FutureCore Acquisition Corp. Files for IPO

Dow Jones
2 hours ago
 

FutureCore Acquisition Corp. has filed for an initial public offering.

The special-purpose acquisition company said it will sell 7.5 million units at $10 apiece, according to a filing with the Securities and Exchange Commission on Friday. Each unit will be comprised of one ordinary share and one right to receive one-fourth of an ordinary share upon the consummation of an initial business combination, as well as one redeemable warrant.

The company has also granted underwriters a 45-day option to purchase up to an additional 1.1 million units to cover over-allotments. Polaris, a division of Kingswood Capital Partners, is listed as the offering's underwriter.

The company said it will receive gross proceeds of about $77.4 million from the offering, or about $88.7 million if the over-allotment option is exercised. Both figures include proceeds from a private placement.

The Cayman Islands blank check company said it plans to acquire businesses with an enterprise value of about $180 million to $1 billion in large, underpenetrated markets.

The company intends to apply to have its units listed on the Nasdaq under the ticker FTCRU. Once the securities comprising the units begin separate trading, the company expects its shares, rights and warrants will be listed under the symbols FTCR, FTCRR and FTCRW, respectively.

 
 

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