Fusion Acquisition Corp. (NYSE:FUSE) announced in an 8-K filing today that its shareholders approved its combination with fintech platform MoneyLion at a shareholder vote held earlier this morning.
The filing did not disclose redemption numbers, but FUSE traded above $10 throughout its redemption deadline September 17, and climbed 10.47% today, closing at $10.76.
A total of 27,285,861, or 62.37%, of Fusion’s shares were present at today’s meeting. The business combination was overwhelmingly approved as it received 26,847,370 votes in favor of the proposal.
Fusion expects to close the deal tomorrow, September 22, and the combined company’s stock is expected to trade on the NYSE under the new ticker symbol “ML.”
The parties originally announced the $2.4 billion deal on February 12. MoneyLion is a comprehensive fintech platform that provides consumers a place to manage their investments, credit score, spending, and cash needs as well as interesting plans for debit card cash back and cryptocurrency rewards.
Earlier this month, MoneyLion launched a crypto investing feature that was added to its all-in-one banking app. The company also raised its annual revenue guidance ahead of the merger as it expects higher user growth and contribution of new products to drive growth through 2023.
- Citi, Broadhaven, and FT Partners acted as financial advisors to MoneyLion
- Davis Polk & Wardwell LLP acted as legal advisor to MoneyLion
- J.P. Morgan Securities LLC served as exclusive financial advisor and lead placement agent to Fusion
- Cantor Fitzgerald & Co. is acting as capital markets advisor to Fusion
- White & Case LLP acted as legal advisor to Fusion
- Citi, Cantor Fitzgerald & Co. and Odeon Capital Group, LLC also acted as co-placement agents on the PIPE
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