Betsy Cohen-backed SPAC to raise $220 mln in IPO

Blank-check firm FTAC Athena Acquisition Corp, backed by banking entrepreneur Betsy Cohen, aims to raise about $220 million through an initial public offering (IPO), a regulatory filing by the firm showed on Wednesday.

Reuters | Updated: 20-01-2021 18:51 IST | Created: 20-01-2021 17:31 IST
Betsy Cohen-backed SPAC to raise $220 mln in IPO
Representative Image Image Credit: Pixabay

Blank-check firm FTAC Athena Acquisition Corp, backed by banking entrepreneur Betsy Cohen, aims to raise about $220 million through an initial public offering (IPO), a regulatory filing by the firm showed on Wednesday. The firm is offering 22 million units, which include shares and warrants, priced at $10 apiece.

The special purpose acquisition company (SPAC) said it intends to identify a technology or fintech company, although it may pursue a business combination outside of those industries. (https://bit.ly/2NgPLcR) SPACs are shell companies which raise money through an IPO with the purpose of effecting a merger with an operating entity, and were an immmensely popular investment vehicle last year.

Cohen's FinTech Acquisition Corp IV in December agreed to take boutique investment bank Perella Weinberg Partners public, in a deal valued at $975 million. Cohen, one of the earliest female entrepreneurs in the commercial banking industry, founded her first bank in 1974 and later went on to set up businesses in Hong Kong and Brazil.

FTAC Athena plans to list its units on the Nasdaq. Cantor is the lead underwriter for the offering.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)


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