BOSTON–(BUSINESS WIRE)–Federal Street Acquisition Corp. (the “Company”), a newly organized blank check company formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses, today announced the closing of its initial public offering of 46,000,000 units, which includes 6,000,000 units issued pursuant to the exercise by the underwriters of their over-allotment option. The offering was priced at $10.00 per unit, resulting in gross proceeds of $460,000,000, before deducting underwriting discounts and commissions and other offering expenses payable by the Company.
The Company’s units began trading on the NASDAQ Stock Market under the ticker symbol “FSACU” on July 19, 2017. Each unit consists of one share of the Company’s Class A common stock and one-half of one warrant. Each whole warrant will entitle the holder thereof to purchase one share of the Company’s Class A common stock at a price of $11.50 per share. Once the securities comprising the units begin separate trading, the Class A common stock and warrants are expected to be listed on the NASDAQ Capital Market under the ticker symbols “FSAC” and “FSACW,” respectively.
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