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 taking into account total redemptions of 83.80%, MoneyHero received nearly $100 million in gross proceeds through the contribution of cash held in Bridgetown’s trust account. The company intends to use the proceeds to accelerate organic growth and pursue potential M&A opportunities to further strengthen its market position in Greater Southeast Asia.
Following the completion of the deal, MoneyHero is valued at an enterprise value of $310 million and an equity value of $283 million after reflecting net proceeds.
The combined company’s Class A ordinary shares and public warrants are expected to begin trading on the Nasdaq under the symbols “MNY” and “MNYWW”, respectively, on October 13.
Bridgetown inked the business 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.