Finnovate Acquisition Corp. Announces Closing of $22,500,000 Over-Allotment Option in Connection with its Initial Public Offering

Rhea-AI Summary

Finnovate Acquisition Corp. (Nasdaq: FNVTU) has successfully completed the sale of an additional 2,250,000 units, raising $22,500,000 in gross proceeds as part of its initial public offering (IPO). The total raised from the offering now stands at $172,500,000, following the sale of 17,250,000 units at $10.00 each. Each unit includes one Class A ordinary share and three-quarters of a redeemable warrant, with warrants exercisable at $11.50 per share. The units are listed on Nasdaq, with shares and warrants expected to trade under the symbols FNVT and FNVTW, respectively.

Positive

• Raised an additional $22,500,000 through the over-allotment option, enhancing liquidity.
• Total gross proceeds of $172,500,000 indicate strong market demand for the offering.
• Successful listing of units on Nasdaq boosts visibility and potential investor interest.

Negative

• None.

NEW YORK, Nov. 12, 2021 (GLOBE NEWSWIRE) -- 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 information
Finnovate Acquisition Corp.
Ron Golan, Chief Financial Officer
ron@finnovateacquisition.com

FAQ

What is the total amount raised by Finnovate Acquisition Corp. in its IPO?

Finnovate Acquisition Corp. has raised a total of $172,500,000 in its IPO, including $22,500,000 from the over-allotment option.

What are the components of each unit sold by Finnovate Acquisition Corp.?

Each unit consists of one Class A ordinary share and three-quarters of one redeemable warrant.

When will the Class A shares and warrants of FNVTU start trading separately?

The Class A ordinary shares and warrants are expected to begin separate trading under the symbols FNVT and FNVTW, respectively.

Who managed the offering for Finnovate Acquisition Corp.?

EarlyBirdCapital, Inc. acted as the sole book-running manager, while Ingalls & Snyder LLC served as co-manager for the offering.

What is the exercise price for the redeemable warrants?

The warrants are exercisable at an exercise price of $11.50 per share.