OpenPayd SPAC Deal Terms Revealed: $881M Enterprise Value, $100M Uncommitted PIPE
OP has more than doubled off its 52-week low of $3.12.
Summary
OpenPayd's investor presentation reveals full SPAC merger terms with Titan Acquisition Corp.: $881.2M enterprise value, $100M uncommitted PIPE, and FY27F forecasts of $93M revenue and $16M EBITDA.
Key Events · M&A and Partnerships · OP
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Full Deal Terms Disclosed
The all-stock combination implies an $881.2M pro forma enterprise value at $10.00 per share, with 124.5M pro forma shares outstanding and $1,245M pro forma equity value.
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Capital Structure Revealed
Sources include an $800M OpenPayd rollover, $276M cash in trust, and a $100M PIPE. Uses are an $800M rollover, $346M cash to balance sheet, and $30M transaction expenses. The PIPE is not yet raised and not committed.
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Pro Forma Ownership Split
OpenPayd rollover equity accounts for 64.3%, public shareholders 22.2%, PIPE shares 8.0%, sponsor shares 4.7%, and founder shares transferred 0.8%.
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FY27F Management Forecast
Revenue is projected at $93M ($22M Q1 actual plus $71M balance), ARR at $107M, and EBITDA at $16M with a 17% margin. The forecast is organic and not contingent on trust capital or PIPE.
Analysis · OP · Real Estate & Construction
This investor presentation marks the first detailed disclosure of the business combination economics between OpenPayd and Titan Acquisition Corp. The deal implies an $881.2M pro forma enterprise value at $10.00 per share, with OpenPayd shareholders rolling over 100% of their equity. Critically, the $100M PIPE is not yet raised and not committed — a meaningful execution risk. OpenPayd's FY27F forecast calls for $93M revenue and $16M EBITDA at a 17% margin, with $96M+ ARR already achieved as of July 2026. The company also disclosed material weaknesses in internal controls over financial reporting, a governance red flag for a company about to go public. For Titan shareholders, the deal offers exposure to a profitable, high-growth fintech infrastructure business, but the uncommitted PIPE and pending shareholder vote remain key uncertainties.
How filings like this one have moved
In the 30 days to Sep 14, 2026, 35.8% of the 1045 measured filings Wiseek scored 8 moved their stock by 5% or more by the next session's close. The median move was -0.43%. These are measured outcomes after filings of this importance, not a forecast for this one.
Measured one observation per ticker per day, after exclusions. Current figures: Filing Impact Tracker · open dataset
At the time of this filing, OP was trading at $9.42 on NASDAQ in the Real Estate & Construction sector, with a market capitalization of approximately $16.5M. The 52-week trading range was $3.12 to $47.56. This filing was assessed with neutral market sentiment and an importance score of 8 out of 10.