FTAC Olympus Acquisition Corp. (FTOC stock) shares surged in the premarket trading session at the last check by 4.23% to trade at the price of $10.83. The FTOC stock’s shares were traded in the price range that was between $10.31 and $10.655.
What you need to know about FTAC Olympus Acquisition Corp
FTAC Olympus Acquisition Corp is a blank check company and like every other blank check and SPAC companies it focuses on effecting mergers, mediate exchange asset acquisition, single or multiple business combinations along with reorganization and share purchase. FTOC stock is being led by Betsy Z. Cohen as the Chairman of the Board and the Chief Executive Officer being Ryan M. Gilbert with the special aim of acquiring and business combinations of technology and fintech services companies. The company was established in 2020 and is headquartered in Philadelphia, Pennsylvania.
Payoneer journeys towards becoming Public
Payoneer has embarked on a journey from being a disruptive startup and pioneer in the financial technology industry to the industry leader. It currently is planning on going public through a merger with the FTAC Olympus Acquisition Corp which is the SPAC of the Bancorp founder Betsy Cohen. The merger is valued at US$3.3 billion and later this month the company has decided to start trading on the NASDAQ exchange. The ticker for the company under the exchange will be “PAYO”.
The strategy of business evolution in Payoneer as is envisioned by its CEO Scott Galittbelieves that Payoneer actualizes the potential of the open commerce era that we are currently living in. Galitt believes that the business should transform to align with open commerce in a way that it becomes a universally inclusive partner for every customer in the global commerce world.
Rebranding of the logo to showcase the universality
Pursuant to this strategy development and growth, Payoneer has recently announced the rebranding of its logo to reflect its vision in today’s market of digital commerce. The new logo has a circle as a symbol which depicts all spectrums of colors to reflect “universality”.
Approval of business combination of FTOC and PAYO
Today FTOC stock announced that FTAC Olympus had held an Extraordinary General Meeting on 23rd June 2021 in which FTOC shareholders had approved the proposed business combination with PayoneerInc. through a majority of the vote. The voting statistics showcase that 65% of FTOC shareholders had taken part in the voting out of which 97.8% of the votes had approve the merger.
The combined company name has been announced to be “Payoneer Global Inc.” with the ticker symbol for common stock and warrants to be “PAYO” and “PAYOW”. Security Exchange Commission will receive an 8-K form soon from FTOC stock to disclose the full voting results.
