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Blank check company Far Point Acquisition prices IPO

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Blank check company Far Point Acquisition prices IPO

Far Point Acquisition Corp. raised $550 million from its initial public offering of 55 million shares at $10.00 apiece.

Each unit issued in the IPO consists of one class A common share and a third of one warrant. Each whole warrant is exercisable to purchase one class A common share at $11.50 per share.

The units have been approved for trading on the New York Stock Exchange, starting June 12 under the symbol FPAC.U. Once the securities comprising the units begin separate trading, the class A common share and warrants will be traded on the NYSE under the symbols FPAC and FPAC WS, respectively.

The company granted the underwriters a 45-day option to purchase up to 8,250,000 additional units to cover any overallotments.

Far Point is a newly organized blank check company organized for the purpose of pursuing a merger, capital stock exchange, asset acquisition, stock purchase, reorganization, or similar business combination with one or more businesses.

Thomas Farley, who served as president of the NYSE from 2013 until May 2018, is CEO of Far Point. David Bonanno, a managing director at Third Point LLC, is its CFO.

Credit Suisse and Bank of America Merrill Lynch will act as the joint book-running managers for the offering.