Stock Alert: Fintech Trading 8% Higher Following Combination With Perella Weinberg

By RTTNews Staff Writer   ✉   | Published:

Shares of special purpose acquisition company Fintech Acquisition Corp. IV (FTIV) are rising more than 8% Wednesday morning on the news of it entering into a business combination agreement with Perella Weinberg Partners, an independent advisory firm.

The combined company, to be named as Perella Weinberg Partners, will be listed on the NASDAQ under the symbol "PWP."

The transaction reflects an implied equity value for the company of approximately $975 million. The cash component of the consideration will be funded by FinTech IV's $230 million cash in trust as well as a $125 million private placement in public equity at $10.00 per share with strategic and institutional investors, including Fidelity Management & Research Company LLC, Wellington Management and Korea Investment & Securities.

FTIV, currently at $11.86 has been trading in the range of $5- $17.44 in the last one year.

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