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Having completed its merger with a special purpose acquisition company, Payoneer Global Inc.’s common stock and warrants began trading Monday on the Nasdaq under the symbols PAYO and PAYOW, respectively.
The shares were trading at $10.82 at mid-morning, slightly up from their opening price.
“We are just scratching the surface of the enormous opportunity ahead to help businesses grow and scale in the new global economy,” said Scott Galit, chief executive of the New York City-based company, in a statement. “This move into the public markets is an important step on our journey to provide any business, in any market, the technology, connections and confidence to realize their potential.”
Formerly Payoneer Inc., the 15-year-old company announced in February it would merge with a so-called blank-check company, FTAC Olympus Acquisition Corp., headed by Betsy Cohen, founder and former chief executive of The Bancorp Bank. Such companies are founded for the sole purpose of taking a target company public by acquiring it. FTOC announced on Friday the $3.3-billion merger with Payoneer had closed, following approval from shareholders on Wednesday.
Payoneer specializes in working with marketplaces like Amazon and Alibaba to enable payments for sellers. In this regard, it competes with companies like Stripe, Adyen, and Chase. Its model is attractive to investors because it allows the company to collect transaction fees from sellers both when they receive payments and when they make payments. That model has helped spark high growth for Payoneer. It reported $44 billion in payment volume for 2020, up 52% over 2019, and it projects $64 billion for this year.
Also on Monday, processor Cantaloupe Inc. said it has been added to the small-cap Russell 2000 Index. The move follows the company’s relisting with the Nasdaq this spring. “We expect our addition to the Index will further increase our visibility within the investment community and is a testament to the incredible progress we have made to rebuild shareholder value,” said chief executive Scott Feeney, in a statement.
Formerly known as USA Technologies Inc., the processor for vending machines and other unattended devices relisted on the Nasdaq earlier this year under the symbol CTLP. Feeney took over a year ago following a tumultuous period in which a series of missteps, including a proxy fight and a delay in filing an annual report, led to the company’s delisting.
Cantaloupe was the name of a company USAT acquired in 2017 that focused on cloud-based and mobile technology for vending and micro-markets.
Cantaloupe’s shares were trading at $11.09 at mid-morning Monday, down from a five-day high of $12.44.
