Finnovate Acquisition Corp. Announces Closing of $22,500,000 Over-Allotment Option in Connection with its Initial Public Offering
12 Novembre 2021 - 10:10PM
Finnovate Acquisition Corp. (Nasdaq: FNVTU) (the “Company”) today
announced that it has completed the sale of an additional 2,250,000
units pursuant to the underwriters’ over-allotment option in
connection with the Company’s initial public offering, generating
an additional $22,500,000 of gross proceeds for the Company. In
total, 17,250,000 units were sold in the offering, including the
2,250,000 units subject to the over-allotment option, at an
offering price of $10.00 per unit, generating total gross proceeds
to the Company of $172,500,000.
Each unit consists of one share of the Company's
Class A ordinary shares and three-quarters of one redeemable
warrant. Each whole warrant is exercisable for one Class A ordinary
share at an exercise price of $11.50 per share.
The units are listed on the Nasdaq Global Market
(“Nasdaq”) under the symbol “FNVTU.” Once the securities comprising
the units begin separate trading, the Class A ordinary shares and
warrants are expected to be listed on Nasdaq under the symbols
“FNVT” and “FNVTW,” respectively.
The Company is a blank check company formed for
the purpose of acquiring or merging with one or more operating
businesses. The Company is managed by Prof. David Gershon (former
founder and CEO of SuperDerivatives), who serves as Chairman and
CEO, Ron Golan (former head of investment banking and capital
markets at Morgan Stanley for Israel & CEE), who serves as
Director and CFO, and Jonathan Ophir (Former Head of Credit
Division, at Altshuler Shaham), who serves as CIO. Uri Chaitchik
serves as a senior consultant to the Company.
EarlyBirdCapital, Inc. acted as sole
book-running manager for the offering and Ingalls & Snyder LLC
acted as co-manager for the offering.
A registration statement relating to the units
and the underlying securities was declared effective by the
Securities and Exchange Commission on November 3, 2021. This press
release shall not constitute an offer to sell or the solicitation
of an offer to buy, nor shall there be any sale of, these
securities in any state or jurisdiction in which such offer,
solicitation, or sale would be unlawful prior to registration or
qualification under the securities laws of any such state or
jurisdiction.
This press release contains statements that
constitute “forward-looking statements.” Forward-looking statements
are subject to numerous conditions, many of which are beyond the
control of the Company, including those set forth in the Risk
Factors section of the Company’s registration statement and
prospectus for the offering filed with the Securities and Exchange
Commission. The Company undertakes no obligation to update these
statements for revisions or changes after the date of this press
release, except as required by law.
Contact informationFinnovate
Acquisition Corp. Ron Golan, Chief Financial
Officerron@finnovateacquisition.com
Finnovate Acquisition (NASDAQ:FNVTU)
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