Far Point Acquisition, a "special purpose acquisition vehicle" formed by former New York Stock Exchange president Tom Farley and Dan Loeb's Third Point, began trading yesterday after raising $550 million in its IPO.
"I had learned a lot about the SPAC structure from all the ones that went public on NYSE, but one big fly in the ointment is that investors can redeem... So I made one phone call to Dan Loeb, who I'd gotten to know over the years, and asked him to provide a $400 million backstop as a partner and to provide expertise. He said yes, and here we are."— Tom Farley to Axios