Fintech Ecosystem Development registered with the SEC to offer 10 million units at $10 each.
Each consists of one share of Class A common stock, one right and one-half of a redeemable warrant. Each right entitles the holder to receive one-tenth of one share of completion of an initial business combination. Each whole warrant is exercisable at $11.50.
Management in the filing said the SPAC’s goal is to acquire “a business that has developed or is developing technology that addresses the needs of communities and businesses that require new ways to store and transfer money within developing countries and across international borders.”
The new SPAC is led by CEO and director Dr. Saiful Khandaker, Group CEO and founder of FAMA Holdings, a global developer of FinTech platforms, applications and services established in 2009. FAMA is based in the United States with offices in the U.K., India, Bangladesh and Zambia.
The SPAC intends to apply for stock, rights and warrants to be listed on the Nasdaq under FEXD, FEXD.R, and FEXD.W, respectively. Read more.
