by Daniel Webster, dWeb.News Publisher
November 18, 2021 23: 16 ET | Source: Finwise Bank
MURRAY, Utah, Nov. 18, 2021 (GLOBE NEWSWIRE) — 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. After deducting the underwriting discount, estimated offering expenses and the underwriters’ option, additional net proceeds are expected to be approximately $5.1million.
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 firstname.lastname@example.org or Stephens Inc., P.O. Box 3507, Little Rock, Arkansas 72203, or by calling (800) 643-9691 or by emailing email@example.com. You can also obtain a copy of the registration statement and final prospectus for these securities from the U.S Securities and Exchange Commission’s website at http://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 does not constitute an offer or solicitation to buy common stock. It also does not contain any information about these securities. The SEC declared the securities ineffective on November The Federal Deposit Insurance Corporation and any other government agency will not insure the common stock that will be offered as part of the initial public offering.
About FinWise Bancorp
FinWise Bancorp is a Utah bank holding company headquartered in Murray, Utah. FinWise is a Utah state-chartered, non-member bank that operates through its wholly owned subsidiary, FinWise Bank. FinWise currently has a full-service location in Sandy, Utah, and a loan production center in Rockville Centre in New York. FinWise accepts deposits from small and large businesses and consumers nationwide.
Cautionary Note Regarding Forward-Looking Statements
This press release includes “forward-looking statements,” including with respect to the Company’s initial public offering. Forward-looking statements can be identified by words such as “believes”, “intends,”
, “projects,” and similar expressions. Forward-looking statements involve inherent uncertainties that can’t be predicted and cannot be guaranteed that the securities offering described above will occur on the terms or at all. The terms of the proposed securities offer and their completion [and the use of proceeds in the manner described] are subjected to many factors. These include market conditions, failures to meet customary closing conditions and other risks detailed under the “Cautionary Notice Regarding Forward-Looking statements,” “Risk Factors”, and other sections of SEC’s Registration Statement.
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