore, amendments were made to the company’s certificate of incorporation and bylaws in line with the Merger Agreement.

The Full Merger Agreement and the Warrant Agreement, along with related financial information, are available for public review. This acquisition marks a significant event for BM Technologies, reshaping its structure and operations under the ownership of Parent.

This release serves as a summarization of the key details of BM Technologies’ recent acquisition by First Carolina Bank, shedding light on the notable changes and developments within the company.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read BM Technologies’s 8K filing here.

About BM Technologies

BM Technologies, Inc, a financial technology company, facilitates deposits and banking services between a customer and its partner banks in the United States. It offers digital banking and disbursement services to consumers and students through a full service fintech banking platform. The company was formerly known as BankMobile Technologies, Inc and changed its name to BM Technologies, Inc in January 2021.