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Finance of America news for Tuesday includes an initial public offering (IPO) through special purpose acquisition company (SPAC) Replay Acquisition (NYSE:RPLA).
Here’s what potential investors need to know about the SPAC news.
- Finance of America will become a publicly-traded company by merging with Replay Acquisition.
- This plan values the lending company at $1.9 billion.
- The transaction already has $250 million in confirmed support from investors via a private investment in public equity (PIPE) of $10 per share.
- Cash proceeds for the new company include that PIPE funding and $288 million of cash in trust belonging to Replay Acquisition.
- This should allow the company to begin public operations with a minimum of $250 million in cash and cash equivalents.
- One thing worth noting about this SPAC news is the support from Blackstone Tactical Opportunities.
- This is a