Fintech Acquisition Corp. IV Completes IPO Together with Over Allotment, Raises $230 Million

FinTech Acquisition Corp. IV (NASDAQ:FTIVU), a SPAC set as much as purchase promising Fintech corporations, has accomplished its preliminary public providing (IPO) of 23 million shares – together with the three million over-allotment choice. The corporate generated gross proceeds of $230 million within the providing.

Every unit issued within the providing consists of 1 share of the Firm’s Class A typical inventory and one-third of 1 warrant, every entire warrant exercisable for one share of Class A typical inventory at an train worth of $11.50 per share.

As soon as the securities comprising the models start separate buying and selling, the Class A typical inventory and warrants are anticipated to be listed on Nasdaq below the symbols “FTIV” and “FTIVW,” respectively. No fractional warrants will likely be issued upon separation of the models and solely entire warrants will commerce.

Cantor Fitzgerald & Co. and Wells Fargo Securities, LLC served as joint book-running managers for the providing.

SPACs (Particular Objective Acquisition Corporations), or clean test corporations, have emerged as a sizzling sector on Wall Road. The truth is, one latest report indicated that 2020 is a document 12 months for SPACs as thus far greater than 80 have IPOed elevating over $31 billion. Some observers view SPACs as a better solution to go public with out further scrutiny. The speedy rise in SPACs has, in fact, caught the attention of the Securities and Trade Fee.