Whale Point Acquisition, a blank check company targeting the fintech sector, filed on Wednesday with the SEC to raise up to $150 million in an initial public offering.
The Short Hills, NJ-based company plans to raise $150 million by offering 15 million units at $10. Each unit consists of one share of common stock and one-half of a warrant, exercisable at $11.50. At the proposed deal size, Whale Point Acquisition would command a market value of $188 million.
Whale Point Acquisition is led by CEO and Director Denny Kim, the founder of Whale Point Capital, a newly established independent sponsor firm focused on providing growth capital to financial services companies, and the founder and Managing Principal of private investment and advisory firm 7911 Partners. The company plans to target the fintech sector, including BankTech, PropTech, InsurTech, and other technology-enabled platforms serving the financial services industry.
Whale Point Acquisition was founded in 2022 and plans to list on the Nasdaq under the symbol WPAU. BTIG is the sole bookrunner on the deal.
