Figure SPAC seeks to raise $250 million in initial public offering

A blank-check company tied to blockchain lending startup Figure has formally unveiled its plan for an initial public offering, according to a press release. 

Figure Acquisition Corporation I aims to sell 25 million units for $10 each, which will be listed under the ticker symbol “FACA.U” on the New York Stock Exchange. Trading begins on February 19 and is expected to conclude on February 23, 2021. 

When discussing how each unit relates to stock, the firm said: “Each unit consists of one share of Class A common stock and one-fourth of one redeemable warrant. Each whole warrant entitles the holder thereof to purchase one share of Class A common stock at a price of $11.50 per share. Only whole warrants are exercisable.”

In all, the SPAC aims to raise some $250 million. 

Figure's specific focus is on mortgages and loans, using a blockchain as the technological basis for the lending process. Founded in 2018, Figure has raised about $225 million to date, with a valuation north of $1 billion at the time of its last raise in December 2019. Figure was founded by Mark Cagney, the former CEO of financial services firm SoFi.

Figure is one of a number of firms in the crypto and blockchain industry attempting to becoming a national bank. The firm submitted an application to the Office of the Comptroller of the Currency last fall.