Far Point Acquisition, a blank check company formed by former NYSE Group President Tom Farley and Third Point to acquire a fintech business, raised the proposed deal size for its upcoming IPO on Wednesday. It also disclosed insider buying. The deal is now set to price during the week of June 11, 2018.
The Wilmington, DE-based company increased now plans to raise $500 million by offering 50 million units at a price of $10. Sponsor affiliate Third Point LLC now plans to purchase 4.0 million units (8%) on the IPO. Far Point Acquisition had previously filed to offer 40 million units. At $10, it will raise 25% more in proceeds than previously anticipated. Each unit still consists of one share of common stock and one-third of one warrant redeemable at $11.50.
Far Point Acquisition was formed in 2018 and it plans to list on the NYSE under the symbol FPAC.U. Credit Suisse and BofA Merrill Lynch are the joint bookrunners on the deal.
