SAN
FRANCISCO, Dec. 9, 2022 /PRNewswire/ -- Figure
Acquisition Corp. I ("FACA" or the "Company") (NYSE: FACA), a
publicly traded special purpose acquisition company, is in
discussions with a large warehouse lender and bank holding company
with nationwide residential mortgage lending and servicing
operations (the "Bank") regarding a potential merger (the "Proposed
Transaction"). The Company and the Bank have signed a non-binding
letter of intent with respect to the Proposed Transaction.
The Bank is a privately held, $3-5
billion asset holding company that provides home loans to
communities across the nation, and the Company believes the
Proposed Transaction is a compelling strategic opportunity. "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.
"I would also like to remind our stockholders that the Company
is seeking stockholder approval of an extension of time to complete
our initial business combination, from February 23, 2023, to August 23, 2023 (the "Extension")," continued
Cagney. "We believe the Extension will provide us with the
required time to complete the Proposed Transaction. If you are a
stockholder of record as of November 14,
2022, the record date for the stockholder meeting, I
strongly recommend that you vote in favor of the Extension."
There is potential to eventually bring blockchain into the
Bank - in particular, there is potential after the closing to
begin exploring how to leverage Figure's DART in the
Bank's warehouse business, which could bring strong
potential value to the Bank and its warehouse customers. This
introduction of technology to the Bank will be subject to all
required regulatory approvals. This is consistent with the SPAC
thesis - find a working business where blockchain can be
leveraged in a meaningful way.
Stockholders who wish to withdraw their previously submitted
redemption request may do so before 5:00
p.m. Eastern time on December 14,
2022 by requesting that our transfer agent return such
shares. You may make such request by contacting our transfer
agent, Continental Stock Transfer & Trust Company, at One State
Street Plaza, 30th Floor, New York, New
York 10004 (e-mail: proxy@continentalstock.com).
You are encouraged to submit your vote for the Extension as soon
as possible to ensure it is represented at the stockholder
meeting. Please note that if your shares are held at a
brokerage firm or bank, your broker will not vote your shares for
you. You must instruct your bank or broker to cast the
vote. For assistance with voting your shares please contact
D.F. King, the Company's proxy solicitor, by calling (866)
304-5477, or banks and brokers can call (212) 269-5550, or by
emailing FACA@dfking.com.
Completion of the Proposed Transaction is subject to, among
other matters, the completion of due diligence, the negotiation of
a definitive merger agreement and satisfaction of the conditions
negotiated therein, including the approval of the transaction by
our stockholders. There can be no assurance that a definitive
agreement will be entered into or that the Proposed Transaction
will be consummated.
About Figure Acquisition Corp.
I
Figure Acquisition Corp. I (NYSE: FACA) is a blank check company
incorporated as a Delaware
corporation and formed for the purpose of effecting a merger,
amalgamation, share exchange, asset acquisition, share purchase,
reorganization or similar business combination with one or more
businesses.
Additional Information and Where
to Find It
The Company has filed a definitive proxy statement (the
"Extension Proxy Statement") to be used to approve the Extension.
The Company has mailed the Extension Proxy Statement to its
stockholders of record as of November 14,
2022 in connection with the Extension. Investors and
security holders of the Company are advised to read the Extension
Proxy Statement and any amendments thereto, because these documents
will contain important information about the Extension and the
Company. Stockholders will also be able to obtain copies of the
Extension Proxy Statement, without charge, at the SEC's website at
www.sec.gov or by directing a request to: Figure Acquisition Corp.
I, 650 California Street, Suite 2700, San Francisco, CA 94108.
Participants in the
Solicitation
The Company and its directors and executive officers may be
considered participants in the solicitation of proxies with respect
to the Extension under the rules of the SEC. Information about the
directors and executive officers of the Company and a description
of their interests in the Company and the Extension are set forth
in the Extension Proxy Statement, which was filed with the SEC on
November 18, 2022. This document can
be obtained free of charge from the sources indicated above.
Forward-Looking
Statements
Certain statements made in this release are "forward looking
statements" within the meaning of the "safe harbor" provisions of
the United States Private Securities Litigation Reform Act of 1995.
When used in this release, the words "estimates," "projected,"
"expects," "anticipates," "forecasts," "plans," "intends,"
"believes," "seeks," "may," "will," "should," "future," "propose"
and variations of these words or similar expressions (or the
negative versions of such words or expressions) are intended to
identify forward-looking statements. These forward-looking
statements are not guarantees of future performance, conditions or
results, and involve a number of known and unknown risks,
uncertainties, assumptions and other important factors, many of
which are outside the Company's control, that could cause actual
results or outcomes to differ materially from those discussed in
the forward-looking statements. Important factors, among others,
that may affect actual results or outcomes include: the risk that
approval of the Company's stockholders for the Extension is not
obtained; the inability of the Company to enter into a definitive
agreement with respect to an initial business combination within
the time provided in the Company's amended and restated certificate
of incorporation; the level of redemptions made by the Company's
stockholders in connection with the Extension and its impact on the
amount of funds available in the Company's trust account to
complete an initial business combination; and those factors
discussed in the Company's Annual Report on Form 10-K for the year
ended December 31, 2021 filed with
the SEC on April 13, 2022, under the
heading "Risk Factors," the Extension Proxy Statement filed with
the SEC on November 18, 2022, and
other documents of the Company filed, or to be filed, with the SEC.
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 required by
law.
Contact
Thomas J.
Milani, tjmilani@figure.com
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SOURCE Figure Acquisition Corp. I