FinWise Bancorp Launches Initial Public Offering of Common Stock
04 August 2021 - 11:25PM
FinWise Bancorp (“FinWise” or the "Company"),
parent company of FinWise Bank (the “Bank”), today announced the
launch of its initial public offering of common stock. The Company
is offering 3,571,429 shares and a selling shareholder is offering
558,030 shares. The underwriters will have a 30-day option to
purchase up to an additional 535,714 shares of common stock from
the Company. The initial public offering price is currently
expected to be between $13.00 and $15.00 per share. The common
stock is expected to trade on the Nasdaq Global Market under the
symbol "FINW."
The Company intends to use the net proceeds from
the offering to fund organic growth, continue the buildout of
operating infrastructure, and for general corporate purposes, which
could include future acquisitions, maintenance of required
regulatory capital levels and other growth initiatives. The Company
has no current plans, arrangements or understandings relating to
any specific acquisition or similar transaction.
Piper Sandler & Co. is serving as sole
book-running manager for the proposed offering. Stephens Inc. is
serving as co-manager for the proposed offering.
The proposed offering will be made only by means
of a prospectus. Copies of the preliminary prospectus relating to
the offering may be obtained from Piper Sandler & Co., 1251
Avenue of the Americas, 6th Floor, New York, New York 10020, or by
phone at 1-800-747-3924, or by email
at prospectus@psc.com.
A registration statement relating to these
securities has been filed with the Securities and Exchange
Commission but has not yet become effective. These securities may
not be sold nor may offers to buy be accepted prior to the time the
registration statement becomes effective. This press release shall
not constitute an offer to sell nor the solicitation of an offer to
buy, nor shall there be any sale of the common stock, in any state
or jurisdiction in which such offer, solicitation or sale would be
unlawful prior to registration or qualification under the
securities laws of such state or jurisdiction. The common stock to
be offered in the initial public offering will not be insured by
the Federal Deposit Insurance Corporation or any other governmental
agency.
About FinWise Bancorp
FinWise Bancorp is a Utah bank holding company
headquartered in Murray, Utah. FinWise operates through its
wholly-owned subsidiary, FinWise Bank, a Utah state-chartered
non-member bank. FinWise currently operates one full-service
banking location in Sandy, Utah and a loan production office in
Rockville Centre, New York. FinWise is a nationwide lender to and
takes deposits from consumers and small businesses.
Media Contact:
investors@finwisebank.commedia@finwisebank.com
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