Paul Hastings Advises the Underwriters in Two Fintech SPAC IPOs
New York and Los Angeles – Paul Hastings LLP, a leading global law firm, announced today that it advised the underwriters in two initial public offerings totaling over $500 million for special purpose acquisition companies (SPACs) targeting businesses in Fintech and financial services. The deals bring together Paul Hastings’ leading Securities and Capital Markets practice with the firm’s Fintech and Payments practice, ranked Band 1 by Chambers USA.
Fintech Evolution Acquisition Corp.
UBS served as sole book-running manager for the $240 million IPO for Fintech Evolution Acquisition Corp., which priced its upsized initial public offering of 24,000 units at $10.00 per unit. Each unit consists of one of the Company’s Class A ordinary shares and one-third of one redeemable warrant, each whole warrant entitling the holder thereof to purchase one share of Class A ordinary share at a price of $11.50 per share. The units were listed for trading on the NYSE under the symbols “FTEV” and “FTEV WS,” respectively on March 2, 2021.
The management team for Fintech Evolution is led by Rohit Bhagat who previously served as Chairman (Asia Pacitic) at BlackRock, Global Chief Operating Officer at Barclays Global Investors, and as Senior Partner at Boston Consulting Group.
The Paul Hastings team that advised UBS included partners Frank Lopez, Jonathan Ko, of counsel James Shea, and associates Will Peifer and Bianca Lazar. Douglas Schaaf and Amy Lawrence assisted on Tax matters, and Jacqueline May on FINRA matters.
Figure Acquisition Corp. I
Citigroup Global Markets Inc. served as the sole book-running manager for the $250 million IPO of Figure Acquisition Corp. I, which priced 25,000,000 units at $10.00 per unit. Each unit consists of one share of Class A common stock and one-fourth of one redeemable warrant, with each whole warrant exercisable to purchase one share of Class A common stock at a price of $11.50 per share. The units were listed for trading on the NYSE under the ticker symbol "FACA" on February 19, 2021.
The management team for Figure Acquisition Corp. is led by Michael Cagney, the former Chairman and CEO of SoFi.
The Paul Hastings team that advised Citigroup Global Markets included partners Frank Lopez, Jonathan Ko, of counsel James Shea, and associates Will Peifer, Bianca Lazar, and Mercedez Taitt-Harmon. Douglas Schaaf and Amy Lawrence assisted on Tax matters, and Jacqueline May on FINRA matters.
At Paul Hastings, our purpose is clear — to help our clients and people navigate new paths to growth. With a strong presence throughout Asia, Europe, Latin America, and the U.S., Paul Hastings is recognized as one of the world’s most innovative global law firms.