Fintech Firm-Backed SPAC FTAC Emerald Acquisition Prices US$220 Million IPO
Special purpose acquisition company FTAC Emerald Acquisition Corp. (Nasdaq: EMLDU) started trading publicly on the Nasdaq Global Market today. The company is seeking to raise US$220 million in its initial public offering.
The offering consists of 22.0 million company units priced at US$10.00 per unit. Each unit is composed of one Class A common share and one-half purchase warrant, with each whole warrant redeemable for one Class A common share at US$11.50 per share.
The company units trade on the Nasdaq big board under the symbol “EMLDU”. Once the securities separate, the company shares and warrants will trade under the ticker symbols “EMLD” and “EMLDW”, respectively.
The proposed offering is being managed by Goldman Sachs & Co. as the sole bookrunner. The company granted the underwriter a 45-day over-allotment option to purchase additional 3.3 million company units at the same IPO price.
The offering is expected to close on December 20, 2021, subject to customary closing conditions.
The newly-organized blank check company is backed by FinTech Masala, which is also affiliated with the sponsor of other seven SPACs: FinTech Acquisition Corp., FinTech Acquisition Corp. II, FinTech Acquisition Corp. III, FinTech Acquisition Corp. IV and FTAC Olympus Acquisition Corp. — which all consummated their respective business combinations — and FinTech Acquisition Corp. V and FTAC Athena Acquisition Corp. which are set to close their respective mergers.
Information for this briefing was found via Edgar and the companies mentioned. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.