BM Technologies Inc. (NYSE American:BMTX) Stock Soars 47% On Acquisition News
If you are looking into the notable gainers from last Friday, then it would be difficult to look past the BM Technologies Inc. (NYSE American:BMTX) stock, which clocked gains of 47% amidst strong interest. In light of the movement, it could be a good time to look into the announcement that was made on the same day.
BM Technologies to be Acquired by First Carolina Bank for $67 Million
On October 25, BM Technologies announced that it had entered into a definitive agreement by way of which the company would be acquired by First Carolina Bank. As per the provisions of the agreement, First Carolina Bank would pick up all the outstanding shares of the BM Technologies common stock. The stock would be picked up for $5 a share in a transaction conducted entirely in cash. That would bring the equity value of the transaction to $67 million.
High Premium
The $5 per share price offered by First Carolina Bank would represent a premium of 55% on the share price of the company as of October 24, 2024. Moreover, it represented a premium of 90% on the share price on August 14, 2024, the day after which BM Technologies announced that it had received interest with regards to an acquisition.
Following the closure of the transaction, the company would operate as a fully owned subsidiary unit of First Carolina Bank, and the shares would no longer be listed on the New York Stock Exchange.
CEO Quote
Luvleen Sidhu, Founder, Chair, and CEO of BMTX, said,We are excited to announce this transaction with our partner bank, First Carolina. This transaction not only delivers a significant premium to our stockholders but will also bring enhanced banking services and technology to all current BMTX customers as well as current and future FCB customers. After closing, I look forward to supporting Jamie and the FCB team in integrating BMTX successfully and supporting their future growth plans while exploring new opportunities for the next phase of my career.”
Technicals
| +/- EMA(20) | 3.55 (+33.80%) |
| +/- SMA(50) | 3.23 (+47.06%) |
| +/- SMA(200) | 2.47 (+92.31%) |
| 5-Day Perf. | +45.71% |
| 1-Month Perf. | +38.48% |
| 3-Month Perf. | +78.57% |
| 6-Month Perf. | +220.95% |
| YTD Perf. | +131.71% |
| 1-Year Perf. | +103.86% |
| RSI(14) | 78.42 |
| ATR(14) | 0.27 |
| ADX(14) | 21.88 |
| Beta (5Y) | 0.17 |