Payoneer to begin trading today under ticker symbol PAYO
DUBAI, UAE, June 29, 2021 /PRNewswire/ -- Payoneer Inc.
("Payoneer"), the commerce technology company powering payments and
growth for the new global economy, and FTAC Olympus Acquisition
Corp. (NASDAQ: FTOC) ("FTOC"), a special purpose acquisition
company, announced on Friday that they have completed their
business combination. The business combination was approved by
FTOC's shareholders at an extraordinary general meeting held on
June 23,
2021.
As a result of the completion of this business combination, a
new public entity under the name Payoneer Global Inc. ("the
Company"), and its common stock and warrants, will begin trading
today on the Nasdaq stock market under the ticker symbol "PAYO" and
"PAYOW", respectively.
Payoneer's global management team, led by Scott Galit, Chief Executive Officer,
Michael Levine, Chief Financial
Officer, and Keren Levy, Chief
Operating Officer, will continue to lead the Company.
The transaction includes a $300
million PIPE investment from investors including 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.
"We are thrilled to be a public company and join forces with
Betsy and the entire FTOC team," said Scott
Galit, Chief Executive Officer of Payoneer. "Through our 15
years, we have built a global platform that is trusted by millions
of customers worldwide, from aspiring entrepreneurs to the world's
leading digital brands and are now the go-to partner for digital
commerce, everywhere. We are just scratching the surface of
the enormous opportunity ahead to help businesses grow and scale in
the new global economy. This move into the public markets is an
important step on our journey to provide any business, in any
market, the technology, connections and confidence to realize their
potential."
Betsy Cohen, Chairman of the
Board of Directors of FTAC Olympus Acquisition Corp., stated, "The
Payoneer team has positioned the company incredibly well to
capitalize on the expansion of global commerce, and we are proud to
be their partner during this next phase of growth. Payoneer
has a strong balance sheet with ample capital to expand its already
broad suite of services, both organically, by deepening existing
merchant relationships and continuing to build new ones, and
through strategic acquisitions."
Financial Technology Partners served as exclusive financial and
capital markets advisor to Payoneer. Davis
Polk & Wardwell LLP served as legal counsel to Payoneer
and Paul Hastings served as
regulatory counsel to Payoneer. PwC served as Payoneer's
auditors. EY served as Payoneer's tax and public markets
advisor.
Citi and Goldman Sachs & Co. LLC served as financial and
capital markets advisors to FTOC. Cantor Fitzgerald also served as
capital markets advisor to FTOC, and Morgan, Lewis & Bockius
LLP served as legal counsel to FTOC.
About Payoneer
Payoneer (NASDAQ: PAYO) is the world's go-to partner for digital
commerce, everywhere. From borderless payments to boundless growth,
Payoneer promises any business, in any market, the technology,
connections and confidence to participate and flourish in the new
global economy.
Since 2005, Payoneer has been imagining and engineering a truly
global ecosystem so the entire world can realize its potential.
Powering growth for customers ranging from aspiring entrepreneurs
in emerging markets to the world's leading digital brands like
Airbnb, Amazon, Google, Upwork, and Walmart, Payoneer offers a
universe of opportunities, open to you.
About FTAC Olympus Acquisition Corp.
FTAC Olympus Acquisition Corp. is a blank-check company led by
Betsy Z. Cohen as Chairman of the
Board and Ryan M. Gilbert as
President and Chief Executive Officer formed for the purpose of
acquiring or merging with one or more technology and financial
services technology companies.
Forward-Looking Statements
This press release includes, and oral statements made from time
to time by representatives of FTOC and Payoneer may be considered,
"forward-looking statements" within the meaning of the "safe
harbor" provisions of the United States Private Securities
Litigation Reform Act of 1995. Forward-looking statements generally
relate to future events or FTOC's, Payoneer's or New Starship
Parent Inc.'s future financial or operating performance. For
example, projections of future Volume, Revenue, and Operating
Income are forward-looking statements. In some cases, you can
identify forward-looking statements by terminology such as "may,"
"should," "expect," "intend," "will," "estimate," "anticipate,"
"believe," "predict," "potential" or "continue," or the negatives
of these terms or variations of them or similar terminology. Such
forward-looking statements are subject to risks, uncertainties, and
other factors which could cause actual results to differ materially
from those expressed or implied by such forward looking statements.
These forward-looking statements are based upon estimates and
assumptions that, while considered reasonable by FTOC and its
management, and Payoneer and its management, as the case may be,
are inherently uncertain. Factors that may cause actual results to
differ materially from current expectations include, but are not
limited to: (1) the outcome of any legal proceedings that may be
instituted against FTOC, Payoneer, New Starship Parent Inc. or
others following the announcement of the Reorganization and any
definitive agreements with respect thereto; (2) the ability to meet
applicable listing standards following the consummation of the
Reorganization; (3) the risk that the Reorganization disrupts
current plans and operations of Payoneer as a result of the
announcement and consummation of the Reorganization; (4) the
ability to recognize the anticipated benefits of the
Reorganization, which may be affected by, among other things,
competition, the ability of the combined company to grow and manage
growth profitably, maintain relationships with customers and
suppliers and retain its management and key employees; (5) costs
related to the Reorganization; (6) changes in applicable laws or
regulations; (7) the possibility that Payoneer or the combined
Company may be adversely affected by other economic, business
and/or competitive factors; (8) Payoneer's estimates of its
financial performance; and (9) other risks and uncertainties set
forth in the section entitled "Risk Factors" and "Cautionary Note
Regarding Forward-Looking Statements" in FTOC's Prospectus dated
August 25, 2020 filed with the SEC on
August 26, 2020, the section entitled
"Risk Factors" in FTOC's Annual Report on Form 10-K for the fiscal
year ended December 31, 2020, as
amended, as well as any further risks and uncertainties contained
in the definitive proxy statement / prospectus filed by FTOC and
New Starship Parent Inc. on June 1,
2021. Nothing in this press release should be regarded as a
representation by any person that the forward-looking statements
set forth herein will be achieved or that any of the contemplated
results of such forward-looking statements will be achieved. You
should not place undue reliance on forward-looking statements,
which speak only as of the date they are made. None of FTOC,
Payoneer or New Starship Parent Inc. undertakes any duty to update
these forward-looking statements.
Investor Contact:
PayoneerIR@icrinc.com
Media Contact:
PayoneerPR@icrinc.com