FinTech Acquisition Corp. IV (NASDAQ:FTIVU), a SPAC set up to acquire promising Fintech firms, has completed its initial public offering (IPO) of 23 million shares – including the 3 million over-allotment option. The company generated gross proceeds of $230 million in the offering.
Each unit issued in the offering consists of one share of the Company’s Class A common stock and one-third of one warrant, each whole warrant exercisable for one share of Class A common stock at an exercise price of $11.50 per share.
Once the securities comprising the units begin separate trading, the Class A common stock and warrants are expected to be listed on Nasdaq under the symbols “FTIV” and “FTIVW,” respectively. No fractional warrants will be issued upon separation of the units and only whole warrants will trade.
Cantor Fitzgerald & Co. and Wells Fargo Securities, LLC served as joint book-running managers for the offering.
SPACs (Special Purpose Acquisition Companies), or blank check firms, have emerged as a hot sector on Wall Street. In fact, one recent report indicated that 2020 is a record year for SPACs as to date more than 80 have IPOed raising over $31 billion. Some observers view SPACs as an easier way to go public without additional scrutiny. The rapid rise in SPACs has, of course, caught the eye of the Securities and Exchange Commission.
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