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Ribbit Capital's fintech SPAC Ribbit LEAP prices $350 million IPO at $10

September 11, 2020

Ribbit LEAP, a blank check company formed by Ribbit Capital targeting a fintech business, raised $350 million by offering 35 million units at $10. Each unit consists of one share of common stock and one-fifth of a warrant, exercisable at $11.50. The company may raise an additional $100 million at the closing of an acquisition pursuant to a forward purchase agreement with Ribbit Capital.

The company is led by CEO and Chairman Meyer Malka, the founder and Managing Partner of Ribbit Capital, and COO Cynthia McAdam, a Partner at Ribbit Capital. Ribbit LEAP is not using the traditional founder share structure most SPACs employ. Instead, the company is using performance-based founder shares which vest in four equal tranches upon achieving outsized share performance following completion of its business combination.

Ribbit LEAP plans to list on the NYSE under the symbol LEAP.U. J.P. Morgan acted as a lead manager on the deal.