TradeStation Group to Go Public Via $1.43b SPAC Merger
TradeStation, a financial technology platform which offers self-clearing online brokerage services for stocks, equity and index options, futures options, and cryptocurrencies, among other financial instruments, announced today that it will go public via SPAC merger with the blank-check company Quantum FinTech Acquisition Corporation.
The deal, which values the combined company at about $1.43 billion, will be financed by around $201 million of cash held in the trust account of the SPAC, as well as private investment in public equity (PIPE) of about $115 million from institutional investors headed by Monex Group Inc and Galaxy Digital LP.
After the deal closes, most likely in the first half of 2022, TradeStation will list on the NYSE under the ticker symbol ‘TRDE’.
Quantum FinTech is headed by chairman and CEO John Schaible, founder of Atlas Bank, where he now serves as a board member. He also co founded Anderen Bank and was Chief Operating Officer of Andersen Financial. Schaible also founded NexTrade and grew the company until the sale of NexTrade’s electronic communications network (division of NexTrade) to Citigroup, Inc. in 2006.
SPACs — or special purpose acquisition companies — are Wall Street’s hottest trend. Also known as “blank check” companies, SPACs are shell corporations which are listed on the stock exchange with the intention of acquiring another company. This side-steps the more onerous requirements of the traditional initial public offering (IPO) process.
As SPACs continue to heat up, so too does SPAC litigation. And we here at OEN anticipate an even greater increase in SPAC litigation in the coming years. SPACs are popular with investors right now because interest rates are low and they are looking for new places to invest their money. However, as the above reasons suggest, there are bound to be unwanted surprises that come with writing a blank check.
So if you our your firm is involved in SPAC litigation and want help putting together a savvy and knowledgeable team of SPAC experts, call OEN today. We know exactly the team of experts you will need, and we have them at the ready. There is a significant demand for these experts today that is likely to grow, so we suggest acting now.
If you or your firm have expert witness needs on any type of case, call OEN today at 617–528–0055 or email us at email@example.com for help putting together your expert witness team. You do the rest. Let us worry about the experts.