Davis Polk advised Figure Acquisition Corp. I on its $287.5 million initial public offering of 28,750,000 units. Each unit had an initial offering price of $10 and consists of one share of Class A Common Stock and one-fourth of one redeemable warrant. The units, the shares and the warrants are listed on the New York Stock Exchange.
Sponsored by Figure Technologies, Inc. and Ellington Management Group, LLC, Figure Acquisition Corp. I is a special purpose acquisition company (SPAC) formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses. It intends to focus its search for businesses in the financial technology and financial services sector.
The Davis Polk capital markets team included partners Derek Dostal and Deanna L. Kirkpatrick, counsel Jennifer Ying Lan and associate Sumeet Sanjeev Shroff. The M&A team included partners Lee Hochbaum and Cheryl Chan and associate Daisy Wu. The tax team included counsel Ethan R. Goldman and associate Erin van Wesenbeeck. Associate Travis Triano provided executive compensation advice. All members of the Davis Polk team are based in the New York office.