Company: GDOT
Filing Date: 2025-11-24
Form Type: 425
Source: 0001140361-25-043029
Chunk: 22

Company: GREEN DOT CORP
Filing Date: 2025-11-24
Form: 425
Chunk 22
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, net of estimated tax leakage. Selected peers include TBBK, CASH, CCB, AX, FINW, MFIN, and MVBF. $14.23 – $19.18 $155mm Capital Infusion in BankCo. Merger With $470mm Cash Consideration to GDOT Shareholders $65mm Retirement of Unsecured Notes (3) Illustrative Total Value Per Share Delivered to GDOT Shareholders at Closing Green Dot Corporation Key Transaction Terms Structure CommerceOne Financial Corporation (“C1”) to acquire Green Dot Corporation, (“GDOT”), then sell GDOT’s Embedded Finance business (“OpCo”) to affiliates of Smith Ventures LLC Pro forma combined GDOT + C1 (“BankCo”) will enter into a seven-year commercial agreement with OpCo to serve as exclusive bank sponsor for the OpCo’s digital banking platform Consideration GDOT shareholders will receive $8.11 per share in cash consideration plus 0.2215 shares of C1 for every share of GDOT Illustrative total value per share of $14.23 – $19.18 per share(1) ~91% – 157% premium to GDOT’s March 7th share price, last trading day prior to strategic review announcement ~37% – 85% premium to GDOT’s VWAP since March 10th, first trading day since strategic review announcement ~21% – 63% premium to GDOT’s November 21st share price, last trading day prior to the transaction announcement $825mm – $1.1bn implied aggregate value $470mm aggregate cash consideration $355mm – $642mm value of stock consideration issued by C1 to GDOT shareholders at 0.2215x exchange ratio(1) Financing Sources Committed debt and equity financing of $515mm and $200mm, respectively and balance sheet cash BankCo Governance C1 management and board to lead combined BankCo Timing Transaction is expected to close in second quarter of 2026, subject to shareholder and regulatory approvals Other OpCo sold for $690mm purchase price in cash (including $65mm of Unsecured Notes), of which $155mm is contributed to BankCo for regulatory capital purposes GDOT Unsecured Notes outstanding to be retired in connection with the transactions 5 Source: Factset, Company filings. Note: Market data as of November 21, 2025. Financial metrics reflect combined estimated post-transaction values as of June 30, 2026, estimated close for illustrative purposes only. (1