Figure Technologies announces pricing of $250 million IPO
Figure Technologies announced that it priced its initial public offering of 25,000,000 units at $10.00 per unit. The units are expected to be listed on The New York Stock Exchange (“NYSE”) and trade under the ticker symbol “FACA.U” beginning on February 19, 2021.
Each unit consists of one share of Class A common stock and one-fourth of one redeemable warrant. Each whole warrant entitles the holder thereof to purchase one share of Class A common stock at a price of $11.50 per share. Only whole warrants are exercisable. Once the securities comprising the units begin separate trading, the Class A common stock and redeemable warrants are expected to be listed on the NYSE under the symbols “FACA” and “FACA WS,” respectively.
The company was formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses. It intends to focus its search for businesses in the financial technology and financial services sector. The management team includes Michael Cagney, Chairman, Christopher D. Davies, Chief Executive Officer, Thomas J. Milani, Chief Financial Officer and Asiff Hirji, President.
Citigroup Global Markets is acting as the sole book-running manager of the offering. Piper Sandler & Co. is acting as co-manager. The company has granted the underwriters a 45-day option to purchase up to an additional 3,750,000 units at the initial public offering price to cover over-allotments, if any.