Payoneer (NASDAQ:PAYO) stock is trading for the first time today after the company completed its merger with special purpose acquisition company (SPAC) FTAC Olympus Acquisition.
Here’s everything investors need to know about the company and the merger that took it public.
- Payoneer is a financial tech company focused on payments and growing the global economy.
- News of the company going public through a SPAC merger matters due to the involvement of Betsy Cohen.
- Cohen is well known in the fintech space and has also been a driving force in the resurgence of SPACs.
- Counting this most recent one, she’s been behind nine SPAC mergers in total.
- Her role this time around was as the chairwoman of the Board of Directors for FTAC Olympus Acquisition.
- The SPAC merger has Payoneer retaining its previous management team.
- That includes CEO Scott Gali, CFO Michael Levine, as well as COO Keren Levy.
Cohen said the following about the SPAC merger taking PAYO stock public.
“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.”
PAY stock was up slightly as of Monday morning.
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
