Figure Acquisition I, a blank check company formed by Figure Technologies targeting fintech and financial services, raised $250 million by offering 25 million units at $10.
Each unit will consist of one share of common stock and one-fourth of a warrant, exercisable at $11.50. The company originally filed with third-warrants before lowering that to quarter warrants, in a potential sign of demand. The sponsor promote is only 10%, however that may increase to 30% upon the vesting of performance-based founder shares that trigger when the stock price reaches intervals between $12.50 and $20.00 after the de-SPAC.
The company is led by Chairman Michael Cagney, the co-founder and CEO of Figure Technologies who previously served as co-founder and CEO of fintech platform SoFi; CEO Christopher Davies, who serves as Head of Lending at Figure Technologies; CFO Thomas Milani, who serves as CFO of Figure Technologies; and President Asiff Hirji, who serves as President of Figure Technologies.
Figure Acquisition I intends to pursue opportunities in the financial technology and financial services sector.
Sponsor affiliate Figure Technologies calls itself a technology company offering financial solutions leveraging blockchain, artificial intelligence, and advanced analytics, serving both individuals and institutions with products spanning home improvement, debt consolidation, retirement, capital table management, and fund services.
Cagney's former venture SoFi recently announced that it agreed to be acquired by Chamath Palihapitiya's Social Finance Hedosophia V (IPOE).
Figure Acquisition I plans to list on the NYSE under the symbol FACA.U. Citi acted as lead manager on the deal.
The article Fintech SPAC Figure Acquisition I prices $250 million IPO; led by former SoFi CEO originally appeared on IPO investment manager Renaissance Capital's web site renaissancecapital.com.
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