Fintech Acquisition Corp. III (NASDAQ:FTAC) announced that it secured shareholder approval for its $1.3 billion business combination with payments processor Paya during a special meeting held earlier today.
Importantly, only 5,696,643 shares opted to redeem, taking an estimated $10.25 per share from the trust. Fintech III shares closed trading today at $11 even. This amount of redemptions will not pose a risk to the transaction, which required just that Fintech III maintain $200 million in its trust and $400 million in cash available overall in order to close.
Before redemptions, Fintech III had about $353.6 million in its trust and supported the deal with a $200 million PIPE and a $50 million sponsor co-investment.
All measures on Fintech III’s ballot, including formally changing the company’s name to Paya Holdings and appointing its Board, passed overwhelmingly with no measure receiving more than 8% of shares dissenting. In total, shareholders representing more than 79% of outstanding stock took part, so Fintech III did not face the voter turnout issues that complicated some SPAC closing processes in the past month.
Fintech III announced its proposed combination with Paya on August 3 and marks a quick close, with a 2+ month turnaround time, for a team that notched well-received deals for CardConnect and International Money Express with Fintechs I and II.
It upped its ante August 26, raising a total of $754.7 million in the IPO of its latest SPAC, FTAC Olympus Acquisition Corp. (NASDAQ:FTOC). This seasoned team led by Chairperson Betsy Z. Cohen and President, CEO and Director Ryan M. Gilbert now has the ammunition to hunt even bigger game in the fintech space.
ADVISORS
- Evercore is acting as exclusive capital markets and financial advisor to Paya.
- William Blair is acting as financial advisor to Paya.
- Kirkland & Ellis LLP is acting as legal counsel to Paya.
- Cantor Fitzgerald & Co. and Northland Capital Markets are acting as capital markets advisors to FinTech III.
- Ledgewood PC is acting as legal counsel to FinTech III.
- Morgan Stanley, Evercore and Cantor Fitzgerald & Co. are acting as private placement agents.
Blueport (NASDAQ:BPACU) has filed for a $69 million SPAC that would bring another first-time sponsor team to market. The new SPAC is offering investors a right to a 1/6 share in each unit and it will have 15 months to complete a business combination. It is underwritten by Alliance Global Partners and will not be...
At the SPAC of Dawn The markets appear to poised to continue a rosy week with futures in the green in anticipation of PCE inflation readings. Space is one of the sectors feeling the most love recently and launch services firm Rocket Lab (NASDAQ:RKLB) is keeping up the momentum, scheduling two launches within 48 hours...
FIGX Acquisition Corp. (NASDAQ:FIGXU) announced the pricing of its $131 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “FIGXU”, Friday, June 27, 2025. The new SPAC aims to seek out a financial services target with a particular focus on wealth and asset managers with the potential to...
Yorkville Acquisition Corp. (NASDAQ:YORKU) announced the pricing of its $150 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “YORKU”, Friday, June 27, 2025. The new SPAC plans to combine with a target company in the telecom, media or technology sectors. Yorkville Acquisition Corp.’s management team is led...
At the SPAC of Dawn As pressure on Fed Chairman Jerome Powell increases, the market is set to ingest a raft of new indicators today as well as hear from Cleveland Fed President Beth Hammack on the potential interest rate path. Today will also see June’s 8th SPAC IPO as Cantor Equity Partners III Inc....