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Fintech-focused SPAC FTAC Athena Acquisition files for a $220 million IPO

January 20, 2021

FTAC Athena Acquisition, blank check company led by SPAC veteran Betsy Cohen and Cohen & Co's Amanda Abrams targeting fintech, filed on Wednesday with the SEC to raise up to $220 million in an initial public offering.

The Philadelphia, PA-based company plans to raise $220 million by offering 22 million units at $10. Each unit will consist of one share of common stock and one-fourth of a warrant, exercisable at $11.50. At the proposed deal size, FTAC Athena Acquisition would command a market value of $302 million.

The company is led by Chairman Betsy Cohen, the founder and former CEO of The Bancorp; CEO Amanda Abrams, who currently serves as CEO of FinTech Masala and a Managing Director at Cohen & Company; and CFO Douglas Listman, who currently serves as CAO of Cohen & Company. The company intends to concentrate on identifying technology and financial services technology, or fintech, businesses that power transformation and innovation.

Management's previous SPACs include FinTech Acquisition V (FTCVU; +8% from $10 offer price), which raised $218 million in December 2020; FinTech Acquisition IV (FTIV; +23%) which is pending an acquisition of Perella Weinberg Partners; and FTAC Olympus Acquisition (FTOCU; +11%), which raised $750 million in August 2020. Other previous SPACs affiliated with Betsy Cohen and The Bancorp management include FinTech Acquisition III, which completed its combination with Paya (PAYA; +39%) in October 2020; FinTech Acquisition II, which went public in January 2017 and completed its combination with International Money Express (IMXI; +58%) in July 2018; and FinTech Acquisition, which went public in February 2015 and completed its combination with CardConnect in August 2016. CardConnect was acquired by First Data in July 2017 for approximately $750 million ($15 per share).

FTAC Athena Acquisition was founded in 2020 and plans to list on the Nasdaq. The company has not chosen a ticker yet (RC Ticker: FTACU.RC). Cantor Fitzgerald is the sole bookrunner on the deal.