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Furniture World News By Nic Ledoux on 12/18/2020
Katapult Holding, Inc. (“Katapult”), an e-commerce focused financial technology company, and FinServ Acquisition Corp. (NASDAQ: FSRV) (“FinServ”), a special purpose acquisition company, announced that they have entered into a definitive merger agreement. Upon closing of the transaction, the combined company (the Company ) will operate as Katapult and plans to trade on Nasdaq under the new symbol “KPLT”. The transaction reflects an implied pro forma combined enterprise value for the Company of approximately $1 billion.
Katapult is a leading provider of e-commerce point-of-sale (“POS”) purchase options for nonprime US consumers. Katapult’s fully digital, next generation technology platform provides consumers with a flexible lease purchase option to enable them to obtain essential durable goods from Katapult’s network of top tier e-commerce retailers. K
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3 Firms Steer SPAC Tie-Up Forming $1B E-Commerce Fintech
Law360 (December 18, 2020, 6:21 PM EST) Venture-backed payment plan provider Katapult said Friday that it has inked a deal with a special purpose acquisition company to merge and create a publicly traded e-commerce-focused financial technology company worth roughly $1 billion, with guidance from DLA Piper, Kirkland & Ellis and Paul Hastings.
The deal values the combined entity s equity at $962 million, according to the company. Katapult Holdings Inc., backed by Tribeca Venture Partners, will keep its name and list on Nasdaq under the symbol KPLT following the tie-up with FinServ Acquisition Corp, Katapult said in a statement.