Business Context and Reporting Period
This Form 8-K filing by FinTech Acquisition Corp. II (not International Money Express, Inc.) reports events occurring on January 25, 2017. The registrant is a Delaware corporation that consummated an Initial Public Offering (IPO) and a concurrent Private Placement on this date.
Key Financial Metrics
- Gross Proceeds (IPO): $175,000,000 from the sale of 17,500,000 Units at $10.00 per Unit.
- Gross Proceeds (Private Placement): $4,200,000 from the sale of 420,000 Placement Units at $10.00 per Unit.
- Total Gross Proceeds: $179,200,000.
- Trust Account Funding: $175,000,000 of net proceeds were deposited into a trust account at JP Morgan Chase Bank, N.A.
- Capital Structure: Each Unit consists of one share of Common Stock and one-half of one warrant.
Material Changes
The filing represents the company's initial public listing. There is no prior comparable period for revenue, profit, or operating cash flow as the entity was formed specifically for this offering. The primary material change is the transition from a private entity to a public company with significant cash liquidity held in trust.
Outlook, Risks, and Management Commentary
The filing does not provide specific forward-looking guidance, risk factors, or management commentary regarding future business operations beyond the mechanics of the offering. The primary purpose of the trust account is to benefit public stockholders, typical of a Special Purpose Acquisition Company (SPAC) structure. An audited balance sheet as of January 25, 2017, is included as Exhibit 99.1.
Investor Verification Checklist
- Verify the identity of the registrant (FinTech Acquisition Corp. II) versus the metadata label (International Money Express, Inc.).
- Review Exhibit 99.1 (Audited Balance Sheet) for the exact breakdown of transaction costs and net cash available outside the trust.
- Confirm the terms of the warrants included in the Units (exercise price, expiration, and conditions).
- Check the underwriting agreement for details on the use of proceeds outside the trust account.