Quantum FinTech Acquisition Corporation Announces Closing of $175 Million Initial Public Offering

Rhea-AI Summary

Quantum FinTech Acquisition Corporation announced the successful closing of its initial public offering, raising $175 million by offering 17.5 million units at $10.00 each. Each unit comprises one share of common stock and one redeemable warrant, allowing the purchase of a half-share at $11.50 per full share. The units will trade on the NYSE under the ticker symbol QFTA.U, with separate listings anticipated for the common stock and warrants. The offering included a 45-day over-allotment option for underwriters.

Positive

• Raised $175 million in IPO, providing significant capital for future acquisitions.
• Units listed on NYSE under ticker QFTA.U, enhancing visibility and liquidity.
• Establishes a platform for targeting high-growth financial services and FinTech businesses.

Negative

• None.

Tampa, FL, Feb. 09, 2021 (GLOBE NEWSWIRE) -- Quantum FinTech Acquisition Corporation (the “Company”) announced today the closing of its initial public offering of 17,500,000 units at $10.00 per unit.  The offering was priced at $10.00 per unit, generating total gross proceeds of $175,000,000.

The units are listed on the New York Stock Exchange (“NYSE”) and trade under the ticker symbol “QFTA.U.” Each unit consists of one share of common stock and one redeemable warrant, with each warrant entitling the holder thereof to purchase one half-share of common stock at a price of $11.50 per full share. Once the securities comprising the units begin separate trading, the shares of common stock and redeemable warrants, are expected to be listed on the NYSE under the symbols “QFTA” and “QFTA WS,” respectively.

Chardan acted as sole book running manager in the offering. The underwriters have been granted a 45-day option to purchase up to an additional 2,625,000 units offered by the Company to cover over-allotments, if any, at the initial public offering price.

Registration statements relating to these securities were declared effective by the Securities and Exchange
Commission (“SEC”) on February 4, 2021. The offering was made only by means of a prospectus, copies of which may be obtained by contacting Chardan, 17 State Street, 21st floor, New York, New York 10004 or by calling (646) 465-9001. Copies of the registration statements 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 Quantum FinTech Acquisition Corporation

Quantum FinTech Acquisition Corporation is a blank check company, also commonly referred to as a special purpose acquisition company, or SPAC, formed for the purpose of entering into a merger, share exchange, asset acquisition, stock purchase, recapitalization, reorganization or other similar business combination with one or more businesses. While the Company may pursue an initial business combination in any region or sector, it intends to focus its efforts on identifying high-growth financial services and FinTech businesses as targets for its initial business combination.

Forward Looking Statements

This press release contains statements that constitute “forward-looking statements,” including with respect to the anticipated use of the net proceeds of the initial public offering and the Company’s search for an initial business combination. No assurance can be given that the net proceeds of the offering will be used as indicated. 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 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
Investor Relations
Quantum FinTech Acquisition Corporation
IR@qftacorp.com

FAQ

What was the total amount raised by Quantum FinTech Acquisition Corporation in its IPO?

Quantum FinTech Acquisition Corporation raised $175 million through its initial public offering.

What does each unit in Quantum FinTech's IPO consist of?

Each unit consists of one share of common stock and one redeemable warrant.

What is the exercise price for the redeemable warrants issued by Quantum FinTech?

The redeemable warrants allow the purchase of one half-share of common stock at $11.50 per full share.

Where is Quantum FinTech Acquisition Corporation listed?

Quantum FinTech Acquisition Corporation is listed on the New York Stock Exchange under the ticker symbol QFTA.U.

What is the purpose of Quantum FinTech Acquisition Corporation as a SPAC?

The purpose of Quantum FinTech is to enter into a merger or acquisition with high-growth financial services and FinTech businesses.