FinServ Acquisition Corp. Announces Closing of $250,000,000 Initial Public Offering
November 05 2019 - 4:38PM
FinServ Acquisition Corp. (NASDAQ: FSRVU) (the “Company”) announced
today that it closed its initial public offering of 25,000,000
units, including 3,000,000 units issued pursuant to the exercise by
the underwriters of their over-allotment option. The offering was
priced at $10.00 per unit, resulting in gross proceeds of
$250,000,000.
The Company’s units are listed on the Nasdaq Capital Market
(“Nasdaq”) and commenced trading under the ticker symbol “FSRVU” on
November 1, 2019. Each unit consists of one share of the Company’s
Class A common stock and one-half of one redeemable warrant, each
whole warrant entitling the holder thereof to purchase one share of
Class A common stock at a price of $11.50 per share. Only whole
warrants will trade and are exercisable. Once the securities
comprising the units begin separate trading, the shares of Class A
common stock and warrants are expected to be traded on Nasdaq under
the symbols “FSRV” and “FSRVW,” respectively.
The Company is a blank check company formed for the purpose of
effecting a merger, capital stock exchange, asset acquisition,
stock purchase, reorganization or similar business combination with
one or more businesses. While the Company may pursue an initial
business combination target in any business or industry, it intends
to focus its search on companies in the financial services industry
or businesses providing technology services to the financial
services industry. The Company is led by Chief Executive Officer,
Lee Einbinder, and President and Chief Financial Officer, Howard
Kurz.
Barclays and Cantor acted as the joint book-running managers of
the offering.
Of the proceeds received from the consummation of the initial
public offering and a simultaneous private placement of units,
$250,000,000 (or $10.00 per unit sold in the public offering) was
placed in the Company’s trust account. An audited balance sheet of
the Company as of November 5, 2019 reflecting receipt of the
proceeds upon consummation of the initial public offering and the
private placement will be included as an exhibit to a Current
Report on Form 8-K to be filed by the Company with the Securities
and Exchange Commission (the “SEC”).
The offering was made only by means of a prospectus. Copies of
the prospectus may be obtained from Barclays, c/o Broadridge
Financial Solutions, 1155 Long Island Avenue, Edgewood, New York
11717, email: barclaysprospectus@broadridge.com, tel: (888)
603-5847; and Cantor Fitzgerald & Co., Attention: Capital
Markets, 499 Park Avenue, 5th Floor New York, New York 10022;
email: prospectus@cantor.com.
A registration statement relating to these securities was
declared effective by the SEC on October 31, 2019. This press
release shall not constitute an offer to sell or the solicitation
of an offer to buy, nor shall there be any sale of these securities
in any state or jurisdiction in which such an offer, solicitation
or sale would be unlawful prior to registration or qualification
under the securities laws of any such state or jurisdiction.
FORWARD-LOOKING STATEMENTS
This press release contains statements that constitute
“forward-looking statements,” including with respect to the initial
public offering and the anticipated use of the net proceeds. No
assurance can be given 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 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
Lee EinbinderFinServ Acquisition
Corp.lee@finservacquisition.com
FinServ Acquisition (NASDAQ:FSRVU)
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