Bridgetown Holdings (BTWN) Shareholders Approve MoneyHero Deal

Bridgetown Holdings (BTWN) Shareholders Approve MoneyHero Deal

Bridgetown Holdings (NASDAQ:BTWN) announced that its shareholders approved its combination with fintech platform MoneyHero at a special meeting held yesterday.

At the meeting, a total of 23,490,959, or 78.387%, of Bridgetown’s issued and outstanding ordinary shares were present, constituting a quorum for the transaction of business.

In connection with the business combination, holders of 5,452,739 shares of Bridgetown’s Class A ordinary shares exercised their right to redeem their shares at approximately $10.36 per share, for an aggregate redemption amount of $56,530,289.75. After all votes, $99.9 million remains in the SPAC’s trust for a total redemption percentage of 83.8%.

The parties expect to close the deal tomorrow, October 12. Following the consummation of the transaction, the Class A ordinary shares and public warrants of the combined company are expected to begin trading on the Nasdaq under the symbols “MNY” and “MNYWW”, respectively, on October 13.

Bridgetown inked the $342 million combination with MoneyHero earlier this year in May. Singapore-based MoneyHero provides a B2B service linking financial institutions with prospective clients and allowing clients to compare and contrast banking products.