New York's Perella Weinberg seeks NASDAQ-listing via $975mn merger with Cohen’s SPAC

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New York's Perella Weinberg seeks NASDAQ-listing via $975mn merger with Cohen’s SPAC

Perella Weinberg Partners, the New York City-headquartered boutique investment bank, said later this week that that the 14-year-old financial services provider had been working out an option to go public via a $975 million merger with banking entrepreneur Betsy Cohen-backed SPAC (Special Purpose Acquistion Company), joining a string of enterprises that went public lately through mergers with blank-check firms or SPAC.

Aside from that, latest move from New York-based Perella Weinberg, primarily focused on investment banking advisory services, comes over the heels of an unprecedented scale of upsurge in SPAC-backed public listing in NYSE that largely sidestepped the number of IPOs (Initial Public Offerings) later last year, nonetheless, in an SPAC-backed route to enter public market trading, companies are not allowed to issue additional shares.

In point of fact, SPAC (Special Purpose Acquistion Company) could be referred to a shell company that usually takes a company public following merger or acquisitions within a couple of years after forming.

Boutique investment lender Perella Weinberg to go public through $975mn merger

In tandem, Perella Weinberg Partners had said in a statement later this week that the Cohen-backed blank-check firm, FinTech Acquistion Corporation IV that had raised a stark upsum of $230 million back in September in an IPO, had reached a $975 million merger deal with Perella Weinberg which in effect would take the New York City-based financial services provider public, while under the terms of the deal, Perella Weinberg Partners had secured a financing of $125 million from heavy-weight investors likes of Fidelity Management alongside Wellington Management.

On top of that, in a joint statement issued later this week, the companies were quoted saying that the newly formed merged holding would list on the Nasdaq under the ticker “PWP,” while the deal which would be subject to regulatory approvals, was expected to conclude by the first half of 2021, said the companies.