Far Point Acquisition Corp. closed an initial public offering of 63,250,000 units, priced at $10 apiece, for an aggregate price to the public of about $632.5 million. Each unit comprises one class A common share and one-third of a warrant. Each whole warrant can be exercised to buy one class A common share for $11.50 each.
This included the issuance of 8,250,000 units as the underwriters exercised their overallotment option in full.
The units started trading on the New York Stock Exchange under the symbol FPAC.U on June 12. Once the securities comprising the units begin separate trading, the class A common shares and warrants will be traded on the NYSE under the symbols FPAC and FPAC WS, respectively.
Credit Suisse and Bank of America Merrill Lynch acted as joint book-running managers for the offering, with I-Bankers Securities Inc. as co-manager.
Far Point Acquisition Corp. is a newly organized blank check company aiming to pursue a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or a combination with another business. It intends to focus its search for a target business in the financial technology, technology or financial services industries.