Finance of America Closes SPAC Merger

Finance of America (FOA) (NYSE: FOA) went public on Monday April 5 after completion of its special purpose acquisition company (SPAC) merger. The company merged with SPAC Replay Acquisition Corp. (NYSE: RPLA) in a deal that is valued at $1.9 billion. Finance of America is the second mortgage firm to go public through an SPAC this year. United Wholesale Mortgage is the other and has the largest SPAC/IPO merger to date.

SPAC Details

FOA first announced the merger with Replay in October 2020 and expected the deal to close in in the first half of 2021. Institutional investors have committed to invest $250 million. The investors will complete this through private investment in public equity, or PIPE, at a price of $10.00 per share of the combined company's Class A common stock. Estimate...

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