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FinTech Evolution Acquisition Group - FTEV

  • Commons

    $9.72

    +0.00%

    FTEV Vol: 2.4K

  • Warrants

    $0.86

    -2.65%

    FTEV+ Vol: 13.7K

  • Units

    $9.93

    -0.70%

    FTEV= Vol: 50.0

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Rating Count: 0
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SPAC Stats

Market Cap: 266.4M
Average Volume: 30.4K
52W Range: $9.60 - $10.29
Weekly %: -0.31%
Monthly %: -0.21%
Inst Owners: 62

Info

Target: Searching
Days Since IPO: 278
Unit composition:
Each unit has an offering price of $10.00 and consists of one of our Class A ordinary shares and one-third of one redeemable warrant
Trust Size: 20000000.0M

Management

Officers, Directors and Director Nominees. Our Chief Executive Officer and one of our Directors are parties to certain arrangements that limit the types of companies that we can target for an initial business combination, among other restrictions, which could limit our prospects for an initial business combination or make us a less attractive buyer to certain target companies. Rohit Bhagat, our Chief Executive Officer, serves as an Independent Director on the board of AssetMark. Charles Goldman, our Non-Executive Chairman of the Board, is the serving Chief Executive Officer of AssetMark. Therefore they both have fiduciary obligations to AssetMark shareholders. Consistent with these obligations, they have documented a working arrangement with the AssetMark board to identify and minimize conflicts of interest between AssetMark and our company. In essence, Messrs. Bhagat and Goldman will not proactively seek a business opportunity on behalf of Fintech Evolution Acquisition Group in the Turnkey Asset Management Provider (TAMP) market (as generally understood), and for companies not defined as TAMPs where there may be the possibility of conflict, a mitigation process has been put in place. In our management team’s judgment, given the breadth of the Financial Services and FinTech industries, these restrictions do not materially restrict the potential business combination universe for FinTech Evolution Acquisition Group. Notwithstanding the foregoing, if Messrs. Bhagat and Goldman became aware of a business combination opportunity that is subject to the non-competition arrangement with AssetMark, they would honor their contractual and fiduciary obligations to AssetMark and not present such opportunity to us. Even if our initial business combination does not cause Messrs. Bhagat and Goldman to violate their obligations to AssetMark, no assurance can be given that the combined company would not in the future engage in competitive activities which would cause them to be in breach of such arrangements. If a court were to conclude that a violation of one or more of the agreements with AssetMark had occurred, it could enjoin Messrs. Bhagat and Goldman from participating in our Company, or enjoin us from engaging in aspects of the business which compete with AssetMark (as applicable) or impose monetary damages against us. This could materially harm our business and the trading prices of our securities. Even if ultimately resolved in our favor, any litigation associated with the AssetMark arrangements could be time consuming, costly and distract management’s focus from locating suitable acquisition candidates and operating our business. Since our sponsor, officers and directors will lose their entire investment in us if our initial business combination is not completed (other than with respect to public shares they may acquire during or after this offering), a conflict of interest may arise in determining whether a particular business combination target is appropriate for our initial business combination. On December 30, 2020, our sponsor paid $25,000, or approximately $0.004 per share, to cover certain of our offering costs in exchange for 5,750,000 founder shares. Prior to the initial investment in the company of $25,000 by the sponsor, the company had no assets, tangible or intangible. The purchase price of the founder shares was determined by dividing the amount of cash contributed to the company by the number of founder shares issued. The number of founder shares outstanding was determined based on the expectation that the total size of this offering would be a maximum of 23,000,000 units if the underwriters’ over-allotment option is exercised in full, and therefore that such founder shares would represent 20% of the outstanding shares after this offering. Up to 750,000 of the founder shares will be surrendered for no consideration depending on the extent to which the underwriters’ over-allotment is exercised. The founder shares will be worthless if we do not complete an initial business combination. In addition, our sponsor has committed to purchase an aggregate of 4,000,000 private placement warrants (or 4,400,000 warrants if the underwriters’ over-allotment option is exercised in full) for an aggregate purchase price of $6,000,000 (or 62 Table of Contents Risk factors $6,600,000 if the underwriters’ over-allotment option is exercised in full), or $1.50 per warrant. The private placement warrants will also be worthless if we do not complete our initial business combination. The personal and financial interests of our officers and directors may influence their motivation in identifying and selecting a target business combination, completing an initial business combination and influencing the operation of the business following the initial business combination. This risk may become more acute as the 24-month anniversary of the closing of this offering nears, which is the deadline for our completion of an initial business combination. Our officers and directors presently have, and any of them in the future may have additional, fiduciary or contractual obligations to other entities and, accordingly, may have conflicts of interest in determining to which entity a particular business opportunity should be presented. Following the completion of this offering and until we consummate our initial business combination, we intend to engage in the business of identifying and combining with one or more businesses. Each of our officers and directors presently has, and any of them in the future may have, additional fiduciary or contractual obligations to other entities pursuant to which such officer or director, subject to their fiduciary duties under Cayman Islands law, is or will be required to present a business combination opportunity to such entities and in the case of a non-compete restriction, may not present such opportunity to us at all. Accordingly, they may have conflicts of interest in determining to which entity a particular business opportunity should be presented. These conflicts may not be resolved in our favor and a potential target business may be presented to another entity prior to its presentation to us, subject to their fiduciary duties under Cayman Islands law. Our amended and restated memorandum and articles of association provide that, to the fullest extent permitted by applicable law: (i) no individual serving as a director or an officer shall have any duty, except and to the extent expressly assumed by contract, to refrain from engaging directly or indirectly in the same or similar business activities or lines of business as us; and (ii) we renounce any interest or expectancy in, or in being offered an opportunity to participate in, any potential transaction or matter which may be a corporate opportunity for any director or officer, on the one hand, and us, on the other. In addition, our sponsor and our officers and directors may sponsor or form other special purpose acquisition companies similar to ours or may pursue other business or investment ventures during the period in which we are seeking an initial business combination. Any such companies, businesses or investments may present additional conflicts of interest in pursuing an initial business combination. However, we do not believe that any such potential conflicts would materially affect our ability to identify and pursue business combination opportunities or complete our initial business combination. For a complete discussion of our officers’ and directors’ business affiliations and the potential conflicts of interest that you should be aware of, please see “Management—Officers, Directors and Director Nominees,” “Management—Conflicts of Interest” and “Certain Relationships and Related Party Transactions.” Our officers, directors, security holders and their respective affiliates may have competitive pecuniary interests that conflict with our interests. We have not adopted a policy that expressly prohibits our directors, officers, security holders or affiliates from having a direct or indirect pecuniary or financial interest in any investment to be acquired or disposed of by us or in any transaction to which we are a party or have an interest. In fact, we may enter into a business combination with a target business that is affiliated with our sponsor, our directors or officers, although we do not intend to do so. Nor do we have a policy that expressly prohibits any such persons from engaging for their own account in business activities of the types conducted by us. Accordingly, such persons or entities may have a conflict between their interests and ours. The personal and financial interests of our directors and officers may influence their motivation in timely identifying and selecting a target business and completing a business combination. Consequently, our directors’ and officers’ discretion in identifying and selecting a suitable target business may result in a 63 Table of Contents Risk factors conflict of interest when determining whether the terms, conditions and timing of a particular business combination are appropriate and in our shareholders’ best interest. If this were the case, it would be a breach of their fiduciary duties to us as a matter of Cayman Islands law and we or our shareholders might have a claim against such individuals for infringing on our shareholders’ rights. See the section titled “Description of Securities—Certain Differences in Corporate Law—Shareholder Suits” for further information on the ability to bring such claims. However, we might not ultimately be successful in any claim we may make against them for such reason. We may engage in a business combination with one or more target businesses that have relationships with entities that may be affiliated with our sponsor, officers, directors or existing holders which may raise potential conflicts of interest. In light of the involvement of our sponsor, officers and directors with other entities, we may decide to acquire one or more businesses affiliated with our sponsor, officers, directors or existing holders. Our directors also serve as officers and board members for other entities, including, without limitation, those described under “Management—Conflicts of Interest.” Such entities may compete with us for business combination opportunities. Our sponsor, officers and directors are not currently aware of any specific opportunities for us to complete our initial business combination with any entities with which they are affiliated, and there have been no substantive discussions concerning a business combination with any such entity or entities. Although we will not be specifically focusing on, or targeting, any transaction with any affiliated entities, we would pursue such a transaction if we determined that such affiliated entity met our criteria for a business combination as set forth in “Proposed Business” and such transaction was approved by a majority of our independent and disinterested directors. Despite our agreement to obtain an opinion from an independent investment banking firm which is a member of FINRA or a valuation or appraisal firm regarding the fairness to our company from a financial point of view of a business combination with one or more domestic or international businesses affiliated with our sponsor, officers, directors or existing holders, potential conflicts of interest still may exist and, as a result, the terms of the business combination may not be as advantageous to our public shareholders as they would be absent any conflicts of interest. Our management may not be able to maintain control of a target business after our initial business combination. We cannot provide assurance that, upon loss of control of a target business, new management will possess the skills, qualifications or abilities necessary to profitably operate such business. We may structure our initial business combination so that the post-transaction company in which our public shareholders own shares will own less than 100% of the equity interests or assets of a target business, but we will only complete such business combination if the post-transaction company owns or acquires 50% or more of the outstanding voting securities of the target or otherwise acquires a controlling interest in the target sufficient for us not to be required to register as an investment company under the Investment Company Act. We will not consider any transaction that does not meet such criteria. Even if the post-transaction company owns 50% or more of the voting securities of the target, our shareholders prior to the business combination may collectively own a minority interest in the post business combination company, depending on valuations ascribed to the target and us in the business combination. For example, we could pursue a transaction in which we issue a substantial number of new Class A ordinary shares in exchange for all of the outstanding capital stock, shares or other equity interests of a target. In this case, we would acquire a 100% interest in the target. However, as a result of the issuance of a substantial number of new Class A ordinary shares, our shareholders immediately prior to such transaction could own less than a majority of our issued and outstanding Class A ordinary shares subsequent to such transaction. In addition, other minority shareholders may subsequently combine their holdings resulting in a single person or group obtaining a larger share of the company’s shares than we initially acquired. Accordingly, this may make it more likely that our management will not be able to maintain control of the target business. 64 Table of Contents Risk factors Our letter agreement with our sponsor, officers and directors may be amended without shareholder approval. Our letter agreement with our sponsor, officers and directors contain provisions relating to transfer restrictions of our founder shares and private placement warrants, indemnification of the trust account, waiver of redemption rights and participation in liquidating distributions from the trust account. The letter agreement may be amended without shareholder approval (although releasing the parties from the restriction not to transfer the founder shares for 180 days following the date of this prospectus will require the prior written consent of the underwriters). While we do not expect our board to approve any amendment to the letter agreement prior to our initial business combination, it may be possible that our board, in exercising its business judgment and subject to its fiduciary duties, chooses to approve one or more amendments to the letter agreement. Any such amendments to the letter agreement would not require approval from our shareholders and may have an adverse effect on the value of an investment in our securities. Risks Relating to our Securities The securities in which we invest the proceeds held in the trust account could bear a negative rate of interest, which could reduce the interest income available for payment of taxes or reduce the value of the assets held in trust such that the per share redemption amount received by public shareholders may be less than $10.00 per share. The net proceeds of this offering in the amount of $200,000,000, will be held in an interest-bearing trust account. The proceeds held in the trust account may only be invested in direct U.S. government securities with a maturity of 185 days or less, or in certain money market funds which invest only in direct U.S. Treasury obligations. While short-term U.S. government treasury obligations currently yield a positive rate of interest, they have briefly yielded negative interest rates in recent years. Central banks in Europe and Japan pursued interest rates below zero in recent years, and the Open Market Committee of the Federal Reserve has not ruled out the possibility that it may in the future adopt similar policies in the United States. In the event of very low or negative yields, the amount of interest income (which we may withdraw to pay income taxes, if any) would be reduced. In the event that we are unable to complete our initial business combination, our public shareholders are entitled to receive their share of the proceeds held in the trust account, plus any interest income. If the balance of the trust account is reduced below $400,000,000 as a result of negative interest rates, the amount of funds in the trust account available for distribution to our public shareholders may be reduced below $10.00 per share. If we are deemed to be an investment company under the Investment Company Act, we may be required to institute burdensome compliance requirements and our activities may be restricted, which may make it difficult for us to complete our initial business combination. If we are deemed to be an investment company under the Investment Company Act, our activities may be restricted, including: ➀ restrictions on the nature of our investments; and ➀ restrictions on the issuance of securities, each of which may make it difficult for us to complete our initial business combination. In addition, we may have imposed upon us burdensome requirements, including: ➀ registration as an investment company; ➀ adoption of a specific form of corporate structure; and ➀ reporting, record keeping, voting, proxy and disclosure requirements and other rules and regulations. 65 Table of Contents Risk factors In order not to be regulated as an investment company under the Investment Company Act, unless we can qualify for an exclusion, we must ensure that we are engaged primarily in a business other than investing, reinvesting or trading of securities and that our activities do not include investing, reinvesting, owning, holding or trading “investment securities” constituting more than 40% of our assets (exclusive of U.S. government securities and cash items) on an unconsolidated basis. Our business will be to identify and complete a business combination and thereafter to operate the post-transaction business or assets for the long term. We do not plan to buy businesses or assets with a view to resale or profit from their resale. We do not plan to buy unrelated businesses or assets or to be a passive investor. We do not believe that our anticipated principal activities will subject us to the Investment Company Act. To this end, the proceeds held in the trust account may only be invested in United States “government securities” within the meaning of Section 2(a)(16) of the Investment Company Act having a maturity of 185 days or less or in money market funds meeting certain conditions under Rule 2a-7 promulgated under the Investment Company Act which invest only in direct U.S. government treasury obligations. Pursuant to the trust agreement, the trustee is not permitted to invest in other securities or assets. By restricting the investment of the proceeds to these instruments, and by having a business plan targeted at acquiring and growing businesses for the long term (rather than on buying and selling businesses in the manner of a merchant bank or private equity fund), we intend to avoid being deemed an “investment company” within the meaning of the Investment Company Act. This offering is not intended for persons who are seeking a return on investments in government securities or investment securities. The trust account is intended as a holding place for funds pending the earliest to occur of either: (i) the completion of our initial business combination; (ii) the redemption of any public shares properly submitted in connection with a shareholder vote to amend our amended and restated memorandum and articles of association (A) to modify the substance or timing of our obligation to allow redemption in connection with our initial business combination or to redeem 100% of our

Holder Stats

1 0
% of Shares Held by All Insider 0.00%
% of Shares Held by Institutions 43.78%
% of Float Held by Institutions 43.78%
Number of Institutions Holding Shares 62

Mutual Fund Holders

Holder Shares Date Reported Value % Out
Brinker Capital Destinations Tr-Destinations Low Duration Fixed Inc Fd 23979 2021-08-30 232116 0.09
RiverPark Fds Tr-RiverPark Strategic Income Fd 13586 2021-06-29 130969 0.05
CrossingBridge Low Duration High Yield Fund 12435 2021-09-29 120495 0.05
Tidal ETF Tr-Robinson Alternative Yield Pre-Merger SPAC ETF 10406 2021-09-29 100834 0.04
Greenspring Fund, Incorporated 2200 2021-09-29 21318 0.01
RiverNorth Opportunities Fd 1704 2021-07-30 16494 0.01

Institutional Holders

Reporting Date Hedge Fund Shares Held Market Value % of Portfolio Quarterly Change in Shares Ownership in Company
2021-11-16 Oaktree Capital Management LP 150,000 $1,450,000 0.0% 0 0.438%
2021-11-16 Toroso Investments LLC 10,406 $100,000 0.0% 0 0.030%
2021-11-15 Omni Partners US LLC 241,817 $2,340,000 0.1% -3.1% 0.706%
2021-11-15 Dark Forest Capital Management LP 85,511 $830,000 0.3% 0 0.250%
2021-11-09 Basso Capital Management L.P. 4,285 $42,000 0.0% 0 0.013%
2021-08-17 ATW Spac Management LLC 10,000 $96,000 0.0% 0 0.029%
2021-08-16 Cohanzick Management LLC 50,000 $480,000 0.2% 0 0.146%
2021-08-13 Qube Research & Technologies Ltd 14,639 $140,000 0.0% 0 0.043%
2021-08-12 Commonwealth of Pennsylvania Public School Empls Retrmt SYS 50,000 $480,000 0.0% 0 0.146%

SEC Filings

Form Type Form Description Filing Date Document Link
8-K CURRENT REPORT 2021-11-19 https://www.sec.gov/Archives/edgar/data/1839569/000121390021060846/ea150942-8k_fintechevo.htm
10-Q QUARTERLY REPORT 2021-11-19 https://www.sec.gov/Archives/edgar/data/1839569/000121390021060675/f10q0921_fintechevo.htm
NT 10-Q NOTIFICATION OF LATE FILING 2021-11-16 https://www.sec.gov/Archives/edgar/data/1839569/000121390021059832/ea150744-nt10q_fintech.htm
10-Q QUARTERLY REPORT 2021-08-13 https://www.sec.gov/Archives/edgar/data/1839569/000121390021042565/f10q0621_fintechevo.htm
10-Q QUARTERLY REPORT 2021-07-15 https://www.sec.gov/Archives/edgar/data/1839569/000121390021037114/f10q0321_fintechevolu.htm
8-K FORM 8-K 2021-06-02 https://www.sec.gov/Archives/edgar/data/1839569/000121390021030604/ea142060_8k-fintech.htm
NT 10-Q NOTIFICATION OF LATE FILING 2021-05-17 https://www.sec.gov/Archives/edgar/data/1839569/000121390021026992/ea141019-nt10q_fintech.htm
8-K CURRENT REPORT 2021-04-20 https://www.sec.gov/Archives/edgar/data/1839569/000121390021022339/ea139709-8k_fintechevo.htm
SC 13G SC 13G 2021-03-15 https://www.sec.gov/Archives/edgar/data/1839569/000110465921036319/tm219783d2_sc13g.htm
4 2021-03-11 https://www.sec.gov/Archives/edgar/data/1839569/000121390021014841/xslF345X03/ownership.xml
4 2021-03-11 https://www.sec.gov/Archives/edgar/data/1839569/000121390021014840/xslF345X03/ownership.xml
4 2021-03-11 https://www.sec.gov/Archives/edgar/data/1839569/000121390021014838/xslF345X03/ownership.xml
8-K CURRENT REPORT 2021-03-10 https://www.sec.gov/Archives/edgar/data/1839569/000121390021014646/ea137343-8k_fintechevo.htm
8-K CURRENT REPORT 2021-03-05 https://www.sec.gov/Archives/edgar/data/1839569/000121390021013793/ea137090-8k_fintechrevol.htm
424B4 PROSPECTUS 2021-03-04 https://www.sec.gov/Archives/edgar/data/1839569/000121390021013226/f424b40321_fintechevogrp.htm
EFFECT 2021-03-01 https://www.sec.gov/Archives/edgar/data/1839569/999999999521000783/xslEFFECTX01/primary_doc.xml
3 OWNERSHIP DOCUMENT 2021-03-01 https://www.sec.gov/Archives/edgar/data/1839569/000121390021012714/xslF345X02/ownership.xml
3 OWNERSHIP DOCUMENT 2021-03-01 https://www.sec.gov/Archives/edgar/data/1839569/000121390021012713/xslF345X02/ownership.xml
3 OWNERSHIP DOCUMENT 2021-03-01 https://www.sec.gov/Archives/edgar/data/1839569/000121390021012712/xslF345X02/ownership.xml
3 OWNERSHIP DOCUMENT 2021-03-01 https://www.sec.gov/Archives/edgar/data/1839569/000121390021012711/xslF345X02/ownership.xml
3 OWNERSHIP DOCUMENT 2021-03-01 https://www.sec.gov/Archives/edgar/data/1839569/000121390021012710/xslF345X02/ownership.xml
3 2021-03-01 https://www.sec.gov/Archives/edgar/data/1839569/000121390021012708/xslF345X02/ownership.xml
S-1MEF REGISTRATION STATEMENT 2021-03-01 https://www.sec.gov/Archives/edgar/data/1839569/000121390021012695/ea136797-s1_fintechevo.htm
CERT NYSE CERTIFICATION 2021-03-01 https://www.sec.gov/Archives/edgar/data/1839569/000087666121000267/FTEV030121.pdf
8-A12B FOR REGISTRATION OF CERTAIN CLASSES 2021-03-01 https://www.sec.gov/Archives/edgar/data/1839569/000121390021012385/ea136706-8a12b_fintechevo.htm
CORRESP 2021-02-25 https://www.sec.gov/Archives/edgar/data/1839569/000121390021011559/filename1.htm
CORRESP 2021-02-25 https://www.sec.gov/Archives/edgar/data/1839569/000121390021011557/filename1.htm
CORRESP 2021-02-24 https://www.sec.gov/Archives/edgar/data/1839569/000121390021011400/filename1.htm
S-1/A REGISTRATION STATEMENT 2021-02-24 https://www.sec.gov/Archives/edgar/data/1839569/000121390021011394/fs12021a2_fintechevoacq.htm
UPLOAD 2021-02-24 https://www.sec.gov/Archives/edgar/data/1839569/000000000021002231/filename1.pdf
S-1/A AMENDMENT NO. 1 TO S-1 2021-02-23 https://www.sec.gov/Archives/edgar/data/1839569/000121390021010965/fs12021a1_fintechevolution.htm
CORRESP 2021-02-22 https://www.sec.gov/Archives/edgar/data/1839569/000121390021010967/filename1.htm
UPLOAD 2021-02-18 https://www.sec.gov/Archives/edgar/data/1839569/000000000021002043/filename1.pdf
S-1 REGISTRATION STATEMENT 2021-02-11 https://www.sec.gov/Archives/edgar/data/1839569/000121390021008178/fs12021_fintechevo.htm
DRS 2021-01-12 https://www.sec.gov/Archives/edgar/data/1839569/000121390021001520/filename1.htm