Betsy Cohen's SPAC FTAC Emerald Acquisition files for a $220 million IPO

FTAC Emerald Acquisition, a blank check company led by SPAC veteran Betsy Cohen targeting sustainable businesses, filed on Monday with the SEC to raise up to $220 million in an initial public offering. 

The SPAC plans to raise $220 million by offering 22 million units at $10. Each unit consists of one share of common stock and one-half of a warrant, exercisable at $11.50.

FTAC Emerald Acquisition is led by Chairman Betsy Cohen, the founder and former CEO of The Bancorp, and CEO Bracebridge Young Jr., the Executive Chairman of global asset manager Arabesque USA. The company plans to target businesses that facilitate and advance a sustainable future, focusing on those with meaningful potential for delivering financial, social, and environmental value.

Betsy Cohen has appeared on numerous SPACs, including FTAC Hera Acquisition (HERAU), FTAC Athena Acquisition (FTAA; pending with Pico), and FinTech Acquisition V (FTCV; pending with eToro). Completed SPAC mergers include, among others: FinTech Acquisition IV, which combined with Perella Weinberg Partners (PWP), and FTAC Olympus Acquisition, which combined with Payoneer (PAYO).  

The Philadelphia, PA-based company was founded in 2021 and plans to list on the Nasdaq but has not selected a symbol yet (RC ticker: FTAC.RC). FTAC Emerald Acquisition filed confidentially on October 21, 2021. Goldman Sachs is the sole bookrunner on the deal.