As previously disclosed, on September 15, 2021, EJF Acquisition Corp. (“EJFA”) entered into an Agreement and Plan of Merger, by and among EJFA, Pagaya Technologies Ltd.(“Pagaya”), and Rigel Merger Sub Inc., a Cayman Islands exempted company and a direct, wholly-owned subsidiary of Pagaya (“Merger Sub”). Pursuant to the Merger Agreement, on June 22, 2022, Merger Sub merged with and into EJFA (the “Merger”), with EJFA surviving the Merger as a wholly-owned subsidiary of Pagaya.

In accordance with the terms of the Merger Agreement, and effective as of the Effective Time, each of EJFA's officers and directors resigned from any and all positions held by such individual as a corporate officer, director, manager and/or member of the board of directors (or any similar governing body) and any committees thereof of EJFA, as applicable. These resignations were not a result of any disagreement between EJFA and the officers and directors on any matter relating to EJFA's operations, policies or practices.