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Fintech SPAC Lefteris Acquisition files for a $225 million IPO

October 2, 2020

Lefteris Acquisition, a blank check company formed by co-founder of Vestigo Ventures and a former E*TRADE executive targeting fintech, filed on Friday with the SEC to raise up to $225 million in an initial public offering.

The Boston, MA-based company plans to raise $225 million by offering 22.5 million units at $10. Each unit consists of one share of common stock and one-third of a warrant, exercisable at $11.50. At the proposed deal size, Lefteris Acquisition would command a market value of $281 million.

The company is led by Chairman Mark Casady, co-founder of fintech-focused venture firm Vestigo Ventures, and CEO and Director Karl Roessner, former CEO of E*TRADE. The company plans to target the financial technology sector, specifically businesses with enterprise values between $600 million and $1.3 billion.

Lefteris Acquisition was founded in 2020 and plans to list on the Nasdaq under the symbol LFTRU. The SPAC filed confidentially on September 18, 2020. Morgan Stanley is sole bookrunner on the deal.