SAN FRANCISCO: Figure Acquisition Corp. I closed its initial public offering of 28.75 million units, which included the full exercise of the underwriters’ over-allotment option, a news release said.
The offering was priced at $10 per unit, generating total gross proceeds of $287.5 million. 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.
Figure Acquisition Corp. I 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.
The Company intends to focus its search for businesses in the financial technology and financial services sector. The management team includes Mike Cagney, Chairman, C.D. Davies, Chief Executive Officer, TJ Milani, Chief Financial Officer and Asiff Hirji, President.
The Company’s units are listed on The New York Stock Exchange (“NYSE”) and trade under the ticker symbol “FACA.U”. 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.
Citigroup Global Markets Inc. served as the sole book-running manager of the offering. Piper Sandler & Co. acted as co-manager.