FinTech Evolution Acquisition Group Announces Closing of Underwriters’ Option to Purchase Additional Units in Connection with its Initial Public Offering

Rhea-AI Summary

FinTech Evolution Acquisition Group has successfully closed the issuance of an additional 3,410,158 units from its initial public offering (IPO), raising gross proceeds of $34,101,580. This brings the total funds raised to $274,101,580. The company, focused on merging with Financial Technology and technology-enabled services, saw its units listed on the NYSE under the symbol 'FTEV.U'. Each unit includes one Class A share and a third of a redeemable warrant. Proceeds from the IPO are placed in trust, pending future business combinations.

Positive

• Raised an additional $34,101,580, increasing total IPO proceeds to $274,101,580.
• Company focuses on high-growth sectors like Financial Technology, enhancing future merger potential.

Negative

• As a blank check company, it faces uncertainty until a business combination is finalized.

New York, March 10, 2021 (GLOBE NEWSWIRE) -- FinTech Evolution Acquisition Group (the “Company”) today announced that it closed the issuance of an additional 3,410,158 units pursuant to the exercise of the underwriters’ option to purchase additional units in connection with its initial public offering at $10.00 per unit, resulting in gross proceeds of $34,101,580 and bringing the total gross proceeds of the initial public offering to $274,101,580.

The Company is a blank check company formed for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses. While the Company may pursue an initial business combination target in any business or industry, it intends to focus its efforts on Financial Technology and technology-enabled services (“FinTech”) businesses that offer specific technology solutions, broader technology software, or services/products to the financial services industry.

UBS Investment Bank acted as the sole book-running manager of the offering.

The Company’s units are listed on The New York Stock Exchange (the “NYSE”) and commenced trading on March 2, 2021 under the ticker symbol “FTEV.U”. Each unit consists of one Class A ordinary share and one-third of one redeemable warrant, each whole warrant entitling the holder thereof to purchase one Class A ordinary share at a price of $11.50 per share. Once the securities comprising the units begin separate trading, the Class A ordinary shares and warrants are expected to be listed on the NYSE under the symbols “FTEV” and “FTEV WS” respectively.

Of the proceeds received from the consummation of the initial public offering (as well as the exercise of the option to purchase additional units) and related private placements of warrants, $274,101,580 (or $10.00 per unit sold in the public offering) was placed in trust. An audited balance sheet of the Company as of March 4, 2021 reflecting receipt of the proceeds upon consummation of the initial public offering and the concurrent private placement (but not including the closing of the additional units described herein or the private placement on such date) will be included as an exhibit to a Current Report on Form 8-K to be filed by the Company with the Securities and Exchange Commission (the “SEC”).

A registration statement relating to these securities was declared effective by the SEC on March 1, 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.

The offering was made by means of a prospectus. Copies of the prospectus relating to this offering may be obtained from UBS Securities LLC, Attn: Prospectus Department, 1285 Avenue of the Americas, New York, NY 10019, or by telephone at (888) 827-7275, or by e-mail at olprospectusrequest@ubs.com.

Cautionary Note Concerning Forward-Looking Statements

This press release contains statements that constitute “forward-looking statements,” including with respect to the Company’s search for an initial business combination. 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 for the initial public offering filed with the SEC. Copies are available on the SEC’s website, www.sec.gov. The Company undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.

Contact
Rohit Bhagat
650.739.6741
rohit@fintechevolution.net

FAQ

What was the total amount raised in FinTech Evolution Acquisition Group's IPO?

The total amount raised was $274,101,580.

What ticker symbols are associated with FinTech Evolution Acquisition Group?

The ticker symbols are 'FTEV.U' for units, 'FTEV' for Class A shares, and 'FTEV WS' for warrants.

What is the focus of FinTech Evolution Acquisition Group's business strategy?

The company focuses on Financial Technology and technology-enabled services for potential business combinations.

Who managed the initial public offering of FinTech Evolution Acquisition Group?

UBS Investment Bank acted as the sole book-running manager of the offering.