Insight Acquisition, a blank check company targeting the fintech or financial services industry, raised $240 million by offering 24 million units at $10. Each unit consists of one share of common stock and one-half of a warrant, exercisable at $11.50. Certain anchor investors had indicated on 30.9 million units in the offering (129% of the deal).
The company is led by Executive Chairman Michael Singer, the founder and Managing Partner of management company Alternative Insight, LLC, and CEO, CFO, and Director Jeffrey Gary, who currently serves as the CFO of two SPACs (FUSE, FSNB.U) and previously was a Senior Portfolio manager and led investment teams at various firms including Avenue Capital Group, Third Avenue, BlackRock.
Insight Acquisition plans to businesses in the fintech or financial services industry, focusing on those with enterprise values between $750 million and $1.5 billion. It plans to place particular emphasis on businesses providing or changing technology for traditional financial services; those in the wealth, investment, asset management and insurance sectors; or certain types of technology companies that provide services to the fintech or financial services companies.
Insight Acquisition plans to list on the NYSE under the symbol INAQ.U. Cantor Fitzgerald acted as sole bookrunner on the deal.
