BM Technologies, Inc.

Practice Area: 
Stock Symbol: 
BMTX
Case Status: 
Investigations

Ademi LLP is investigating BM Technologies ((NYSE American: BMTX) for possible breaches of fiduciary duty and other violations of law in its transaction with First Carolina Bank.

In the transaction, shareholders of BM Technologies will receive $5.00 per share in an all-cash transaction with an equity value of approximately $67 million. The transaction agreement unreasonably limits competing transactions for BM Technologies by imposing a significant penalty if BM Technologies accepts a competing bid. BM Technologies insiders will receive substantial benefits as part of change of control arrangements.

We are investigating the conduct of BM Technologies’ board of directors, and whether they are fulfilling their fiduciary duties to all shareholders.