2021 Revenue of $475 Million Exceeds
Previous 2021 Projection by 17%, Representing 379% Growth Compared
with the Period Ended December 31, 2020
Publicly Files Registration Statement on
Form F-4, a Major Step toward the Closing of its Proposed Business
Combination with EJF Acquisition Corp.
Pagaya Technologies Ltd. (“Pagaya”), a global technology company
building artificial intelligence infrastructure for the financial
ecosystem, today announced 2021 financial highlights and the public
filing of its Form F-4 Registration Statement in anticipation of
the closing of its proposed business combination with EJF
Acquisition Corp. (“EJFA”) (NASDAQ: EJFAU, EJFA, EJFAW) in Q2
2022.
“Enabling access to broader financial products continues
to be at the forefront of the financial services ecosystem,” said
Gal Krubiner, Co-Founder and Chief Executive Officer of Pagaya.
“Today, banks and other financial service providers are
increasingly turning to Pagaya to help meet this demand and expand
access to more financial products and technology for their
customers. We exited 2021 with accelerating top-line metrics driven
by partner expansion and strong execution. As we continue to grow
in 2022, we remain focused on building our partner network and
delivering our seamless embedded credit technology and capital
solution.”
2021 Financial Highlights include:
- 2021 Network Volume: $4.9 billion, an increase of 208%
as compared to 2020 volume of $1.6 billion
- 2021 Revenue: $474.7 million, 17% higher than its
previous 2021 revenue projection of $407 million and an increase of
379% as compared to 2020 revenue of $99.0 million
“Our strong top-line growth was driven by increased network
volume because of greater penetration of new and existing
partners,” said Mike Kurlander, Chief Financial Officer of Pagaya.
“We continue to be focused on investing in our business, supporting
Pagaya’s foundation for continued growth. We look forward to
providing greater detail on this vision at our upcoming equity
research analyst day.”
Filing of Registration Statement on Form F-4
Today, Pagaya has also announced that it publicly filed a
registration statement on Form F-4 (the "Registration Statement")
with the U.S. Securities and Exchange Commission. The Registration
Statement contains a preliminary proxy statement and a prospectus
in connection with Pagaya’s previously announced proposed business
combination with EJFA. While the Registration Statement has not yet
become effective and the information contained therein is subject
to change, it provides important information about Pagaya and EJFA,
as well as the proposed business combination.
Recent News
- On February 9, 2022, Pagaya announced a partnership with Ally
Financial’s credit card business to expand access to a greater
number of Ally’s credit card customers.
- On January 25, 2022, Pagaya announced a strategic relationship
with Visa to enable Visa’s expansive network of merchant partners
and issuing co-brand financial institutions to leverage Pagaya’s
technology to expand customers’ access to financial products.
- On January 11, 2022, Pagaya announced an upsized $350 million
PIPE with a premier group of investors including Tiger Global,
Whale Rock, GIC, Healthcare of Ontario Pension Plan (HOOPP) and G
Squared, which was based on the original PIPE terms and enterprise
value for the proposed business combination with EJFA.
Proposed Business Combination with EJFA
Pagaya and EJFA announced in September 2021 that they have
entered into a definitive business combination agreement that
values their transaction at an estimated enterprise value of
approximately $8.5 billion at closing. As a public company, Pagaya
is expected to benefit from the support of EJFA, one of the most
experienced financial services investors in the world. Manny
Friedman, Chairman of EJFA and Co-Chief Executive Officer &
Co-Chief Investment Officer of EJF Capital LLC, brings more than 40
years of financial services experience and is expected to join the
board of the combined company.
About Pagaya
Pagaya is a financial technology company working to reshape the
lending marketplace by using machine learning, big data analytics,
and sophisticated AI-driven credit and analysis technology. Pagaya
was built to provide a comprehensive solution to enable the credit
industry to deliver their customers a positive experience while
simultaneously enhancing the broader credit ecosystem. Its
proprietary API seamlessly integrates into its next-gen
infrastructure network of partners to deliver a premium customer
user experience and greater access to credit.
For more information on Pagaya's technology, services, and
careers, please visit www.Pagaya.com.
About EJFA
EJF Acquisition Corp. is a blank check company sponsored by EJF
Capital LLC and affiliates formed for the purpose of partnering
with a high-quality financial services business. EJFA’s management
team and Board of Directors are composed of veteran financial
service industry executives and founders, including Manny Friedman,
Chairman, Neal Wilson, Vice Chairman, Kevin Stein, Chief Executive
Officer, and Thomas Mayrhofer, Chief Financial Officer.
For more information on EJF Acquisition Corp. please visit
www.ejfacqusition.com.
Additional Information and Where to Find It
In connection with the proposed business combination between
Pagaya and EJFA, Pagaya filed a registration statement on Form F-4
that included a preliminary proxy statement to be distributed to
shareholders of EJFA in connection with EJFA’s solicitation of
proxies for the vote by its shareholders with respect to the
proposed business combination. After the registration statement has
been declared effective by the Securities and Exchange Commission
(the “SEC”), EJFA will mail a definitive proxy statement /
prospectus to its shareholders as of the record date established
for voting on the proposed business combination and the other
proposals regarding the proposed business combination set forth in
the proxy statement. Pagaya or EJFA may also file other documents
with the SEC regarding the proposed business combination. Before
making any investment or voting decision, shareholders and other
interested persons are advised to read the registration statement
and preliminary proxy statement / prospectus and, when available,
any amendments thereto, and the definitive proxy statement /
prospectus in connection with EJFA’s solicitation of proxies for
the special meeting to be held to approve the transactions
contemplated by the proposed business combination because these
materials will contain important information about Pagaya, EJFA and
the proposed transaction. Shareholders will also be able to obtain
a copy of the preliminary proxy statement / prospectus and the
definitive proxy statement / prospectus once they are available,
without charge, at the SEC’s website at www.sec.gov, or at Pagaya’s
website at www.pagaya.com, or by directing a request to: EJF
Acquisition Corp., 2107 Wilson Boulevard, Suite 410, Arlington,
Virginia 22201.
Participants in the Solicitation
Pagaya and EJFA and their respective directors and officers may
be deemed participants in the solicitation of proxies of EJFA’s
shareholders in connection with the proposed business combination.
EJFA’s shareholders, Pagaya’s shareholders and other interested
persons may obtain, without charge, more detailed information
regarding the directors and officers of Pagaya and EJFA at Pagaya’s
website at www.pagaya.com, or in EJFA’s Annual Report on Form 10-K
filed on March 31, 2022.
Information regarding the persons who may, under SEC rules, be
deemed participants in the solicitation of proxies to EJFA’s
shareholders in connection with the proposed transaction will be
set forth in the proxy statement / prospectus for the transaction
when available. Additional information regarding the interests of
participants in the solicitation of proxies in connection with the
proposed transaction will be included in the proxy statement /
prospectus filed with the SEC in connection with the proposed
business combination.
Forward looking Statements
This document includes “forward looking statements” within the
meaning of the “safe harbor” provisions of the United States
Private Securities Litigation Reform Act of 1995. Forward-looking
statements may be identified by the use of words such as
“forecast,” “intend,” “seek,” “target,” “anticipate,” “believe,”
“could,” “continue,” “expect,” “estimate,” “may,” “plan,”
“outlook,” “future” and “project” and other similar expressions
that predict or indicate future events or trends or that are not
statements of historical matters. Such forward looking statements
include estimated financial information. Such forward looking
statements with respect to revenues, earnings, performance,
strategies, prospects and other aspects of the businesses of EJFA,
Pagaya or the combined company after completion of the proposed
business combination are based on current expectations that are
subject to risks and uncertainties. A number of factors could cause
actual results or outcomes to differ materially from those
indicated by such forward looking statements. These factors
include, but are not limited to: (1) the occurrence of any event,
change or other circumstances that could give rise to the
termination of the Agreement and Plan of Merger providing for the
business combination (the “Agreement”) and the proposed business
combination contemplated thereby; (2) the inability to complete the
transactions contemplated by the Agreement due to the failure to
obtain approval of the shareholders of EJFA or other conditions to
closing in the Agreement; (3) the ability to meet Nasdaq’s listing
standards following the consummation of the transactions
contemplated by the Agreement; (4) the risk that the proposed
transaction disrupts current plans and operations of Pagaya as a
result of the announcement and consummation of the transactions
described herein; (5) the ability to recognize the anticipated
benefits of the proposed business combination, which may be
affected by, among other things, competition, the ability of the
combined company to grow and manage growth profitably, maintain
relationships with customers and suppliers and retain its
management and key employees; (6) costs related to the proposed
business combination; (7) changes in applicable laws or
regulations; (8) the possibility that Pagaya may be adversely
affected by other economic, business, and/or competitive factors;
and (9) other risks and uncertainties indicated from time to time
in other documents filed or to be filed with the SEC by EJFA or
Pagaya. You are cautioned not to place undue reliance upon any
forward-looking statements, which speak only as of the date made.
EJFA and Pagaya undertake no commitment to update or revise the
forward-looking statements, whether as a result of new information,
future events or otherwise, except as may be required by law.
Any financial information or projections in this communication
are forward-looking statements that are based on assumptions that
are inherently subject to significant uncertainties and
contingencies, many of which are beyond Pagaya’s and EJFA’s
control. The inclusion of financial information or projections in
this communication should not be regarded as an indication that
Pagaya or EJFA, or their respective representatives and advisors,
considered or consider the information or projections to be a
reliable prediction of future events.
Non-Solicitation
This document is not a proxy statement or solicitation or a
proxy, consent or authorization with respect to any securities or
in respect of the proposed business combination and shall not
constitute an offer to sell or exchange, or a solicitation of an
offer to buy or exchange, the securities of Pagaya, EJFA or the
combined company, nor shall there be any sale of securities in any
jurisdiction in which such offer, solicitation, sale or exchange
would be unlawful prior to registration or qualification under the
securities laws of any such jurisdiction.
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version on businesswire.com: https://www.businesswire.com/news/home/20220407005292/en/
For all Pagaya IR inquiries, please reach out to ICR at
PagayaIR@icrinc.com For all Pagaya media inquiries, please reach
out to ASTRSK PR at Pagaya@astrskpr.com For all EJFA media
inquiries, please reach out to Nathaniel Garnick/Kevin FitzGerald
at Gasthalter & Co. at (212) 257-4170 or
pagaya@gasthalter.com
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