BM Technologies jumps after pulling out of merger agreement

Bm Technologies

23/12/2022 16:32

** Shares of financial technology co BM Technologies Inc
 BMTX.A  surge 14.2% at $5.87 
    ** Stock sees biggest pct jump in more than a year
    ** Co along with First Sound Bank  FSWA.PK  terminate their
previously announced merger  urn:newsml:reuters.com:*:nACSClSPWa
    ** BMTX also authorizes share buybacks worth $10 mln
    ** "We believe BMTX is better situated as a FinTech with a
sponsor bank without the capital needs and credit risk that an
on-balance sheet strategy would entail," says CEO Luvleen Sidhu
    ** Including the session's gain, stock is down 35.8% YTD
 (Reporting by Sourasis Bose in Bengaluru)
 ((Sourasis.bose@thomsonreuters.com))