FinTech: Blank Check Company Raises $230M In SPAC IPO

FinTech Acquisition Corp IV intends to acquire fintech companies.
Fintech Acquisition Corp. IV (NASDAQ: FTIVU) began trading on the Nasdaq from September 25 after completing its IPO. It issued 23,000,000 units at $10.00 per unit, including 3,000,000 units issued under the underwriters’ over-allotment option. (Intrado)
In its filing with the SEC dated September 8 the special purpose acquisition company (SPAC, also known as “blank check” company) said it intended to acquire, merge, or otherwise combine with businesses that provide technological services to the financial services industry. It will focus on businesses that provide data processing, storage and transmission services, databases and payment processing services.
The Issue
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 is exercisable for one share of Class A common stock at an exercise price of $11.50 per share.
FinTech Acquisition Corp. III
FinTech Acquisition Corp. III (NASDAQ: FTAC) was a special purpose acquisition company formed to enter into a merger, capital stock exchange, asset acquisition, stock purchase, reorganization, or similar business combination with one or more businesses, with a focus on the financial technology business.
The company raised $345,000,000 in its initial public offering in November 2018.
Last month, FTAC announced it had entered into a merger agreement with Paya, a leading integrated payments and commerce solution provider.
The merger transaction envisaged a combined company enterprise valuation of $1.3 billion. Paya’s existing majority equity holder GTCR, a leading private equity firm, will remain the Company’s largest stockholder.
SPACs trend
Blank check companies such as FTIVU have gripped investors’ interest. As of September 24, according to Bloomberg, these vehicles have raised over $41 billion.
That’s more than in the entire preceding decade.
The unrelenting boom in SPACs has drawn the attention of the SEC, particularly regarding the manner of disclosure of their sponsors’ pay structures.
Related Story: VW And Bill Gates-backed QuantumScape To Go Public Through SPAC

Latest Alternative Investment News

Venture Capital: JMI Closes Oversubscribed Fund XI At $2.4B
JMI Equity has closed JMI Equity Fund XI and JMI XI Executive Fund with total commitments of $2.4 billion. The oversubscribed fund received strong support from new and existing investors,…

Alternative Investments/ESG: Fidelity Debuts Climate-Focused, Global Bond ETF In Europe
Fidelity International has launched a new fixed income ETF in Europe, targeting climate-conscious investors. The Fidelity Global Government Bond Climate Aware UCITS ETF is designed to provide exposure to a…

FinTech: Users Can Now Receive Western Union Remittances Into Vietnam’s Highly Popular MoMo App
Western Union and MoMo have announced a collaboration enabling MoMo’s 31 million customers to receive Western Union money transfers through the MoMo app. This is the first time Western Union’s…

Artificial Intelligence: Accenture Snaps Up India-Headquartered Industrial AI Firm Flutura
Accenture (NYSE: ACN), a global professional services company, has announced its acquisition of Flutura, an industrial artificial intelligence (AI) company based in Bangalore, India. Flutura specializes in industrial data science…