BNCC Stockholders Approve $132.8M Merger with OppFi
OPFI is trading near its 52-week low of $6.5 (8.3% above the low).
Summary
BNCCORP stockholders approved the previously announced acquisition by OppFi, clearing a key hurdle toward closing. The deal, valued at $132.8 million in cash and stock, gives BNCC holders $19.375 per share plus 1.9 OppFi shares for each BNCC share. This follows the S-4 filing in July and the 424B3 in August that detailed the transaction. Regulatory approvals remain the main outstanding condition. The merger would make OppFi a bank holding company, expanding its lending platform with BNC's national bank charter. Final vote totals will be disclosed in BNCC's next quarterly report.
At the time of this announcement, OPFI was trading at $7.04 on NYSE in the Finance sector, with a market capitalization of approximately $599.9M. The 52-week trading range was $6.50 to $12.45. This news item was assessed with neutral market sentiment and an importance score of 9 out of 10. Source: PR Newswire.