Finnovate Acquisition, an Israeli fintech-focused SPaC, registered to offer 15 million units at $10 each. A unit consists of one Class A ordinary share and three-quarters of a warrant.
The new SPAC will focus on companies that provide technological services to the financial services industry and are domiciled in Israel, carry out all or a substantial portion of their activities in Israel, or that have some other significant Israeli connection.
Finnovate is led by Chairman and CEO David Gershon, a professor at the business school of the Hebrew University of Jerusalem. In 2018, Prof. Gershon founded the Gershon Fintech Center at the university. He serves as a director of Gershon Capital Ltd.
EarlyBirdCapital is sole book-running manager. The underwriters’ over-allotment option cover the purchase of up to an additional 2.25 million units.
Finnovate intends to apply for a Nasdaq listing under FNVTU. Read more.
