FTAC Parnassus Acquisition, a blank check company led by SPAC veteran Daniel Cohen and Propel Venture's Ryan Gilbert targeting fintech, filed on Monday with the SEC to raise up to $220 million in an initial public offering.
The Philadelphia, PA-based company plans to raise $220 million by offering 22 million units at $10. 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 8.3% of units in the offering. At the proposed deal size, FTAC Parnassus Acquisition would command a market value of $303 million.
The company is led by Chairman Daniel Cohen, who currently serves as Chairman of Cohen & Company and The Bancorp (Nasdaq: TBBK); CEO Ryan Gilbert, who currently serves as a General Partner at Propel Venture Partners; and CFO Joseph Pooler Jr., who is currently CFO 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 Hera Acquisition (HERAU), which filed to raise $750 million at the beginning of the month; FTAC Athena Acquisition (FTACU.RC), which filed to raise $220 million last month; FinTech Acquisition V (FTCVU; +15% from $10 offer price), which raised $218 million in December 2020; FinTech Acquisition IV (FTIV; +15%), which is pending an acquisition of Perella Weinberg Partners; and FTAC Olympus Acquisition (FTOC; +31%), which raised $750 million in August 2020 and is pending an acquisition of Payoneer. Other previous SPACs affiliated with Betsy Cohen and current or former Bancorp management include FinTech Acquisition III, which completed its combination with Paya (PAYA; +40%) in October 2020; FinTech Acquisition II, which went public in January 2017 and completed its combination with International Money Express (IMXI; +56%) 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 Parnassus Acquisition was founded in 2020 and plans to list on the Nasdaq. The company has not yet chosen a ticker (RC ticker: FTCPU.RC). Cantor Fitzgerald is the sole bookrunner on the deal.
