A SPAC merger announced in February between fintech MoneyLion and Fusion Acquisition Corp (NYSE: FUSE) is nearing a close with a merger vote date announced on Friday.
What Happened: A merger vote between Fusion Acquisition Corp and MoneyLion was announced for September 21. If the merger is approved, the combination is expected to close on September 22.
The new company will be named MoneyLion Inc and will list under the ticker ML on the NYSE.
“We are excited to reach this important milestone on our path to becoming a publicly-traded company,” MoneyLion CEO and Founder Dee Choubey said.
The merger values MoneyLion at a pro forma enterprise value of $2.4 billion. The company will use the net proceeds to accelerate the company’s growth and scale and introduce new products.
Related Link: September SPAC Merger Calendar: A Look At Upcoming Votes And Stocks To Watch
Company Update: MoneyLion reported second quarter revenue of $38.2 million, up 125% year-over-year. Total customers for the company grew 113% year-over-year to 2.2 million.
“The strong user and volume growth we’ve seen over the past year only reinforces our conviction about the value of MoneyLion’s customer proposition and the opportunity in front of us and we look forward to successfully completing the proposed business combination,” Choubey said.
MoneyLion has added several members to its Board of Directors since the merger was announced. This includes Matt Derella, formerly of Twitter Inc (NYSE: TWTR), Oxygen Media co-founder Lisa Gersh, Disney+ and ESPN+ President Michael Paull, Jeff Gary from Fusion Acquisition, former SEC Commissioner Annette Nazareth and Dwight Bush Sr.
The company is expected to announce additional product launches later in 2021.
Photo: Courtesy of moneylion.com
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