Portage Fintech Acquisition Corporation Announces US $ 240 Million Initial Public Offering Price
NEW YORK, July 20, 2021 / PRNewswire / – Portage Fintech Acquisition Corporation (the “Company”) announced today that it has priced its initial public offering of 24,000,000 units at a price of $ 10.00 per unit. The Units will be listed on the Nasdaq Stock Market, LLC (“Nasdaq”) and will trade under the ticker symbol “PFTAU” from July 21, 2021. Each unit consists of one Class A common share of the Company and one third of a redeemable warrant. Each entire warrant entitles its holder to purchase one Class A common share of the Company at a price of $ 11.50 per share. Once the securities comprising the Units begin to trade separately, the Class A Common Shares and Warrants are expected to be listed on the Nasdaq under the symbols “PFTA” and “PFTAW”, respectively. The offer is expected to close on July 23, 2021, subject to customary closing conditions.
The Company is a newly organized blank check company formed for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more companies or entities. The Company is managed by:
Steve freiberg (President): Former CEO of Etrade and Co-Chairman and CEO of Citigroup’s Global Consumer Group, Current Vice Chairman of the Board of SoFi and Member of the Board of MasterCard
Adam felesky (CEO and member of the board of directors): Co-founder and CEO of Portage Ventures
Ajay Chowdhery (CFO, COO and member of the board of directors): Former Vice President of Corporate Development at Visa
In addition to a highly experienced management team, the Company will also benefit from a Board of Directors whose members are deeply immersed in the FinTech community, have extensive experience in executing transactions, experience in operating and overseeing public companies with a long track record of value creation. In addition to Steve, Adam and Ajay, the board includes:
Stuart C. Harvey Jr: Former Chairman of the Board of Paysafe Group, Former Chairman of the Board, CEO and President of Ceridian
Tom hutton: Managing Partner of XL Innovate, Chairman of SoFi, and former Director of Lemonade
Paul Desmarais III: Chairman and CEO of Sagard Holdings, co-founder and chairman of Portage Ventures
Seraina Macia: Co-founder and CEO of Joyn Insurance, former EVP of AIG
Jason Pate: Responsible for corporate strategy and development at Plaid.
While the Company may pursue an initial objective of business combination in any business, industry or geographic location, the Company intends to target companies operating in sectors that complement the experience of its team and capitalize on on its ability to research and acquire companies in the financial technology (“FinTech”) or financial services ecosystem.
Goldman Sachs & Co. LLC, BTIG, LLC and Scotia Capital (United States) Inc. are acting as co-book managers for the offering with SoFi Securities, LLC as co-manager. The Company has granted the underwriters a 45-day option to purchase up to 3,600,000 additional units at the initial public offering price to cover over-allotments, if any.
The offer is made in United States only by means of a prospectus. Copies of the prospectus relating to the offering, when available, can be obtained by contacting Goldman Sachs & Co. LLC, Attention: Prospectus Department, 200 West Street, New York, New York 10282, or by phone at (866) 471-2526, or by email at firstname.lastname@example.org and BTIG, LLC, 65 East 55th Street, New York, New York State, 10022, by email to ProspectusDelivery@btig.com. Copies of the prospectus relating to this offering, when available, may also be obtained free of charge by visiting EDGAR on the website of the Securities and Exchange Commission (the “SEC”) at www.sec.gov.
A registration statement relating to securities entered into force on July 20, 2021 in accordance with Section 8 (a) of the Securities Act of 1933, as amended. This press release does not constitute an offer to sell or the solicitation of an offer to buy, and there will be no sale of such securities in any state or jurisdiction in which such an offer, solicitation or sale would be illegal. before registration or qualification. under the securities laws of any such state or jurisdiction.
Caution Regarding Forward-Looking Statements
This press release contains statements that constitute “forward-looking statements”, including with respect to the closing of the proposed initial public offering and the intended use of the net proceeds. No guarantee can be given that the offer discussed above will be carried out under the conditions described, or not at all, or that the net proceeds of the offer will be used as indicated. Forward-looking statements are subject to numerous conditions, many of which are beyond the control of the Company, including those set out in the Risk Factors section of the Company’s registration statement and preliminary prospectus for the Company’s offer filed. with the SEC. Copies are available on the SEC’s website, www.sec.gov. The Company assumes no obligation to update these statements for revisions or changes after the date of this posting, except as required by law.
About Portage Fintech Acquisition Corporation
Portage Fintech Acquisition Corporation (the “Company”) is a new blank check company sponsored by PFTA I LP. The Company’s sponsor is affiliated with Portage Ventures (“Portage”), a global financial technology-focused venture capital platform. Portage is a subsidiary of the multi-strategy alternative asset manager, Sagard Holdings Inc. (“Sagard”), which has offices in Canada, United States and France, and a presence in South East Asia.
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SOURCE Portage Fintech Acquisition Corporation