Fusion Acquisition (NYSE:FUSE) stock is on the move Friday after the special purpose acquisition company (SPAC) announced plans to take MoneyLion public.
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Here’s everything potential investors in FUSE stock need to know about the SPAC deal with MoneyLion.
- The deal will have Fusion Acquisition being renamed to MoneyLion.
- This new company will continue to trade on the New York Stock Exchange.
- The FUSE stock ticker will likely change as well but a new one hasn’t been announced yet.
- Fusion Acquisition’s SPAC deal with MoneyLion gives the combined company a $2.4 billion enterprise value and $2.9 billion equity value.
- It will also provide the company with $526 million in cash to make use of.
- That includes $350 million of cash held in Fusion Acquisition and an additional $250 million from private investment in public equity (PIPE).
- The deal is expected to close in the first half of 2021.
- Fusion Acquisition is led by founder and CEO John James.
- James also leads BetaSmartz and co-founded Boka Group.
- MoneLion is a mobile banking and financial membership platform.
- The company was founded in 2013 and operates out of its headquarters in New York City.
- It’s worth noting that MoneyLion was initially rumored to go public via a different SPAC merger.
- These rumors claimed the company was working with GS Acquisition Holdings Corp II (NYSE:GSAH) for its public debut.
- However, those rumors turned out to be false.
FUSE stock was down 4.5% as of Friday morning.
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article.
