FTAC Olympus Acquisition, the fourth blank check company formed by management of The Bancorp to acquire a fintech busines, raised $750 million by offering 75 million units at $10. Each unit consists of one share of common stock and one-third of a warrant, exercisable at $11.50.
The company is led by Chairman Betsy Cohen, the founder and former CEO of The Bancorp, and CEO Ryan Gilbert, who is currently a General Partner at BBVA Group-backed Propel Venture Partners. The company plans to target a global fintech business, but does not intend to pursue those with speculative business plans or excessive leverage. It also states that it is not prohibited from pursuing companies that are affiliated with its sponsor, officers, or directors.
FTAC Olympus Acquisition plans to list on the Nasdaq under the symbol FTOCU. Citi and Cantor Fitzgerald acted as lead managers on the deal.
The article Fintech SPAC FTAC Olympus Acquisition prices $750 million IPO at $10 originally appeared on IPO investment manager Renaissance Capital's web site renaissancecapital.com.
Investment Disclosure: The information and opinions expressed herein were prepared by Renaissance Capital's research analysts and do not constitute an offer to buy or sell any security. Renaissance Capital's Renaissance IPO ETF (symbol: IPO), Renaissance International ETF (symbol: IPOS), or separately managed institutional accounts may have investments in securities of companies mentioned.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.