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Fintech-focused SPAC FTAC Hera Acquisition prices upsized $800 million IPO

March 4, 2021

FTAC Hera Acquisition, a blank check company formed by SPAC veterans Betsy and Daniel Cohen targeting fintech, raised $800 million by offering 80 million units at $10. The company offered 5 million more units than anticipated. Each unit consists of one share of common stock and one-fourth of a warrant, exercisable at $11.50. Millennium Management intends to purchase up to 8.8% of units in the offering. 

The company is led by Chairman Betsy Cohen, the founder and former CEO of The Bancorp; CEO Daniel Cohen, who currently serves as Chairman of Cohen & Company and The Bancorp (Nasdaq: TBBK); 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 other SPACs include FTAC Athena Acquisition (FTAAU; +3%  from $10 offer price), which raised $220 million last month; FinTech Acquisition V (FTCVU; +9%), which raised $218 million in December 2020; FinTech Acquisition IV (FTIV; +4%), which is pending an acquisition of Perella Weinberg Partners; and FTAC Olympus Acquisition (FTOC; +7%), which is pending a combination with payment platform Payoneer. Other previous SPACs affiliated with Betsy Cohen and The Bancorp management include FinTech Acquisition III, which completed its combination with Paya (PAYA; +23%) in October 2020; FinTech Acquisition II, which went public in January 2017 and completed its combination with International Money Express (IMXI; +48%) 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 Hera Acquisition plans to list on the Nasdaq under the symbol HERAU. Citi and J.P. Morgan acted as lead managers on the deal.