FinTech Evolution Acquisition Group has closed the issuance of an additional 3,410,158 units pursuant to the exercise of the underwriters’ option to purchase additional units. The move was made in connection to its initial public offering at $10.00 per unit, resulting in gross proceeds of $34,101,580 and bringing the total gross proceeds of the initial public offering to $274,101,580.
The company is a blank check company formed for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses. While the company may pursue an initial business combination target in any business or industry, it intends to focus its efforts on financial technology and technology-enabled services, businesses that offer specific technology solutions, broader technology software, or services/products to the financial services industry.
The company’s units are listed on the New York Stock Exchange and commenced trading on March 2, under the ticker symbol “FTEV.U”. Each unit consists of one Class A ordinary share and one-third of one redeemable warrant, each whole warrant entitling the holder thereof to purchase one Class A ordinary share at a price of $11.50 per share. Once the securities comprising the units begin separate trading, the Class A ordinary shares and warrants are expected to be listed on the NYSE under the symbols “FTEV” and “FTEV WS” respectively.
UBS Investment Bank acted as the sole book-running manager of the offering.