Figure Acquisition Corp. I
Cash in trust
$289M
$289,011,840
Trust per share
$10.26
Redemption value
IPO
Feb 2021
$282M raised
Combination deadline
Feb 23, 2023
Deadline passed
Filings on record
59
Latest Jan 12, 2023
Overview
Figure Acquisition Corp. I is a special purpose acquisition company incorporated in Delaware and registered with the SEC under CIK 0001839550. It completed its initial public offering in Feb 2021, raising $282M in gross proceeds. The vehicle is sponsored by Cohen Circle / FTAC through Fintech Acquisition LLC. Deadline lapsed without a deal; trust returned to public shareholders.
“we intend to focus our search for an initial business combination in a single industry.”
Reading the filings
Arithmetic on what Figure Acquisition Corp. I has disclosed, written the way a desk would read it. These are observations, not a rating. Nothing here scores the vehicle or implies a view on it.
Trust versus the $10 unit
The trust holds $10.26 per public share, 2.6% above the $10.00 the units were sold at. That spread is accrued interest on the trust and, where the charter provides for it, sponsor contributions paid in to buy more time. It is the floor a public shareholder can redeem at, not a valuation of the business.
Extension history
Shareholders have already approved 1 extension. Each one opened a redemption window, so the public float and the trust are almost certainly smaller than at IPO, and each typically came with a sponsor contribution that lifts trust per share. A vehicle on its second or third extension is one where the sponsor is paying to keep the search alive.
Warrant coverage
Each unit carried one-fourth warrant per unit. Warrants are dilution deferred: they cost the holder nothing until exercised, and they overhang the post-combination share count. Thinner coverage is generally a sign of a stronger book at pricing.
Sponsor record
Cohen Circle / FTAC has launched 19 vehicles. Of the 17 that have resolved, 4 closed a combination and 13 liquidated, a 23.5% completion rate. A sponsor's record is not a forecast, but it does tell you whether the team has taken a deal across the line before.
Underwriting
Citigroup led the offering. It has been named on 170 SPAC IPOs, book-running 114 of them, and 53.6% of its resolved vehicles closed a deal. The syndicate has no control over whether a sponsor finds a target, but the quality of the book at pricing shapes who ends up holding the units.
From listing to the date Figure Acquisition Corp. I must close a deal, extend again, or return the trust. The marker is today.
Filings per month since the first one. A vehicle that has gone quiet with a deadline ahead is a different proposition from one that is still working.
59 filings in all. 18 in the last three months, against a busiest month of 21.
News on Figure Acquisition Corp. I
Last 90 daysNothing in the last 90 days that names this vehicle. We attribute a story only when the release carries the ticker or the registered name, so an empty section means no press release or wire story matched — not that nothing was published. The filings below are the primary record either way.
SEC filing history
Free tier: filings older than 24 hours- SC 13G/A
13GA BELOW 5% FACA
Accession 0001944662-23-000002
- 15-12G
Deregistration of securities
Accession 0000950103-23-000337
- 25-NSE
Notification of delisting
Accession 0000876661-23-000014
- 25-NSE
Notification of delisting
Accession 0000876661-22-001221
- SC 13G
Beneficial ownership report (passive)
Accession 0001944662-22-000004
- 8-K
Notice of delisting or failure to satisfy a listing rule
Item 3.01 · Accession 0000950103-22-021165
- 8-K
Entry into a material definitive agreement; Submission of matters to a vote of security holders; Other events
Items 1.01, 3.03, 5.07, 8.01, 9.01 · Accession 0000950103-22-021117
- DEFA14A
Additional proxy soliciting material
Accession 0000950103-22-020948
- DEFA14A
Additional proxy soliciting material
Accession 0000950103-22-020874
- 8-K
Regulation FD disclosure
Items 7.01, 9.01 · Accession 0000950103-22-020872
- 4
Statement of changes in beneficial ownership
Accession 0000950103-22-020633
- CORRESP
Correspondence with SEC staff
Accession 0001140361-22-042358
- DEF 14A
Definitive proxy statement
Accession 0001140361-22-042355
- UPLOAD
SEC staff comment letter
Accession 0000000000-22-012542
- UPLOAD
SEC staff comment letter
Accession 0000000000-22-012494
- 10-Q
Quarterly report
Accession 0001140361-22-041087
- 4
Statement of changes in beneficial ownership
Accession 0000950103-22-019330
- PRE 14A
PRE 14A
Accession 0001140361-22-039887
- SC 13G/A
Amended beneficial ownership report (passive)
Accession 0001390777-22-000098
- 10-Q
Quarterly report
Accession 0001140361-22-029688
- SC 13G
Beneficial ownership report (passive)
Accession 0001193125-22-167144
- 10-Q
Quarterly report
Accession 0001140361-22-019384
- 10-K
Annual report
Accession 0001140361-22-014279
- NT 10-K
Late annual report notification
Accession 0001140361-22-012397
- SC 13G
Beneficial ownership report (passive)
Accession 0001140361-22-005061
- SC 13G
Beneficial ownership report (passive)
Accession 0001390777-22-000012
- 8-K/A
8-K/A
Item 9.01 · Accession 0001140361-21-039732
- 8-K
Current report
Item 4.02 · Accession 0001140361-21-038948
- 10-Q
Quarterly report
Accession 0001140361-21-038929
- NT 10-Q
Late quarterly report notification
Accession 0001140361-21-037868
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Figure Acquisition Corp. I: questions answered
What is Figure Acquisition Corp. I?
Figure Acquisition Corp. I is a special purpose acquisition company incorporated in Delaware and registered with the SEC under CIK 0001839550. It completed its initial public offering in Feb 2021, raising $282M in gross proceeds. The vehicle is sponsored by Cohen Circle / FTAC through Fintech Acquisition LLC. Deadline lapsed without a deal; trust returned to public shareholders.
How much does Figure Acquisition Corp. I hold in trust?
Approximately $289,011,840, or about $10.26 per public share, as at the most recent filing on record. Trust balances move: shareholders redeem at extension votes and at the combination vote, and sponsors pay contributions in to extend. Treat the figure as a point-in-time disclosure, not a running balance.
When must Figure Acquisition Corp. I complete a merger?
By Feb 23, 2023, after 1 shareholder-approved extension. If no combination closes by then the sponsor must seek a further extension or wind the vehicle up and return the trust.
What happens if Figure Acquisition Corp. I does not find a target in time?
The charter requires the vehicle to redeem 100% of the public shares and return the trust, pro rata, to public shareholders. That is the mechanism working as designed rather than a default. Founder shares and warrants are worthless in that outcome, which is why the sponsor's incentive is to get a deal done or to buy more time. Across the market, deadline lapsed without a deal; trust returned to public shareholders.
Can I redeem shares in Figure Acquisition Corp. I, and at what price?
Public shareholders may elect to redeem in connection with a combination vote and at each extension vote, at the pro-rata trust value on the relevant record date, most recently disclosed at about $10.26 per share. Redemption is a right attached to the public shares only; warrants and rights carry no claim on the trust. The mechanics and the deadline for electing are set out in the proxy statement for the vote in question.
Is the trust value the same as the share price for Figure Acquisition Corp. I?
No. Trust per share is a disclosed, contractual figure: what a redeeming holder receives. The market price is whatever the shares change hands at, which can sit above the trust when a deal is well received or below it when the market doubts one will close. We do not have a current quote for this vehicle, so no spread is shown.
How much dilution do Figure Acquisition Corp. I's founder shares and warrants create?
Each unit also carried one-fourth warrant per unit, which is dilution deferred until exercise. Both are disclosed in the prospectus and both survive into the combined company, which is why a de-SPAC at $10 is not economically the same as an IPO at $10.
Who sponsors Figure Acquisition Corp. I, and what is their track record?
Fintech Acquisition LLC is the sponsor entity, part of the Cohen Circle / FTAC franchise. That franchise has launched 19 vehicles in total, of which 4 closed a combination and 13 liquidated, a 23.5% completion rate on resolved vehicles. Named principals: Betsy Z. Cohen, Christopher D. Davies, Daniel G. Cohen, Joel Leonoff.
Which banks underwrote the Figure Acquisition Corp. I IPO?
Citigroup, Piper Sandler. Syndicate membership and role are read from the prospectus cover and the underwriting section.
Is Figure Acquisition Corp. I a good investment?
That is not a question this site answers. Figure Acquisition Corp. I is covered here as reference data: what the company filed, when it filed it, and what the numbers in those filings say. The Edge, FOMO and Potential scores on this page are derived measures with a published formula, not ratings of investment merit: they describe the setup, and every component is shown so you can take them apart. We publish no price targets and no recommendations, and nothing here should be read as advice. The figures are a starting point for your own work, and each one carries the accession number of the filing it came from.
Where does this Figure Acquisition Corp. I data come from?
Filings Figure Acquisition Corp. I submitted to the SEC under CIK 0001839550: the registration statement and final prospectus for the structure, quarterly and annual reports for the trust, current reports and proxy statements for deals, votes and extensions. Trust economics are taken from the registrant's own XBRL tags rather than parsed from prose, which is why they are exact. Every filing in the history above is listed with its accession number, which identifies the document uniquely on EDGAR; Pro accounts open it directly from the row.
Compiled by the SPACListing research desk
Last reconciled Oct 19, 2026
Every figure on this page is read from documents the registrants filed with the U.S. Securities and Exchange Commission, principally the IPO prospectus (Form 424B4), quarterly and annual reports, current reports and proxy statements, the registrant's own XBRL tags for trust economics. Nothing is sourced from press coverage, from the companies themselves, or from a third-party aggregator. Where a filing does not disclose something, the field is left blank rather than estimated.
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Continue reading
The context around this vehicle: who else the sponsor has launched, which banks priced it, and where it sits in the wider market.
Cohen Circle / FTAC: the full record
Every vehicle this sponsor has launched, what closed, what liquidated and what is still live.
Citigroup in SPACs
Mandates, bookrun credit, deal volume and the outcome of the vehicles it priced.
All liquidated spacs
Deadline lapsed without a deal; trust returned to public shareholders.
Deadline calendar
Which sponsors are running out of time, and when the extension votes land.
What is a SPAC?
The structure, the economics and where the risks actually sit.
SPAC glossary
Every term in a blank-check filing, defined the way practitioners use it.
How this data is built
Coverage universe, ingestion, normalisation, lifecycle classification and known limits.