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Fintech SPAC FTAC Zeus Acquisition lowers deal size by 32% ahead of $300 million IPO

November 2, 2021

FTAC Zeus Acquisition, a blank check company led by SPAC veteran Daniel Cohen and Launchpad Capital's Ryan Gilbert targeting fintech, lowered the proposed deal size for its upcoming IPO on Tuesday.

The Philadelphia, PA-based company now plans to raise $300 million by offering 30 million units at $10. The company had previously filed to offer 44 million units at the same price. Each unit now consists of one share of common stock and one-half of a warrant, exercisable at $11.50. Each unit previously contained one-fourth of a warrant. At the revised deal size, FTAC Zeus Acquisition will raise -32% less in proceeds than previously anticipated.

The company is led by Chairman Daniel Cohen, who currently serves as Chairman of Cohen & Company and previously was Chairman of The Bancorp (Nasdaq: TBBK), and CEO and Director Ryan Gilbert, the founder and General Partner of Launchpad Capital. The company intends to concentrate on identifying technology and financial services technology, or fintech, businesses that power transformation and innovation.

FTAC Zeus Acquisition was founded in 2020 and plans to list on the Nasdaq under the symbol ZINGU. Citi is the sole bookrunner on the deal.