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New York, NY, Sept. 21, 2018 (GLOBE NEWSWIRE) — Megalith Banking Accretion Corp. (NYSE:MFAC.U) (the “Company”) appear today that it bankrupt an added 1,928,889 units pursuant to the underwriters’ over-allotment advantage in affiliation with its antecedent accessible alms at an alms amount of $10.00 per unit, consistent in gross gain of $19,288,890 and bringing the absolute gross gain of the antecedent accessible alms to $169,288,890.

The Company’s units began trading on the New York B Barter beneath the ticker attribute “MFAC.U” on August 24, 2018. Each assemblage consists of one allotment of the Company’s Class A accepted b and one warrant. Each accreditation entitles the holder thereof to acquirement one allotment of the Company’s Class A accepted b at $11.50 per share. Aloft admission of abstracted trading of the antithesis absolute the units, the Class A accepted b and warrants are accepted to be listed on the New York B Barter beneath the ticker syms “MFAC” and “MFAC.W”, respectively.

The Aggregation is a anew organized bare ysis aggregation formed for the purpose of ability a merger, basic b exchange, asset acquisition, b purchase, about-face or agnate business aggregate with one or added businesses. The Company’s efforts to yze a -to-be ambition business will not be bound to a accurate industry or geographic region, but it intends to focus on companies in the banking technology or banking casework industries.

Chardan acted as sole book active administrator in the offering. BTIG, LLC acted as advance administrator and Northland Basic Markets and I-Bankers Securities, Inc. acted as co-managers in the offering. Ellenoff Grossman & Schole LLP acted as admonition to the Aggregation and Graubard Miller acted as admonition to the underwriters.

Of the gain accustomed from the cleanup of the antecedent accessible alms (as able-bodied as the exercise of the over-allotment option) and a accompanying clandestine adjustment of warrants, $170,981,778.9 (or $10.10 per assemblage awash in the accessible offering) was placed in trust. An unaudited antithesis area of the Aggregation as of September 21, 2018 absorption cancellation of the gain aloft cleanup of the antecedent accessible alms (as able-bodied as the exercise of the over-allotment option) and the clandestine placements will be included as an display to a Current Report on Form 8-K to be filed by the Aggregation with the Antithesis and Barter Commission (the “SEC”).

A allotment account apropos to these antithesis has been filed with, and declared able by, the Antithesis and Barter Commission on August 23, 2018.  This columnist absolution shall not aggregate an action to advertise or the address of an action to buy, nor shall there be any auction of these antithesis in any accompaniment or administration in which such an offer, address or auction would be actionable above-mentioned to allotment or accomplishment beneath the antithesis laws of any such accompaniment or jurisdiction.

FORWARD-LOOKING STATEMENTS

This columnist absolution contains statements that aggregate “forward-looking statements,” including with account to the advancing use of the net proceeds. No affirmation can be accustomed that the net gain of the alms will be acclimated as indicated. Forward-looking statements are accountable to abundant conditions, abounding of which are above the ascendancy of the Company, including those set alternating in the Risk Factors area of the Company’s allotment account and announcement for the alms filed with the SEC.  Copies are accessible on the SEC’s website, www.sec.gov. The Aggregation undertakes no obligation to amend these statements for revisions or changes afterwards the date of this release, except as appropriate by law.

Contact

A.J. DunklauMegalith Banking Accretion Corp.

(212) 235-0438

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