FinWise Bancorp Announces Pricing of Initial Public Offering of Common Stock
FinWise Bancorp has priced its initial public offering (IPO) at $10.50 per share, offering 3,500,000 shares expected to yield gross proceeds of approximately $36.8 million. After deducting expenses, net proceeds are projected to be around $31.0 million, aimed at funding organic growth and enhancing operational infrastructure. The IPO is set to commence trading on November 19, 2021, under the Nasdaq symbol 'FINW.' An additional 525,000 shares may be purchased by underwriters within 30 days, potentially generating an extra $5.1 million.
- The IPO is projected to raise approximately $31.0 million after expenses, which will be utilized for organic growth and infrastructure development.
- Potential for an additional $5.1 million if underwriters fully exercise their option for extra shares.
- The offering could lead to shareholder dilution if underwriters exercise their option for additional shares.
- Market conditions and customary closing conditions may affect the completion of the offering.
MURRAY, Utah, Nov. 18, 2021 (GLOBE NEWSWIRE) -- FinWise Bancorp (“FinWise” or the "Company"), parent company of FinWise Bank (the “Bank”), today announced the pricing of its initial public offering of 3,500,000 shares of its common stock at a public offering price of
In addition, the Company has granted the underwriters a 30-day option to purchase up to 525,000 additional shares of common stock from the Company at the initial public offering price, less the underwriting discount. If the underwriters’ option is exercised in full, it is expected to result in additional net proceeds of approximately
FinWise intends to use the net proceeds from the offering to fund organic growth, continue the buildout of operating infrastructure, and for general corporate purposes, which could include future acquisitions, maintenance of required regulatory capital levels and other growth initiatives.
Piper Sandler & Co. and Stephens Inc. are serving as joint book-running managers for the offering.
The offering is being made only by means of a prospectus. When available, copies of the final prospectus relating to the offering may be obtained from Piper Sandler & Co., 1251 Avenue of the Americas, 6th Floor, New York, New York 10020, or by calling (800) 747-3924, or by emailing prospectus@psc.com or Stephens Inc., P.O. Box 3507, Little Rock, Arkansas 72203, or by calling (800) 643-9691 or by emailing prospectus@stephens.com. Copies of the registration statement relating to these securities and the final prospectus, when available, may also be obtained free of charge from the website of the U.S. Securities and Exchange Commission (the “SEC”) at www.sec.gov.
A Registration Statement on Form S-1 (File No. 333-257929) relating to these securities was declared effective by the SEC on November 18, 2021. This press release shall not constitute an offer to sell nor the solicitation of an offer to buy, nor shall there be any sale of the common stock, 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 such state or jurisdiction. The common stock to be offered in the initial public offering will not be insured by the Federal Deposit Insurance Corporation or any other governmental agency.
About FinWise Bancorp
FinWise Bancorp is a Utah bank holding company headquartered in Murray, Utah. FinWise operates through its wholly-owned subsidiary, FinWise Bank, a Utah state-chartered non-member bank. FinWise currently operates one full-service banking location in Sandy, Utah and a loan production office in Rockville Centre, New York. FinWise is a nationwide lender to and takes deposits from consumers and small businesses.
Cautionary Note Regarding Forward-Looking Statements
This press release includes "forward-looking statements," including with respect to the Company’s initial public offering. Words such as “believes,” “intends,” “expects,” “projects,” “anticipates,” and “future” or similar expressions are intended to identify forward-looking statements. These forward-looking statements are subject to the inherent uncertainties in predicting future results and conditions and no assurance can be given that the proposed securities offering discussed above will be consummated on the terms described or at all. Completion of the proposed securities offering and the terms thereof [and the use of proceeds in the manner described] are subject to numerous factors, many of which are beyond the Company’s control, including, without limitation, market conditions, failure to satisfy customary closing conditions, and other risks detailed in the "Cautionary Note Regarding Forward-Looking Statements," "Risk Factors" and other sections of the Registration Statement filed with the SEC. Any forward-looking statements presented herein are made only as of the date of this press release, and the Company does not undertake any obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise, except as may be required by law.
Media Contact:
investors@finwisebank.com
media@finwisebank.com
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