Fusion Acquisition (NYSE:FUSE) stock is on the move Friday after the special purpose acquisition company (SPAC) announced plans to take MoneyLion public.
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.