Dallas SPAC focused on fintech debut on the Nasdaq

A new Dallas special-purpose acquisition firm focused on the financial technology and financial services sectors began trading on the Nasdaq on Friday morning.

Financial Strategies Acquisition Corp. priced its initial public offering of 8.7 million shares at $ 10 per share. It started trading under the symbol “FXCOU” on December 10th. The offer is expected to close on December 14.

FXCOU shares rose 1.8% on Friday to $ 10.18.

Special Purpose Acquisition Companies, known as PSPCs, look for fast growing companies with which to merge and go public. PSPC investors buy shares of the new company and later decide to keep the shares or get their original investment back with interest.

“The goal of financial technology companies can range from improving the efficiency of traditional financial services companies, to introducing new products and creating new markets, to those aimed at disrupting financial services companies. traditional financial services with competitive products, ”the company wrote on the record.

According to the audit, tax and consultancy firm KPMG, the first half of 2021 was “an incredibly strong start to the year” for the global fintech market. Global fintech investments reached $ 98 billion in the first six months of 2021, up from $ 87 billion in the last half of 2020.

“Fintech is in the early stages of transforming global financial and investment activities,” the FSA wrote in its prospectus.

I-Bankers Securities Inc. is acting as the sole accounting manager of the offering.

Family offices are growing in popularity in Dallas-Fort Worth, as the city's wealthiest residents seek out ways to invest that build their fortunes for future generations.
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