EJF Acquisition Corp. (EJFA) Shareholders Approve Pagaya Deal
by Marlena Haddad on 2022-06-17 at 5:03pm

EJF Acquisition Corp. (NASDAQ:EJFA) announced this afternoon that its shareholders have voted to approve its combination with Israeli fintech firm Pagaya in a special meeting held earlier today.

Although today’s press release was short on details and did not disclose redemption numbers, EJFA traded slightly above its trust value of $10 throughout its redemption deadline June 15. However, the SPAC closed today at just $5.63.

Earlier this year, EJF upsized the PIPE for its combination with Pagaya from $200 million to $350 million. The upsized PIPE was led by a group of long-term investors including Tiger Global, Whale Rock, Singapore’s sovereign wealth fund, the Healthcare of Ontario Pension Plan, and G Squared. EJF originally brought $288 million into the transaction from its trust, which it supplemented with a $200 million PIPE at deal announcement. The funding from the original $200 million PIPE already covered the deal’s $200 million minimum cash closing condition.

The parties now expect to close the deal on June 22, 2022 and following the closing, the publicly listed company will be named Pagaya Technologies Ltd. The combined company’s shares and public warrants are expected to begin trading on the Nasdaq stock market under the symbols “PGY” and “PGYWW”, respectively.

EJF initially announced the $8.5 billion combination with Pagaya on September 15. Tel Aviv-based Pagaya provides an AI-powered platform matching customers with third-party credit products both applying for loans and at the point-of-sale (POS).


ADVISORS

  • UBS Investment Bank is serving as lead financial and capital markets advisor to EJFA.
  • Barclays is also serving as financial and capital markets advisor to EJFA.
  • Simpson Thacher & Bartlett LLP is serving as legal counsel to EJFA in connection with the transaction.
  • Duff & Phelps, A Kroll Business, rendered a fairness opinion to EJFA’s Board of Directors.
  • J.P. Morgan Securities LLC is serving as exclusive financial advisor to Pagaya.
  • Skadden, Arps, Slate, Meagher & Flom LLP and Goldfarb Seligman & Co. are serving as legal counsel to Pagaya.
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