Why BM Technologies (BMTX) Stock Is Up 50%

BM Technologies Inc BMTX shares are trading higher by 50% to $4.84 during Friday’s session after the company announced it will be acquired by First Carolina Bank for $67 million.

What To Know: BM Technologies on Friday has announced a definitive agreement to be acquired by First Carolina Bank for $5.00 per share in an all-cash deal valued at approximately $67 million. This purchase price represents a 55% premium over BMTX’s closing share price as of October 24, and a 90% premium compared to its price on August 14.

Following the acquisition, BMTX will become a wholly owned subsidiary of FCB, retaining its name and continuing operations under the leadership of Jamie Donahue, the current President and CTO.

The transaction, which has received board approval from both companies, is pending stockholder approval and is expected to close in the first quarter of 2025, subject to customary conditions.

Luvleen Sidhu, CEO of BMTX, expressed enthusiasm for the partnership, highlighting the enhanced services it will bring to customers. Ron Day, CEO of FCB, emphasized the strategic benefits of the merger, particularly in expanding banking relationships with educational institutions.

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According to data from Benzinga Pro, BMTX has a 52-week high of $4.86 and a 52-week low of $1.45.