CompoSecure to Go Public via SPAC Merger With Roman DBDR

SPAC, Finnovate, IPO, FinTech

Roman DBDR, a special purpose acquisition company (SPAC), has announced Dec. 23 as the date for considering a business combination with CompoSecure to take it public, according to a press release.

Stockholders will then decide to approve and adopt the merger and other proposals, the release stated. If the proposals are approved, Roman DBDR will likely see the merger of the businesses happening officially shortly afterward.

In August, CompoSecure, a provider of financial payment cards and cryptocurrency storage and security solutions, teamed with cryptocurrency platform Gemini to continue exploring the digital asset realm.

Read more: CompoSecure, Gemini Team on Crypto Reward Card

CompoSecure said it would be working with Gemini on a new crypto rewards card that would allow users to get 3% back on purchases in bitcoin or several other cryptos. The company said that the card “demonstrates how the blockchain and cryptocurrency market category is being supported by banks with innovative financial products.”

The Gemini card offering would come with a metal credit card and include features like crypto rewards for purchases, a security-focused design and immediate access to a virtual card if it’s approved.

The company said there is more interest in digital assets as of late, pointing to a Bank of America report, which found that 21% of banks have been using blockchain technology. Big banks including Wells Fargo and J.P. Morgan have offered support for blockchain or crypto.

“This is an important moment for CompoSecure and the industry concerning the intersection between payments and cryptocurrency,” said CompoSecure President and CEO Jon Wilk.

Wilk told PYMNTS earlier in the year that he thinks metal payment cards will be used more often, particularly for face-to-face transactions. Wilk added that metal cards were once more solely for more affluent customers, but that’s changing.