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Fintech SPAC FTAC Athena Acquisition prices $220 million IPO

February 22, 2021

FTAC Athena Acquisition, a blank check company led by SPAC veteran Betsy Cohen and Cohen & Co's Amanda Abrams targeting fintech, raised $220 million by offering 22 million units at $10. Each unit consists of one share of common stock and one-fourth of a warrant, exercisable at $11.50.

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. Of the SPAC's seven officers and directors, six are female.

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); FinTech Acquisition IV (FTIV); and FTAC Olympus Acquisition (FTOC). Other previous SPACs affiliated with Betsy Cohen and The Bancorp management include FinTech Acquisition III, now Paya (PAYA); FinTech Acquisition II, now International Money Express (IMXI); and FinTech Acquisition, which combined with CardConnect in prior to being acquired by First Data.

FTAC Athena Acquisition plans to list on the Nasdaq under the symbol FTAAU. Cantor Fitzgerald acted as lead manager on the deal.