Fintech Ecosystem Development priced its IPO of 10 million units at $10 each. Units will list on the Nasdaq and begin trading today under FEXDU. Each consists of one share, one right and one-half of a warrant. Each right is good for one-tenth of a share and whole warrants are exercisable at $11.50 for a share.
After the securities begin separate trading, shares, rights and warrants are expected to list under FEXD, FEXDR and FEXDW.
The offering is expected to close Oct. 21.
The SPAC intends to pursue prospective targets in South Asia with particular emphasis on the financial technology industry.
EF Hutton is sole book-running manager of the offering. The underwriter has an option to purchase up to 1.5 million units to cover over-allotments, if any. Read more.
