FinWise Bancorp Closes Initial Public Offering of Common Stock
November 23 2021 - 3:09PM
FinWise Bancorp ("FinWise" or the "Company"),
parent company of FinWise Bank (the "Bank"), today announced that
it has completed its initial public offering of a total of
4,025,000 shares of its common stock at a public offering price of
$10.50 per share, including 525,000 shares of common stock sold
pursuant to the underwriters' overallotment option, which was
exercised in full. The offering is expected to result in gross
proceeds to the Company of approximately $42.3 million. The net
proceeds to the Company, after deducting the underwriting discount
and estimated offering expenses, are expected to be approximately
$35.6 million. The Company shares began trading on November 19,
2021 on the Nasdaq Global Market under the symbol
"FINW."
Piper Sandler & Co. and Stephens Inc. acted
as joint book-running managers for the offering. Kramer Levin
Naftalis & Frankel LLP and Kirton McKonkie P.C. represented the
Company in the offering. The underwriters were represented by
Hunton Andrews Kurth LLP.
The offering was made only by means of a
prospectus. Copies of the final prospectus relating to the offering
may be obtained from Piper Sandler & Co., 1251 Avenue of the
Americas, 6th Floor, New York, New York 10020, or by calling (800)
747-3924, or by emailing prospectus@psc.com or Stephens Inc., P.O.
Box 3507, Little Rock, Arkansas 72203, or by calling (800) 643-9691
or by emailing prospectus@stephens.com. Copies of the
registration statement relating to these securities and the final
prospectus may also be obtained free of charge from the website of
the U.S. Securities and Exchange Commission (the "SEC") at
www.sec.gov.
A Registration Statement on Form S-1 (File No.
333-257929) relating to these securities was declared effective by
the SEC on November 18, 2021. This press release shall not
constitute an offer to sell nor the solicitation of an offer to
buy, nor shall there be any sale of the common stock, 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 such state or jurisdiction. The common stock to
be offered in the initial public offering will not be insured by
the Federal Deposit Insurance Corporation or any other governmental
agency.
About FinWise Bancorp
FinWise Bancorp is a Utah bank holding company
headquartered in Murray, Utah. FinWise operates through its
wholly-owned subsidiary, FinWise Bank, a Utah state-chartered
non-member bank. FinWise currently operates one full-service
banking location in Sandy, Utah and a loan production office in
Rockville Centre, New York. FinWise is a nationwide lender to and
takes deposits from consumers and small businesses.
Cautionary Note Regarding
Forward-Looking Statements
This press release includes "forward-looking
statements," including with respect to the Company's initial public
offering. Words such as "believes," "intends," "expects,"
"projects," "anticipates," and "future" or similar expressions are
intended to identify forward-looking statements. These
forward-looking statements are subject to the inherent
uncertainties in predicting future results and conditions and no
assurance can be given that the proposed securities offering
discussed above will be consummated on the terms described or at
all. Completion of the proposed securities offering and the terms
thereof are subject to numerous factors, many of which are beyond
the Company's control, including, without limitation, market
conditions, failure to satisfy customary closing conditions, and
other risks detailed in the "Cautionary Note Regarding
Forward-Looking Statements," "Risk Factors" and other sections of
the Registration Statement filed with the SEC. Any forward-looking
statements presented herein are made only as of the date of this
press release, and the Company does not undertake any obligation to
update or revise any forward-looking statements, whether as a
result of new information, future events, or otherwise, except
as may be required by law.
Media Contact:
investors@finwisebank.commedia@finwisebank.com
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