Financial Strategies Acquisition, a blank check company targeting the fintech and financial services industries, raised the proposed deal size for its upcoming IPO on Wednesday.
The Dallas, TX-based company now plans to raise $87 million by offering 8.7 million units at $10. The company had previously filed to offer 7.2 million units at the same price. Each unit consists of one share of common stock, one whole warrant, exercisable at $11.50, and the right to receive one-tenth of a share of common stock upon the consummation of an initial business combination. At the revised deal size, Financial Strategies Acquisition will raise 21% more in proceeds than previously anticipated.
The company is led by CEO and Director Jamie Khurshid, a co-founder of Digital RFQ, a leading European digital asset execution service, and Chairman Jeffrey Peel, who runs his own advisory firm, Quadriga Consulting. The company plans to target the fintech and financial services industries, focusing on businesses with equity values between $300 million and $500 million.
Financial Strategies Acquisition was founded in 2020 and plans to list on the Nasdaq under the symbol FXCOU. I-Bankers Securities is the sole bookrunner on the deal.
