QFTA - SPAC Quantum FinTech gains after agreeing to take online broker TradeStation public

SPAC Quantum FinTech Acquisition (NYSE:QFTA) rose 5.5% in premarket trading after agreeing to take TradeStation public. The combined company will have a $1.43B pro forma enterprise value. The deal includes a fully committed $115M PIPE investment by strategic and institutional investors led by Monex Group, Inc. (OTC:MNXBF) and Galaxy Digital LP, $50 million each, and including XBTO Ventures, LLC and Appian Way Asset Management, according to a statement. The deal is expected to close in the first half of 2022. TradeStation will become a publicly traded, NYSE-listed company under the ticker symbol “TRDE.” The transaction will provide approximately $316M of cash prior to payment of expenses, consisting of the contribution of approximately $201M of cash held in Quantum FinTech’s trust account and $115M through a PIPE. TradeStation provides trading and analysis platforms and self-clearing online brokerage services for stocks, ETFs, equity and index options, commodity and financial futures, futures options, and cryptocurrencies. TradeStation’s parent,

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SPAC Quantum FinTech gains after agreeing to take online broker TradeStation public