FinTech Acquisition III, a blank check company formed by management of The Bancorp to acquire a financial technology business, launched its IPO on Friday. The SPAC is expected to price during the week of November 12, 2018.
The Philadelphia, PA-based company plans to raise $275 million by offering 27.5 million units at $10. Each unit will consist of one share of common stock and one half of one warrant to purchase one share of common stock at $11.50. At $10, FinTech Acquisition III would command a market value of $355 million.
FinTech Acquisition III was founded in 2017 and plans to list on the Nasdaq under the symbol FTACU. Cantor Fitzgerald is the sole bookrunner on the deal.
The article Bancorp-led blank check company FinTech Acquisition III set to price $275 million IPO next week originally appeared on IPO investment manager Renaissance Capital’s web site renaissancecapital.com.