A new $750 million special purpose acquisition company is listing on the Nasdaq Wednesday with the eventual goal of buying a global fintech company.
The shell company is being run by Bancorp founder and former CEO, Betsy Cohen, and general partner at BBVA, Ryan Gilbert. So-called "blank check" companies are on a hot streak this year as more businesses forgo traditional public offerings. Fintech is also having a break-out year as the pandemic accelerates digital banking.A new shell company set up by a former banking CEO is set to go public this week, with the eventual plan to buy up a fintech company.
The special purpose acquisition company -- also known as a SPAC -- will list on the Nasdaq Wednesday morning, according to itsBetsy Cohen, who founded and once ran The Bancorp, will act as chairman with Ryan Gilbert, general partner at Propel Venture Partners, as CEO. The $750 million company, "FTAC Olympus Acquisition," had filed with regulators confidentially in July but did not say when it would debut.
So-called "blank check" companies are formed for the sole purpose of buying another company, and taking it public typically within two years. SPAC offerings have been on a hot streak this year as the pandemic and wild volatility weighed on the traditional IPO market. So far this year, 51 of these offerings have raised a record $21.5 billion, up 145% from the same period a year ago,
What’s the ticker?