More Fintech: SPAC Fintech Acquisition Corp Raises $218 Million

Fintech Acquisition Corp. V (NASDAQ:FTCVU) has completed an initial public offering (IPO) of 21,800,000 units at a price of $10.00 per unit, for gross proceeds to the Company of $218,000,000.

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.

According to a release, 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 “FTCV” and “FTCVW,” respectively. No fractional warrants will be issued upon separation of the units and only whole warrants will trade. The closing of the offering is anticipated to take place on or about December 8, 2020, subject to customary closing conditions.

As the name indicates, the blank check firm is being created to merge or acquire with a Fintech firm. This is the 5th SPAC in a series offered by the same group of individuals. Daniel G. Cohen, who is also the Chairman of the Board of Directors and of the Board of Managers of Cohen & Company, LLC, is the Chief Executive Officer.

The original S-1 filing is available here.

Cantor Fitzgerald & Co. is serving as sole book-running manager for the offering. The Company has granted the underwriters a 45-day option to purchase up to an additional 3,270,000 units at the initial public offering price to cover over-allotments, if any.

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