Financial Strategies Acquisition Corp. Announces Pricing of $87 Million Initial Public Offering

Rhea-AI Summary

Financial Strategies Acquisition Corp. (NASDAQ: FXCOU) announced the pricing of its initial public offering (IPO) at $10.00 per unit, consisting of one share of Class A common stock, one right, and one redeemable warrant. A total of 8,700,000 units will be offered, listing on NASDAQ starting December 10, 2021. The offering aims to raise funds for a business combination in the financial technology and services sectors, targeting companies valued between $300 million and $500 million. Expected closing date is December 14, 2021.

Positive

• Successful pricing of IPO at $10.00 per unit.
• Targeting a lucrative market in financial technology and services valued between $300 million and $500 million.

Negative

• None.

DALLAS, Dec. 9, 2021 /PRNewswire/ -- Financial Strategies Acquisition Corp. (NASDAQ: FXCOU, the "Company") announced today that it priced its initial public offering of 8,700,000 units at $10.00 per unit. The units are expected to be listed on The Nasdaq Global Market ("NASDAQ") and trade under the ticker symbol "FXCOU" beginning on December 10, 2021. Each unit consists of one share of Class A common stock, one right and one redeemable warrant.  Each right entitles the holder thereof to receive one-tenth (1/10) of one share of Class A common stock upon the consummation of an initial business combination, and each redeemable warrant entitles the holder thereof to purchase one share of Class A common stock at $11.50 per share. Once the securities comprising the units begin separate trading, the Class A common stock, rights and warrants are expected to be listed on NASDAQ under the symbols "FXCO," "FXCOR" and "FXCOW," respectively.

The offering is expected to close on December 14, 2021, subject to customary closing conditions.

I-Bankers Securities, Inc. is acting as sole book running manager in the offering.  The underwriters have been granted a 30-day option to purchase up to an additional 1,305,000 units offered by the Company to cover over-allotments, if any.

A registration statement relating to these securities was declared effective by the Securities and Exchange Commission on December 9, 2021. The offering is being made only by means of a prospectus, copies of which may be obtained, when available, by contacting I-Bankers Securities, Inc., 1208 Shady Ln N., Keller, Texas 76248. Copies of the registration statement can be accessed through the SEC's website at www.sec.gov.  

This press release shall not constitute an offer to sell or a 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.

About Financial Strategies Acquisition Corp.

Financial Strategies Acquisition Corp. is a blank check company formed for the purpose of effecting a merger, share exchange, asset acquisition, stock purchase, recapitalization, reorganization or similar business combination with one or more businesses. Financial Strategies Acquisition Corp. intends to focus its initial search on target businesses in the financial technology and financial services industries with an equity value of approximately $300 million to $500 million. The proceeds of the offering will be used to fund such business combination.

Forward-Looking Statements

This press release includes forward-looking statements that involve risks and uncertainties. Forward-looking statements are statements that are not historical facts. Such forward-looking statements, including with respect to the successful consummation of the Company's initial public offering and anticipated use of net proceeds, are subject to risks and uncertainties, which could cause actual results to differ from the forward-looking statements. The Company expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company's expectations with respect thereto or any change in events, conditions or circumstances on which any statement is based, except as required by law.

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SOURCE Financial Strategies Acquisition Corp.

FAQ

What is the purpose of Financial Strategies Acquisition Corp's IPO?

The IPO aims to raise capital for merging or acquiring businesses in the financial technology and services sectors.

When will the units of Financial Strategies Acquisition Corp start trading?

The units are expected to begin trading on NASDAQ under the ticker FXCOU on December 10, 2021.

What is included in each unit of the initial public offering?

Each unit consists of one share of Class A common stock, one right, and one redeemable warrant.

What is the expected closing date for the IPO?

The IPO is expected to close on December 14, 2021, subject to customary closing conditions.

What is the value range for businesses targeted by Financial Strategies Acquisition Corp?

The company intends to focus on businesses with an equity value of approximately $300 million to $500 million.