CHICAGO–(COMMERCIAL THREAD) – Opportunity Financial, LLC (“OppFi”), a leading financial technology platform that enables banks to help everyday consumers access credit, and FG New America Acquisition Corp. (NYSE: FGNA), a Special Purpose Acquisition Company (“SPAC”), today announced that they have completed their previously announced business combination (the “Business Combination”). ‘Entreprises was approved by FGNA shareholders at its special meeting held on July 16, 2021 and closed on July 20, 2021.
The company now operates as OppFi, Inc. The common shares and Class A warrants of OppFi will begin trading on the NYSE under the ticker symbols “OPFI” and “OPFI WS”, respectively, on Wednesday, July 21, 2021. OppFi will ring the Closing Bell onsite at the New York Stock Exchange on July 27, 2021 to celebrate. The public shares of FGNA separated into their constituent securities upon completion of the business combination and, therefore, no longer trade as a separate security and are delisted from the NYSE.
OppFi will continue to be led by Jared Kaplan, Managing Director, and Shiven Shah, Chief Financial Officer.
Jared Kaplan said: “We are extremely proud of the financial technology platform we have built and our commitment to serving consumers excluded from the traditional banking system through fair and transparent products and an extraordinary customer experience. We are very excited to enter the public markets and strengthen our position as a financial champion for nearly 150 million daily consumers in the United States. We continue to innovate in our range of products, technologies and capabilities and look forward to introducing them to consumers in the years to come. ”
FGNA President Joe Moglia said: “We continue to be very impressed with the significant growth the OppFi team has achieved. We look forward to their continued expansion as the company expands its digital and data-driven platform to reach the millions of consumers who could benefit from expanded access to financial products. ”
Moelis & Company served as exclusive financial advisor to OppFi. ThinkEquity, a division of Fordham Financial Management, Inc., Piper Sandler & Co., Needham & Company, JMP Securities LLC, Northland Securities and DA Davidson & Co. served as capital markets advisers for FG New America Acquisition Corp. DLA Piper LLP (US) serves as legal counsel to OppFi. White & Case LLP was legal counsel to FG New America Acquisition Corp.
OppFi (NYSE: OPFI) is a leading financial technology platform that enables banks to deliver accessible products and a best-in-class experience to everyday consumers. Through its unwavering commitment to customer service, OppFi helps consumers who are turned away by traditional providers build a better financial path. To date, OppFi has facilitated the issuance of over 1.5 million loans. The company has been an Inc. 5000 company for five consecutive years, a Deloitte Technology Fast 500 ™, and the seventh fastest growing company in Chicago in 2021, as measured by Crain’s Chicago Business based on a rate of growth over five years. The company was also on the Forbes America 2021 list of America’s Best Startup Employers and Built In’s 2021 Best Workplaces in Chicago. OppFi maintains an A + rating from the Better Business Bureau (BBB) and maintains a 4.8 / 5 star rating with over 14,000 customer reviews online, making it one of the top online financial platforms rated by customers. For more information, please visit oppfi.com.
This information includes “forward-looking statements” within the meaning of the “safety regulations” provisions of the Private Securities Litigation Reform Act of 1995. OppFi’s actual results may differ from its expectations, estimates and projections and, therefore, you do not should not rely on these forward-looking statements as predictions of future events. Words such as “expect”, “estimate”, “project”, “budget”, “anticipate”, “anticipate”, “intend to”, “plan”, “can”, “can”, “Could”, “” believes “,” predicted “,” potential “,” continuing “and similar expressions are intended to identify such forward-looking statements. These forward-looking statements include, without limitation, OppFi’s views regarding the impact of the proposed business combination on its business. These forward-looking statements involve significant risks and uncertainties which could cause actual results to differ materially from expected results. Most of these factors are beyond OppFi’s control and are difficult to predict. Factors that may cause such differences include, but are not limited to: (1) the outcome of any legal proceedings that may be brought against OppFi as a result of the completion of the business combination; (2) the impact of COVID-19 on OppFi’s business; (3) the inability to obtain or maintain the listing of OppFi common shares on the New York Stock Exchange; (4) the risk that the business combination will disrupt current plans and operations; (5) the ability to recognize the anticipated benefits of the business combination, which may be affected, among other things, by competition, OppFi’s ability to grow and manage its growth profitably and to retain its key employees; (6) costs associated with the proposed business combination; (7) changes in applicable laws or regulations; (8) the possibility that OppFi will be adversely affected by economic, commercial and / or competitive factors; (9) whether OppFi will be successful in launching the OppFi card, including whether the OppFi card will be accepted by consumers or the market; (10) whether OppFi will be successful in expanding SalaryTap, including whether there will be consumer or market acceptance of SalaryTap; and (11) other risks and uncertainties indicated from time to time in FGNA’s proxy circular relating to the business combination, including those mentioned in the “Risk Factors” section thereof, and in other documents filed by FGNA and future of OppFi with the SEC. OppFi cautions that the above list of factors is not exclusive and that readers should not place undue reliance on forward-looking statements, which speak only as of the date they are posted. OppFi does not undertake or accept any obligation or commitment to publicly release updates or revisions to any forward-looking statement to reflect any change in its expectations or any change in the events, conditions or circumstances upon which such statement is made. based.