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FinTech Evolution Acquisition Group (NYSE: FTEV) has announced its decision to dissolve and liquidate due to an inability to complete a business combination in the required timeframe. All outstanding Class A ordinary shares will be redeemed at an estimated price of $10.18, with trading of these shares expected to cease on March 3, 2023. Shareholders will receive redemption payments following the cancellation of shares on March 13, 2023. The company’s sponsor has waived redemption rights on Class B shares, while warrants will expire worthless. The trust account's assets will be liquidated for disbursement to shareholders.
FinTech Evolution Acquisition Group (NYSE: FTEV) has received a notice from NYSE Regulation due to its failure to timely file its Quarterly Report on Form 10-Q for the quarter ending March 31, 2021. This non-compliance is linked to the company's assessment of its outstanding warrants. FTEV has six months from the missed deadline (May 24, 2021) to file the Form 10-Q and regain compliance. It is noted that the NYSE may commence delisting if filings are not completed within the extended period. The company is currently working to finalize its Form 10-Q.
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.
FinTech Evolution Acquisition Group has successfully priced its upsized initial public offering at $10.00 per unit, totaling 24 million units. Trading will commence on the NYSE under the ticker symbol FTEV.U on March 2, 2021. Each unit comprises one share of Class A common stock and one-third of a redeemable warrant, enabling the purchase of additional shares at $11.50. The firm aims to focus on mergers and acquisitions within the FinTech sector, leveraging technology solutions for financial services. UBS Investment Bank is the sole book-running manager for this offering.
