Quantum FinTech Acquisition priced its IPO of 17.5 million units at $10 each. The SPAC offered 2.5 million more units than initially planned for an upsize of 17 percent.
Units begin trading today on the NYSE under QFTA.U. Each consists of one share of common stock and one redeemable warrant, with each warrant entitling the holder to purchase one half-share of common stock at a price of $11.50 per full share.
Once the securities comprising the units begin separate trading, shares and redeemable warrants are expected to list under QFTA and QFTA WS, respectively.
The offering is expected to close Feb. 9.
The SPAC plans to target businesses offering technology services to the financial sector.
Quantum is led by Chairman and CEO John Schaible, whose 25 years of FinTech and market structure experience includes founding Atlas Bank, where he currently serves on the board. Read more.
