Independence Holdings, a blank check company led by the founders of FT Partners and Sagemount targeting tech and fintech, raised $435 million by offering 43.5 million units at $10. The company raised 3.5 million more units than anticipated. Each unit consists of one share of common stock and one-fifth of a warrant, exercisable at $11.50.
The company is led by co-Chairmen Steve McLaughlin and Gene Yoon. Co-Chairman Steve McLaughlin is the founder and CEO of FT Partners, a FinTech-focused investment banking firm with a nearly 20-year history that has advised on four fintech SPAC transactions (RPAY, LPRO, PRCH, CCN). Co-Chairman Gene Yoon is the founder and Managing Partner of Sagemount, a growth-focused technology private investment firm that has invested in ZoomInfo, Open Lending, and others; Mr. Yoon was previously Head of Private Equity for Goldman Sachs' Americas Special Situations Group.
Independence Holdings plans to list on the Nasdaq under the symbol ACQRU. Citi and Deutsche Bank acted as lead managers on the deal.
