BM Technologies receives notice from NYSE American | Your money

Radnor, Pennsylvania, April 25, 2022 (GLOBE NEWSWIRE) — RADNOR, Pennsylvania, April 25, 2022 — BM Technologies, Inc. (NYSE American: BMTX) (the “Company”), one of the largest digital banking platforms and banking-as-a-service (BaaS) providers, received notice on April 18, 2022 from NYSE Regulation that the Company is not in compliance with the continuous listing standards of NYSE American LLC (the “Exchange”) under the Timely Filing Criteria set forth in Section 1007 of the NYSE American Company Guide (the “Company Guide”). The non-compliance results from the Company’s failure to timely file its annual report on Form 10-K for the fiscal year ended December 31, 2021 (the “Form 10-K”) (the “Failure to File “).

Pursuant to Section 1007 of the Company Guide, the Company will have six months from the date of the failure to file, or until September 30, 2022 (the “Initial Processing Period”), to file the Form 10-K with of the SEC. If the Company does not file the Form 10-K during the initial processing period, the Exchange may, in its sole discretion, schedule an additional six-month processing period (the “Additional Processing Period”). The Company may restore compliance with the Exchange’s Continuous Listing Standards at any time during the Initial Processing Period or Additional Processing Period, as applicable, by filing Form 10-K and any subsequent Deferred Filings with the SEC. The company intends to file Form 10-K as soon as possible and currently expects to file Form 10-K early this week.

During the Initial Recovery Period and the Additional Recovery Period, if any, the Company’s securities will continue to trade on the Exchange, subject to the Company’s compliance with other continuous listing requirements, with a late filer flag (“”.LF”).

Form 10-K was originally scheduled to be filed with the Securities and Exchange Commission (“SEC”) on March 31, 2022, as extended to April 15, 2022 following the filing of a late filing notice on Form 12b-25 (the “Original Form 12b-25”) with the SEC. The original Form 12b-25 indicated that he was unable to file the Form 10-K by the original due date without unreasonable effort or expense, as he needed more time to finalize his financial statements to include in Form 10-K. However, the Form 10-K was not filed on April 15, 2022, and on April 19, 2022, the company filed an Amended Late Filing Notice on Form 12b-25, which stated that due to further delays and additional matters that had been brought to the Company’s attention, the Company had been unable to file the Form 10-K before the end of the 15-day extension period.

As previously noted, the Form 10-K, when filed this week, will include a restatement of the company’s previously released consolidated financial statements for the periods ended December 31, 2020, March 31, 2021, June 30, 2021 and September 30. 2021.

Except for timing differences, these corrections will have no effect on revenue, core EBITDA, total cash balance, shareholders’ equity, net working capital, net cash provided by operating activities. operating, investing or financing activities previously reported by the Company. Similarly, these corrections have no impact on the Company’s business or its underlying business fundamentals.

About BM Technologies, Inc.

BM Technologies, Inc. (NYSE American: BMTX) – formerly known as BankMobile – is among the largest digital banking platforms and banking-as-a-service (BaaS) providers, providing access to checking accounts and savings, personal loans, credit cards, and financial wellness. It focuses on technology, innovation, easy-to-use products, and education with a mission to financially empower millions of Americans by providing a more affordable, transparent, and user-friendly banking experience. BM Technologies’ Digital Banking Platform (BMTX) uses a multi-partner distribution model, known as “Banking-as-a-Service” (BaaS), which enables customer acquisition at higher volumes and at significantly lower costs than traditional banks, while delivering significant benefits to its customers, partners and businesses. BM Technologies (BMTX) currently has approximately two million accounts and provides disbursement services at approximately 750 university and college campuses (covering one in three students in the United States). BM Technologies, Inc. (BMTX) is a technology company and not a bank, which means that it provides banking services through its partner bank. More information can also be found at www.bmtx.com.

Investors: Bob Ramsey, CFA BM Technologies, Inc. 571-236-8851 [email protected] Media inquiries: Brigit Hennaman Rubenstein Public Relations 212-805-3005 [email protected]

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