Apex Clearing Corp., a Dallas, Texas-based eight-year old clearing firm alongside a custodian for digital assets, had issued a statement on Monday saying that the Dallas-headquartered fintech start-up would go public following a merger with an SPAC (Special Purpose Acquisition Company) or blank-cheque company, backed by the Uniondale-based ice hockey team New York Islanders co-owner Jon Ledecky, in a deal that could value the merged entity at $4.7 billion.
In point of fact, latest merger deal with Ledecky-backed SPAC Northern Star Investment Corp II, could shelve a stark upsum of $850 million for Apex in fresh liquidities, though the financing would involve a $450 million which was curetted from two of the leading American blue-whale investment firms such as Fidelity Management & Research LLC alongside Baron Capital Group.
Nevertheless, SPACs (Special Purpose Acquisition Companies) or blank-check firms are shell entities that could be capitalized on taking a company public usually within two years of a merger or acquisition, while the SPACs or blank-check firms are allowed to raise fresh capitals in order to finance the mergers or acquisitions through private investors or Initial Public Offerings (IPOs) without telling their investors about the firms they have been pursuing.
Apex to go public in $4.7bn valuation after merger with Ledecky’s SPAC
Aside from that, Dallas-based Apex Clearing Corp., which has been looking to go public in an approximated $4.7 billion in valuation via a merger with an SPAC firm backed by American businessman and investor Jon Ledecky, 63, having had a net asset worth of $340 million to-date, had been a clearing provider for online trading platform Robinhood, however, it had launched its own fintech trade-clearing platform back in the 2018s.
At this standpoint, Apex is seen as a promising fintech firm offering clearing services, cryptocurrency solutions, fractional trade sharing alongside a digital custody to its clients, said industry analysts.