Today Figure Acquisition Corp 1 said it has signed a non-binding letter of intent to merge with a bank holding company that’s a mortgage lender and warehouse lender. The Figure SPAC (market cap: $412m) is affiliated with Figure Technologies, the blockchain startup, and the merged SPAC intends to roll out blockchain solutions post-merger. The un-named target bank is privately held, with $3 to $5 billion in assets.
To complete the merger, the Figure SPAC is requesting a six-month stockholder time extension to August 23, 2023.
“We believe the Proposed Transaction provides a unique value creation opportunity by combining the Bank’s sound balance sheet, nationwide footprint and seasoned management team with our team’s deep understanding of, and experience with, the application of technology to regulated financial services businesses as well as the necessary capital to grow and execute against our shared vision of the future of banking,” said Michael Cagney, Chairman of the Board of Directors of the Company.
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