SPAC Portage Fintech Acquisition Upsizes IPO To US$240 Million

Special purpose acquisition company Portage Fintech Acquisition Corporation (Nasdaq: PFTAU) announced Tuesday that it is upsizing its initial public offering to US$240.0 million. The company, backed by venture capital platform Portage Ventures, went public on Nasdaq Stock Market today.

The offering consists of 24.0 million units priced at US$10.00 per unit. Each unit is composed of one Class A common share and one-third of a purchase warrant. Each whole warrant is redeemable for one Class A common share at US$11.50 per share.

The company units trade on the Nasdaq big board under the symbol “PFTAU”. Once the securities separate, the company shares and warrants will trade under the ticker symbols “PFTA” and “PFTAW”, respectively.

The proposed offering is being managed by Goldman Sachs & Co., BTG, and Scotia Capital USA as joint bookrunners, which the company granted a 45-day over-allotment option to purchase additional 3.6 million company units at the same IPO price.

The offering is expected to close on July 23, 2021, subject to customary closing conditions.

The newly-organized blank check company will be looking to transact with firms in the financial technology or financial services ecosystem. Portage Ventures CEO Adam Felesky and former Citigroup’s Global Consumer Group CEO Steve Freiberg will serve as the company’s CEO and Chairman, respectively.

Information for this briefing was found via Sedar and Portage Fintech Acquisition. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.

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