Far Point Acquisition Corp. filed a Form S-1 with the U.S. Securities and Exchange Commission relating to a proposed initial public offering of its securities.
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.
The company is offering 40 million units at $10 per unit, representing a total price to public of $400 million, each unit comprising one class A common share and one-third of one redeemable warrant to buy a class A common share, according to the registration statement.
The company has also granted the underwriters an overallotment option to purchase up to an additional 6 million units. If the underwriters' option is exercised in full, gross proceeds to the company will be $460 million, the proposed maximum aggregate offering price listed in the document estimated solely to calculate the registration fee. In addition to the 46 million units and 46 million common shares, the filing also registered 15,333,333 redeemable warrants included as part of the units.
The units will be listed under the FPAC.U ticker on the NYSE.
Credit Suisse Securities (USA) LLC and Merrill Lynch Pierce Fenner & Smith Inc. will serve as joint book-running managers for the planned IPO.
Thomas Farley is set to be CEO of Far Point. He served as president of the NYSE from 2013 until May 2018.
David Bonanno, a managing director at Third Point LLC, will serve as Far Point's CFO.
Cloudbreak Aggregator LP, an affiliate of Third Point, will serve as managing member of Far Point's sponsor, Far Point LLC.