8-K

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported): September 30, 2021

BM TECHNOLOGIES, INC.

(Exact name of registrant as specified in its charter)

Delaware	001-38633	82-3410369
(State or other jurisdiction of incorporation)	(Commission File Number)	(IRS Employer Identification No.)

201 King of Prussia Road, Suite 350

Wayne, PA 19087

(Address of principal executive offices, including zip code)

Registrant’s telephone number, including area code: (877) 327-9515

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐   Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)    

☐   Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)  

☐   Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))    

☐   Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock	BMTX	NYSE American LLC
Warrants to purchase Common Stock	BMTX.W	NYSE American LLC

Item 5.02.  Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers

On September 30, 2021, BM Technologies, Inc. (the “Company”), announced that it has appointed Li Shen as Chief Accounting Officer and its principal accounting officer.

Ms. Shen has served as our Chief Accounting Officer since September 2021. From August 2015 to August 2021, Ms. Li Shen served as Vice President of Financial Planning and Treasury at Athenex Inc., a global biopharmaceutical company. Prior to that, Ms. Shen served as Portfolio Controller at Aegis Asset Management LLC, a commercial real estate asset management firm. Ms. Shen is a Certified Public Accountant in New York State and received an MBA from Rutgers University and a BA from Shanghai International Studies University.

Item 7.01.  Regulation FD Disclosure.

On September 30, 2021, BM Technologies, Inc. (the “Company”), issued a press release announcing the appointment of Li Shen. A copy of the Company’s press release is furnished as Exhibit 99.1 to this Current Report and is incorporated herein by reference.

The information in this Item 7.01, including the exhibits attached hereto, shall not be deemed “filed” for purposes of Section 18 of the Exchange Act, or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act or the Exchange Act, except as expressly set forth by specific reference in such filing.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits

Exhibit No.	Description
99.1	Press Release, dated September 30, 2021

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	BM Technologies, Inc.
Dated: September 30, 2021	By:	/s/ Luvleen Sidhu
		Luvleen Sidhu
		Chief Executive Officer

EX-99.1

Exhibit 99.1

  BM TECHNOLOGIES WWW.BMTX.COM RUBENSTEIN PUBLIC RELATIONS CONTACT: JULIE STRICKLAND (212) 805-3062 JSTRICKLAND@RUBENSTEINPR.COM

BM Technologies, Inc. (BMTX) Announces Li Shen as Chief Accounting Officer and Doug Hallett as Director of Enterprise Risk and Audit

RADNOR, PA, September 30, 2021 – BM Technologies, Inc. (NYSE American: BMTX), one of the largest digital banking platforms in the country, announced that Li Shen has joined as Chief Accounting Officer (CAO), and Doug Hallett as Director of Enterprise Risk and Audit. In her role, Shen will work closely with other members of the leadership team to ensure the integrity of accounting, financial operations, and external reporting, helping the company scale for the future. Hallett will be responsible for enhancing risk infrastructure to support fintech and bank partners, and lead development and execution of financial reporting and compliance.

“We are excited to welcome both Li and Doug to BM Technologies (BMTX),” stated Luvleen Sidhu, Chair, CEO, and Founder of BM Technologies (BMTX). “Their expertise and industry knowledge will be an asset and considerable contribution to our mission and ongoing success. As a newly publicly traded company we are making strategic additions to our team to continue to build upon our existing strong foundation.”

Shen brings more than 20 years of experience working in global companies in a variety of industries, including finance. Prior to joining BMTX, she served as Vice President of Financial Planning and Treasury and Interim Chief Accounting Officer at Athenex Inc., a global biopharmaceutical company. At Athenex, Ms. Shen assisted during its initial public offering and built out its finance and accounting functions through its early years as a publicly traded company. Prior to that, Ms. Shen served as Portfolio Controller at Aegis Asset Management LLC, a commercial real estate asset management firm. Earlier in her career, she was an auditor with PwC. A Certified Public Accountant in New York State, she received an MBA from Rutgers University and a BA from Shanghai International Studies University.

“BM Technologies continues to thrive in the Banking-as-a-Service space and I am thrilled to be part of the company’s next phase of growth,” said Shen. “In my role working closely with other members of the leadership team, I look forward to helping BMTX scale for the future.”

Hallett has more than 20 years of experience working with banks and bank service providers on a diverse range of internal audit, risk, and compliance-related matters. Prior to joining BMTX, he was an Internal Audit Director at MUFG and has spent most of his career in the audit and advisory practices of Andersen, Deloitte, and PwC. A Certified Public Accountant in North Carolina and Pennsylvania with CISA and CFSA professional certifications, Mr. Hallett received his Master of Accounting degree from UNC Chapel Hill and a BS in Management Information Systems and Finance from Virginia Tech.

“In addition to providing products that have a positive impact on customers’ lives, BMTX’s platform has helped the company deliver record results and continually strong performance. I look forward to the opportunity to contribute to this ongoing strategic growth,” said Hallett.

Launched in January 2015, BMTX, formerly known as BankMobile, is on a mission to provide a digital-first banking experience that is simple, affordable, and financially empowering. BMTX is a fintech company that went public this year and trades under ticker symbol BMTX. With approximately two million accounts, BMTX is EBITDA-positive. Its low-cost distribution and profitable model continue to set it apart from other neobanking fintechs in the market. The company has a disruptive, multi-partner distribution model, known as Banking-as-a-Service (BaaS). Today, it provides its BaaS platform to approximately 735 colleges and universities through BankMobile Disbursements, which serves approximately one in every three college students in the United States. Additionally, BMTX expanded its white label banking business beyond the college sector in recent years. 

# # #

About BM Technologies, Inc.

BM Technologies, Inc. (NYSE American: BMTX)—formerly known as BankMobile—is among the largest digital banking platforms in the U.S., providing access to checking and savings accounts, personal loans, credit cards, and financial wellness. It is focused on technology, innovation, easy-to-use products, and education with the mission of being “customer-obsessed” and creating “customers for life.” The BM Technologies (BMTX) digital banking platform employs a multi-partner distribution model, known as “Banking-as-a-Service” (BaaS), that enables the acquisition of customers at higher volumes and substantially lower expense than traditional banks, while providing significant benefits to its customers, partners and business. BM Technologies (BMTX) currently has approximately two million accounts and provides disbursement services at approximately 735 college and university campuses (covering one out of every three college students in the U.S.). BM Technologies, Inc. (BMTX) is a technology company and is not a bank, which means it provides banking services through its partner bank. More information can also be found at www.bmtx.com.

XML

Cover	Sep. 30, 2021
Affiliate, Collateralized Security [Line Items]
Document Type	8-K
Amendment Flag	false
Document Period End Date	Sep. 30, 2021
Entity File Number	001-38633
Entity Registrant Name	BM TECHNOLOGIES, INC.
Entity Central Index Key	0001725872
Entity Tax Identification Number	82-3410369
Entity Incorporation, State or Country Code	DE
Entity Address, Address Line One	201 King of Prussia Road
Entity Address, Address Line Two	Suite 350
Entity Address, City or Town	Wayne
Entity Address, State or Province	PA
Entity Address, Postal Zip Code	19087
City Area Code	(877)
Local Phone Number	327-9515
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Entity Emerging Growth Company	true
Elected Not To Use the Extended Transition Period	false
Common Stock [Member]
Affiliate, Collateralized Security [Line Items]
Title of 12(b) Security	Common Stock
Trading Symbol	BMTX
Security Exchange Name	NYSEAMER
Warrants to purchase Common Stock
Affiliate, Collateralized Security [Line Items]
Title of 12(b) Security	Warrants to purchase Common Stock
Trading Symbol	BMTX.W
Security Exchange Name	NYSEAMER