Payoneer Eyes Growing Universe Of Connected Opportunities After $3 Bn SPAC Listing Payoneer to begin trading under ticker symbol PAYO
By Prabhjeet Bhatla •
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The commerce technology company Payoneer Inc., powering payments and growth for the new global economy, and FTAC Olympus Acquisition Corp. (FTOC), a special purpose acquisition company, on Monday announced that they have completed their business combination. The business combination was approved by FTOC's shareholders at an extraordinary general meeting held on June 23, 2021.
As a result of the completion of this business combination, a new public entity under the name Payoneer Global Inc., and its common stock and warrants, will begin trading on the Nasdaq stock market under the ticker symbol PAYO and PAYOW, respectively, beginning on June 28, 2021.
Payoneer's global management team, led by Scott Galit, chief executive officer, Michael Levine, chief financial officer, and Keren Levy, chief operating officer, will continue to lead the company.
"We are thrilled to be a public company and join forces with Betsy and the entire FTOC team," said Scott Galit, chief executive officer, Payoneer. "Through our 15 years, we have built a global platform that is trusted by millions of customers worldwide, from aspiring entrepreneurs to the world's leading digital brands, and are now the go-to partner for digital commerce, everywhere. We are just scratching the surface of the enormous opportunity ahead to help businesses grow and scale in the new global economy. This move into the public markets is an important step on our journey to provide any business, in any market, the technology, connections, and confidence to realize their potential."
The transaction includes a $300 million PIPE investment from investors including existing investor Wellington Management, as well as Dragoneer Investment Group, Fidelity Management & Research Company LLC, Franklin Templeton, certain funds managed by Millennium Management, funds and accounts advised by T. Rowe Price Associates, Inc., and Winslow Capital Management, LLC.
"The Payoneer team has positioned the company incredibly well to capitalize on the expansion of global commerce, and we are proud to be their partner during this next phase of growth. Payoneer has a strong balance sheet with ample capital to expand its already broad suite of services, both organically, by deepening existing merchant relationships and continuing to build new ones, and through strategic acquisitions," stated Betsy Cohen, chairman of the board of directors, FTAC Olympus Acquisition Corp.
Financial Technology Partners served as exclusive financial and capital markets advisor to Payoneer. Davis Polk & Wardwell LLP served as legal counsel to Payoneer and Paul Hastings served as regulatory counsel to Payoneer. PwC served as Payoneer's auditors. EY served as Payoneer's tax and public markets advisors.
Citi and Goldman Sachs & Co. LLC served as financial and capital markets advisors to FTOC. Cantor Fitzgerald also served as capital markets advisor to FTOC, and Morgan, Lewis & Bockius LLP served as legal counsel to FTOC.
