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.
