Payoneer Now a Public Company – Will start trading under the ticker PAYO | Payoneer and FTAC Olympus Acquisition Corp. have merged to form a new company. Payoneer will start trading under the ticker PAYO.
PHILADELPHIA, PA and NEW YORK, NY – June 28th, 2021 – On Friday, Payoneer Inc. (“Payoneer”), a commerce technology company that powers payments and growth for the new global economy, and FTAC Olympus Acquisition Corp. (NASDAQ: FTOC) (“FTOC”), a special purpose acquisition company, announced that their business combination was completed. At an extraordinary general meeting on June 23, 2021, FTOC shareholders approved the corporate combination.
Payoneer Global Inc. (“the Company”), and its common stock and warrants, will begin trading on the Nasdaq stock exchange today under the ticker symbols “PAYO” and “PAYOW,” respectively, as a result of the completion of this business combination.
Scott Galit, Chief Executive Officer, Michael Levine, Chief Financial Officer, and Keren Levy, Chief Operating Officer, will continue to oversee Payoneer’s global executive team.
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, made a $300 million PIPE investment in the transaction.
Payoneer’s Chief Executive Officer, Scott Galit, said, “We are excited to be a public company and join forces with Betsy and the entire FTOC team.” “Over the last 15 years, we’ve established a global platform that millions of consumers trust, from ambitious entrepreneurs to the world’s most well-known digital businesses, and we’ve become the go-to partner for digital commerce everywhere. We’ve only scratched the surface of the immense possibility to assist firms in growing and scaling in the new global economy that lies ahead. This entry into the public markets is a significant step forward in our mission to offer any firm, in any market, with the technology, connections, and confidence they need to reach their full potential.”
“The Payoneer team has positioned the company tremendously well to benefit on the expansion of global commerce, and we are thrilled to be their partner during this next chapter of growth,” said Betsy Cohen, Chairman of the Board of Directors of FTAC Olympus Acquisition Corp. Payoneer has a healthy bank sheet and enough of cash to extend its already extensive range of services, both organically and through strategic acquisitions.”
Payoneer’s sole finance and capital markets advisor was Financial Technology Partners. Payoneer’s legal counsel was Davis Polk & Wardwell LLP, and their regulatory counsel was Paul Hastings. Payoneer’s auditors were PwC. Payoneer’s tax and public markets advisor was EY.
FTOC received financial and capital markets advice from Citi and Goldman Sachs & Co. LLC. FTOC also had Cantor Fitzgerald as its capital markets advisor and Morgan, Lewis & Bockius LLP as its legal counsel.