Finnovate Acquisition Corp. (FNVTU) Prices $150M IPO


Finnovate Acquisition Corp. (FNVTU) Prices $150M IPO

Finnovate Acquisition Corp. announced the pricing of its $150 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “FNVTU” Thursday, November 3.

The new SPAC intends to focus its search on fintech companies that are domiciled in Israel, that carry out all or a substantial portion of their activities in Israel, or that have some other significant Israeli connection. Finnovate is managed by Prof. David Gershon (former founder and CEO of SuperDerivatives) who will serve as Chairman and CEO, Ron Golan (former head of investment banking and capital markets at Morgan Stanley for Israel & CEE) will serve as Director and CFO, and Jonathan Ophir (Former Head of Credit Division, at Altshuler Shaham) will serve as CIO. Uri Chaitchik will serve as a senior consultant to the Company. The Company’s independent directors are Mitch Garber (former CEO of Caesars Acquisition Company), Gustavo Schwed (Former Partner at Morgan Stanley Private Equity and Providence Equity Partners) and Nadav Zohar (Chairman of LRC Europe).

Total SPAC deal count for 2021 year-to-date is now 513. This offering is expected to close on Monday, November 8.

EarlyBirdCapital, Inc. is serving as sole book-running manager for the offering. McDermott Will & Emery LLP is serving as Issuer’s Counsel with Graubard Miller serving as Underwriter’s Counsel.  Marcum, LLP serves as auditor. Continental Stock Transfer & Trust Company is acting as trustee.