FinWise Bancorp Announces Pricing of Initial Public Offering of Common Stock
19 November 2021 - 3:16PM
FinWise Bancorp (“FinWise” or the "Company"),
parent company of FinWise Bank (the “Bank”), today announced the
pricing of its initial public offering of 3,500,000 shares of its
common stock at a public offering price of $10.50 per share. The
offering is expected to result in gross proceeds to the Company of
approximately $36.8 million. The net proceeds to the Company, after
deducting the underwriting discount and estimated offering
expenses, are expected to be approximately $31.0 million. The
shares are expected to begin trading on November 19, 2021 on the
Nasdaq Global Market under the symbol "FINW." The offering is
expected to close on or about November 23, 2021, subject to the
satisfaction of customary closing conditions.
In addition, the Company has granted the
underwriters a 30-day option to purchase up to 525,000 additional
shares of common stock from the Company at the initial public
offering price, less the underwriting discount. If the
underwriters’ option is exercised in full, it is expected to result
in additional net proceeds of approximately $5.1 million after
deducting the underwriting discount and estimated offering
expenses.
FinWise 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.
Piper Sandler & Co. and Stephens Inc. are
serving as joint book-running managers for the offering.
The offering is being made only by means of a
prospectus. When available, copies of the final 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
calling (800) 747-3924, or by emailing prospectus@psc.com or
Stephens Inc., P.O. Box 3507, Little Rock, Arkansas 72203, or by
calling (800) 643-9691 or by
emailing prospectus@stephens.com. Copies of the
registration statement relating to these securities and the final
prospectus, when available, may also be obtained free of charge
from the website of the U.S. Securities and Exchange Commission
(the “SEC”) at www.sec.gov.
A Registration Statement on Form S-1 (File No.
333-257929) relating to these securities was declared effective by
the SEC on November 18, 2021. 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.
Cautionary Note Regarding
Forward-Looking Statements
This press release includes "forward-looking
statements," including with respect to the Company’s initial public
offering. Words such as “believes,” “intends,” “expects,”
“projects,” “anticipates,” and “future” or similar expressions are
intended to identify forward-looking statements. These
forward-looking statements are subject to the inherent
uncertainties in predicting future results and conditions and no
assurance can be given that the proposed securities offering
discussed above will be consummated on the terms described or at
all. Completion of the proposed securities offering and the terms
thereof [and the use of proceeds in the manner described] are
subject to numerous factors, many of which are beyond the Company’s
control, including, without limitation, market conditions,
failure to satisfy customary closing conditions, and other risks
detailed in the "Cautionary Note Regarding Forward-Looking
Statements," "Risk Factors" and other sections of the Registration
Statement filed with the SEC. Any forward-looking statements
presented herein are made only as of the date of this press
release, and the Company does not undertake any obligation to
update or revise any forward-looking statements, whether as a
result of new information, future events, or otherwise, except
as may be required by law.
Media Contact:
investors@finwisebank.commedia@finwisebank.com
FinWise Bancorp (NASDAQ:FINW)
Historical Stock Chart
From Jun 2024 to Jul 2024
FinWise Bancorp (NASDAQ:FINW)
Historical Stock Chart
From Jul 2023 to Jul 2024