Blockchain lending start-up Figure has officially announced its intentions for an initial public offering and how a blank check company will be tied to it in the near future.
The Relationship Between Units And Stock
Figure Acquisition Corporation has plans to sell, for $10.00 each, 25 million units. Every one of these units consists of one share of common stock of the Class A variety as well as 1/4th of a redeemable warrant. Every warrant will thus enable its holder the option to buy a Class A common stock share at the price of only $11.50 per individual share. The units themselves shall be listed under the ticker symbol ‘FACA.U’, and in terms of usage, only whole warrants may be exercisable.
The ticker symbol will be listed on the New York Stock Exchange, as trading has already commenced and is anticipated to continue until at least tomorrow.
The SPAC Plans To Raise $250 Million Using Blockchain
In order for Figure to raise such an enormous amount, they have directed their focus and attention towards loans as well as mortgages. They will thus utilize the blockchain to be employed as the technological basis for this entire lending process and operation. Furthermore, Figure has actually managed to earn approximately $225,000,000 till now, and its valuation has exceeded that of $1 billion since its previous raise at the end of 2019.
Also read:In terms of its long-term goals, Figure has plans of transforming itself into a national bank. Moreover, they are apparently not the only ones with this intention as they are one of numerous firms and organisations within the blockchain as well as crypto-based industry with similar goals of developing themselves further.
Nevertheless, it will be very interesting to see what direction Figure goes into within the near future, as the firm has also recently submitted an application to the Office of the Comptroller of the Currency in the previous fall season. Time will only tell whether they are able to achieve their goals, but it would be difficult to deny the success that they have enjoyed thus far, and this warrants further investigation into their activities for the coming months.
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