Megalith Financial Acquisition Corporation (MFAC) Shareholders Approve BankMobile Deal

Megalith Financial Acquisition Corporation (NYSE:MFAC) announced that its shareholders approved its combination with digital banking company BankMobile at a special meeting yesterday.

Just 500 shares were redeemed in connection with the vote and even this amount was surprising given that Megalith opened at $13.88 ahead of the meeting and had an estimated $10.43 per share in trust. The SPAC will still have more than $27.6 million left in its trust, and is clearly not at risk of dropping below its deal’s $10 million minimum cash threshold.

The parties expect to close the transaction on January 4, 2021.

Megalith initially announced its $140 million deal with BankMobile August 6. It provides digital banking and payments services for institutions with a primary focus on universities.

The business combination and all other measures up for a vote passed nearly unanimously, but just over 1% voted against measures increasing the number of votes required to change the combined entity’s Board or bylaws.

For a full list of measures on the ballot as well as vote tallies, click HERE.