BM Technologies Shares Jump After Buyout Offer From First Carolina Bank

Dow Jones

2024-10-25

By Chris Wack

BM Technologies shares rose 50% to $4.83 after the company agreed to be bought by First Carolina Bank in an all-cash transaction with an equity value of $67 million.

Under the terms of the agreement, BM Technologies stockholders will receive $5 a share in cash, representing a 55% premium to the trading price per share of BM Technologies' stock as of Thursday, and a 90% premium to market as of Aug. 14, the day before BM Technologies disclosed that it had received inbound interest.

Upon completion of the transaction, the digital banking platform will become a wholly owned subsidiary of First Carolina Bank.

BM Technologies will continue to operate under the BM Technologies name and be led by Jamie Donahue, current president and chief technology officer.

The transaction is expected to close in the first quarter of 2025.

Write to Chris Wack at chris.wack@wsj.com

(END) Dow Jones Newswires

October 25, 2024 10:29 ET (14:29 GMT)

Copyright (c) 2024 Dow Jones & Company, Inc.

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