BroadChain has learned that Future Money (NASDAQ: FMACU), a Special Purpose Acquisition Company (SPAC), completed its initial public offering (IPO) on April 1.
The company issued 11.2 million units at $10 each, generating gross proceeds of $112 million. This figure includes an over-allotment of 1.2 million units. Concurrently, a private placement of 304,000 units raised an additional $3.04 million. Approximately $112.56 million of the total proceeds has been placed into a trust account.
Each unit comprises one share of common stock and one right, which entitles the holder to receive one-fifth of a common share upon the completion of the company's first business combination. The common stock and rights are expected to begin separate trading under the ticker symbols "FMAC" and "FMACR," respectively.