FTAC Olympus Acquisition, the fourth blank check company formed by management of The Bancorp to acquire a fintech busines, filed on Friday with the SEC to raise up to $750 million in an initial public offering.
The Philadelphia, PA-based company plans to raise $750 million by offering 75 million units at $10. Each unit consists of one share of common stock and one-third of a warrant, exercisable at $11.50. At the proposed price, FTAC Olympus Acquisition would command a market value of $965 million.
The company is led by Chairman Betsy Cohen, the founder and former CEO of The Bancorp, and CEO Ryan Gilbert, who is currently a General Partner at BBVA Group-backed Propel Venture Partners. The company plans to target a global fintech business, but does not intend to pursue those with speculative business plans or excessive leverage. It also states that it is not prohibited from pursuing companies that are affiliated with its sponsor, officers, or directors.
Previous SPACs affiliated with Betsy Cohen and The Bancorp management include FinTech Acquisition III (FTAC; +3% from $10 offer price), which went public in November 2018 and recently announced a merger agreement with payments provider Paya; FinTech Acquisition II, which went public in January 2017 and completed its combination with International Money Express (IMXI; +68%) 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 Olympus Acquisition was founded in 2020 and plans to list on the Nasdaq under the symbol FTOCU. The company filed confidentially on July 9, 2020. Citi and Cantor Fitzgerald are the joint bookrunners on the deal.
