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Liquidated · 16 Aug 2024FEXDU · NasdaqCIK 1852407Sponsor at IPO: Revofast LLC

Fintech Ecosystem Development Corp.

$116MTrust raised at IPO · 13% of public shares left after its last counted vote

  1. IPO21 Oct 2021
  2. Searching12 months
  3. Deal announced—
  4. Liquidated16 Aug 2024

Tavia Read What stands out, from the filings · snapshot 14

  1. 01

    Smaller than 92% of 2021’s SPAC IPOs.

    $115M raised, against a median of $239M for the 610 SPACs that priced in 2021.

  2. 02

    $10.10 in trust per unit, above the 2021 median.

    The median that year was $10.00. Above $10.00, the sponsor tops up the trust from its own private placement.

  3. 03

    87% of public shares redeemed across 2 votes.

    2 extension votes, counted from the SPAC’s 8-Ks. 13% of the public shares remained after the last one.

  4. 04

    The trust was liquidated.

    Public shares were redeemed and the SPAC did not complete a merger.

Worked out from checked figures in snapshot 14 · no forecasts or advice

Key terms

Other 2021 SPAC IPOs →
IPO priced
21 Oct 2021
IPO closed
21 Oct 2021
Raised
$115M1
Units sold
11,500,0002
Trust raised
$116M3
Trust per unit
$10.104
Unit
1 sh + ½ warrant + 1 right (1/10)5
Months to complete
126
Deadline before extensions
21 Oct 2022
Over-allotment
Exercised in full

Each unit: “one share of Class A common stock, one right to receive one-tenth of one share of Class A common stock, and one-half of one redeemable warrant”

How it compares

Fintech Ecosystem Development Corp. against the 610 SPACs that priced in 2021.

Raised
$115M
87% of 2021 SPACs are above it
2021 median: $239M
Trust per unit
$10.10
65% of 2021 SPACs are below it
2021 median: $10.00
Months to complete
12
87% of 2021 SPACs are above it
2021 median: 24
Redeemed across its votes
87%
72% of 2021 SPACs are above it
2021 median: 94%

Trust and redemptions

  1. Extension vote · 20 Apr 20237,527,997 of 11,500,000 redeemed (65%)
  2. Extension vote · 18 Apr 20242,477,475 of 3,972,003 redeemed (62%)

Public shares before each vote and the shares redeemed, as its 8-Ks (or the next 10-Q or 10-K) state them. Only votes whose redemptions were paid count.

Firms named in the prospectus

Bookrunners

Underwriters’ counsel

Auditor

Sponsor

No other SPAC from Revofast LLC or a vehicle of the same name priced since 1 January 2019.

Peers

Other 2021 SPAC IPOs with EF Hutton as bookrunner.

SPACIPORaisedUnitStatus
Aetherium Acquisition Corp29 Dec 2021$115M1 sh + 1 warrantSearching
Arogo Capital Acquisition Corp.23 Dec 2021$104M1 sh + 1 warrantDeal announced
Sagaliam Acquisition Corp20 Dec 2021$115M1 sh + 1 right (1/8)Completed
BurTech Acquisition Corp.10 Dec 2021$288M1 sh + 1 warrantCompleted
Inception Growth Acquisition Ltd8 Dec 2021$104M1 sh + ½ warrant + 1 right (1/10)Deal announced

Sources

  1. PFinal prospectus: 0001193125-21-303712
  2. 1Gross proceeds: 0001193125-21-321755The Units were sold at a price of $10.00 per Unit, generating gross proceeds to the Company of $115,000,000.
  3. 2Units sold: 0001193125-21-321755on October 21, 2021, the Company consummated its initial public offering (the “IPO”) of 11,500,000 units (the “Units”), including the issuance of 1,500,000 Units as a result of the underwriters’ exercise in full of their over-allotment option.
  4. 3Trust raised: 0001193125-21-321755A total of $116,150,000, comprised of $113,226,600 of proceeds from the IPO and $2,923,400 of proceeds from the sale of the Private Placement Warrants,
  5. 4Trust per unit: 0001193125-21-303712$116,150,000 if the underwriters’ over-allotment option is exercised in full ($10.10 per unit in either case) will be deposited into a U.S.-based trust account
  6. 5Unit composition: 0001193125-21-303712Each unit has an offering price of $10.00 and consists of (i) one share of our Class A common stock, (ii) one right and (iii) one-half of one redeemable warrant.
  7. 6Months to complete: 0001193125-21-303712We will have 12 months from the effective date of the registration statement of which this prospectus is a part to complete our initial business combination

Each quote is found word for word in the filing it cites. Where a figure here differs from the filing, the filing prevails.

How the figures are compiled
  • Which IPOs. Every final IPO prospectus (Form 424B4 or 424B1, or a 424B3 when it is the first prospectus filed on an S-1 or F-1 registration within 10 days of it going effective) filed on SEC EDGAR from the history start, by a registrant whose SIC code was 6770 (blank checks) on the filing date. Offerings that are not exchange-listed SPAC IPOs are excluded when the prospectus is read. The window starts on 1 January 2021.
  • Dated by. The date of the final prospectus.
  • Raised. Units sold to the public, including over-allotment units, times the unit price, as stated in the SPAC's 8-K reports after the IPO.
  • Trust. The trust held for public shareholders after the IPO and any over-allotment: trust per unit times public units, as stated in the SPAC's filings. Cash deposited in trust and then moved out as working capital is not counted.
  • Bookrunners. Firms the prospectus names as book-running managers; where it names none, the firm it names as sole underwriter or representative of the underwriters. Only the prospectus's own wording counts, not later 8-K reports. Each IPO's gross proceeds are split equally among its bookrunners.
  • Counsel and auditors. Issuer counsel and underwriters' counsel as named in the prospectus's Legal Matters section; the auditor as named in its Experts section. Each is credited with the IPO's full gross proceeds.
  • Unit structure. What one unit consists of, as the prospectus states it: a share with warrants, with rights, with both, or a share alone (shares-only offerings sell no units). Warrants per unit is the fraction of a warrant in each unit; rights are measured as the fraction of a share they convert into per unit.
  • Trust per unit. Dollars placed in the trust account for each unit sold to the public, as the prospectus states it.
  • Time to complete. Months from the IPO closing that the SPAC has to complete its business combination before any extension, as the prospectus states it.
  • Over-allotment. Whether the underwriters bought all, part or none of the over-allotment option, comparing units sold with the base offering and the option.
  • Votes. Shareholder votes to extend a SPAC's deadline or to approve its business combination, as reported in its 8-Ks (Item 5.07), for the SPACs in the IPO statistics only: SPACs that priced before the history start are not included, so votes in the first years under-represent the market. Only redemptions actually paid count: votes on a proposal that failed, or an extension that was approved but never took effect, are left out (redemption requests lapse with them), and a merger vote counts only when the deal closed, and only the last merger vote before the closing, since merger redemptions are paid at closing. Liquidation votes are left out too, as every public share is redeemed by definition.
  • Redemption rate. Public shares redeemed at a vote over public shares outstanding just before it. Shares redeemed are as an 8-K, or failing that the next 10-Q or 10-K, states them. Shares before are as a filing states them, or redeemed plus the shares left after, or carried from the IPO's public shares and earlier votes. The median is the typical vote; the weighted rate divides all shares redeemed by all shares before, the share of public money that left the trusts. A vote counts only when each of these figures is verified or accepted. Votes whose redemption count no filing states, after a search of the SPAC's and the combined company's filings, are counted as not disclosed rather than estimated.
  • Outcomes. Where each SPAC stands as of the snapshot: completed (business combination closed), liquidated (trust returned and redeemed), deal pending (agreement signed, not closed) or searching (no agreement in force). Grouped by the year the SPAC priced its IPO. Awaiting review means its status is still being checked.
  • Closings. Completed business combinations by year of closing. The sector is the SEC's industry code (SIC) of the combined company, grouped into broad sectors; months from IPO run from the prospectus date to the closing.
  • Checking. A SPAC counts only when every required figure is verified (quote found verbatim in the filing and all cross-checks pass) or accepted by a named reviewer.
  • Coverage. 1,077 of the 1,089 SPAC IPOs read are counted; 12 wait on a figure still under review and 11 filings were excluded as not exchange-listed SPAC IPOs.

Compiled from SEC filings with the assistance of AI · figures as of 3 November 2026

For information only. These figures are compiled from SEC filings with the assistance of AI. Although they are checked against those filings, they may contain errors or omissions and have not been audited; where they differ from the filings, the filings prevail. They are not an offer to sell, a solicitation of an offer to buy, or a recommendation of any security. Information about any SPAC is qualified in its entirety by its filings with the SEC, available at www.sec.gov.