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

Rhea-AI Summary

Quantum FinTech Acquisition Corporation announced the pricing of its initial public offering (IPO) of 17,500,000 units at $10.00 per unit. Trading is set to commence on the NYSE under the ticker symbol QFTA.U on February 5, 2021. Each unit includes one share of common stock and one redeemable warrant. The offering is expected to close on February 9, 2021, pending customary conditions. Chardan is the sole book-running manager, holding a 45-day option for an additional 2,625,000 units for over-allotments. This IPO is part of the company's strategy to target growth in financial services and FinTech businesses.

Positive

• Initial public offering of 17,500,000 units at $10.00 per unit.
• Shares to trade on NYSE under symbol QFTA.U, enhancing visibility.
• Potential for additional 2,625,000 units to cover over-allotments.

Negative

• None.

Tampa, FL, Feb. 04, 2021 (GLOBE NEWSWIRE) -- Quantum FinTech Acquisition Corporation (the “Company”) announced today that it priced its initial public offering of 17,500,000 units at $10.00 per unit. The units are expected to trade on the New York Stock Exchange (“NYSE”) under the ticker symbol “QFTA.U” beginning February 5, 2021. 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.

The offering is expected to close on February 9, 2021, subject to customary closing conditions. 

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.

A registration statement relating to these securities was declared effective by the Securities and Exchange
Commission (“SEC”) on February 4, 2021. The offering is being 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 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 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 its proposed initial public offering, the anticipated use of the net proceeds thereof and its search for an initial business combination. No assurance can be given that the offering discussed above will be completed on the terms described, or at all, or 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 preliminary 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
John Schaible
CEO
Quantum FinTech Acquisition Corporation
IR@qftacorp.com

FAQ

What is the price of Quantum FinTech Acquisition Corporation's IPO?

The IPO is priced at $10.00 per unit.

When will trading for QFTA.U begin?

Trading is set to begin on February 5, 2021.

What does each unit in the IPO consist of?

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

What is the expected closing date for the IPO?

The offering is expected to close on February 9, 2021.

Who is managing the IPO for Quantum FinTech Acquisition Corporation?

Chardan acted as the sole book-running manager for the offering.