BM Technologies, Inc. (NYSE American: BMTX), a commercial banking company, announced today the results of a special meeting of stockholders held on Monday, where shareholders voted to approve a merger with First Carolina Bank.
The merger agreement, initially announced on October 24, 2024, will result in BM Technologies becoming a wholly owned subsidiary of First Carolina Bank.
The virtual special meeting, which took place on January 3, 2025, saw a quorum with approximately 78.809% of outstanding shares present or represented by proxy. The stockholders considered and approved three key proposals related to the merger.
Firstly, the merger agreement proposal was passed with 9,470,266 votes for, 55,200 against, and 1,313 abstentions. Secondly, the advisory compensation proposal, which is a non-binding vote on the compensation payable to BM Technologies' named executive officers in connection with the merger, received 8,783,787 votes for, 391,053 against, and 351,939 abstentions. Lastly, the adjournment proposal, which allows for the adjournment of the special meeting to solicit additional proxies if necessary, was approved with 9,404,887 votes for, 120,188 against, and 1,704 abstentions.
The approval of the merger follows the definitive proxy statement filing with the U.S. Securities and Exchange Commission on December 3, 2024, and subsequent mailing to the company’s stockholders around December 4, 2024. The successful vote is a pivotal step in the merger process, which is expected to enhance the combined entity's capabilities and market presence.
The transaction is part of a strategic move by BM Technologies to join forces with First Carolina Bank, aiming to create a more robust financial institution. The integration is subject to customary closing conditions and regulatory approvals.
BM Technologies, formerly known as Megalith Financial Acquisition Corp, operates under the leadership of CEO Luvleen Sidhu, who signed off on the SEC filing today. The company is headquartered in Wayne, Pennsylvania, and is incorporated in Delaware.
The news above is based on an SEC filing.
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