TradeStation Group, an online broker, announced on Thursday that it would go public through a merger with a blank-check firm in a deal for $1.43 billion.
The cash will be used to expand the company’s marketing budget in order to attract new customers and to hire employees to lead the research and development of new items.
TradeStation is a financial technology platform that provides self-clearing online brokerage services for a variety of assets, including stocks, equities and index options, futures options, and cryptocurrencies.
The acquisition with Quantum FinTech Acquisition Corporation (QFTA.N) would be financed with up to $201 million in cash held in the SPAC’s (Special Purpose Acquisition Company) trust account and roughly $115 million in PIPE from institutional investors led by Monex Group Inc and Galaxy Digital LP.
TradeStation will list on the NYSE under the ticker “TRDE” after the deal complete, which is expected in the first half of 2023.
