FinTech Acquisition VI, a blank check company formed by SPAC veterans Betsy and Daniel Cohen targeting fintech, filed on Wednesday 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 has indicated interest in purchasing up to 9% of the units in the offering. At the proposed deal size, FinTech Acquisition VI would command a market value of $302 million.
The company is led by Chairman Betsy Cohen, the founder and former CEO of The Bancorp, and CEO Daniel Cohen, the Chairman of The Bancorp and former CEO of Bancorp Bank. The company plans to target businesses providing technological services to the financial services industry, with particular emphasis on businesses that provide data processing, storage and transmission services, data bases and payment processing services.
Management's other SPACs include FTAC Parnassus Acquisition (FTCPU.RC), which recently filed to raise $220 million; FTAC Hera Acquisition (HERAU), which filed to raise $750 million at the beginning of the month; FTAC Athena Acquisition (FTAAU; +7% from $10 offer price), which raised $220 this week; FinTech Acquisition V (FTCVU; +18%), which raised $218 million in December 2020; FinTech Acquisition IV (FTIV; +10%), which is pending an acquisition of Perella Weinberg Partners; and FTAC Olympus Acquisition (FTOC; +24%), 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 directors of The Bancorp include FinTech Acquisition III, which completed its combination with Paya (PAYA; +22%) in October 2020; FinTech Acquisition II, which went public in January 2017 and completed its combination with International Money Express (IMXI; +50%) 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).
The Philadelphia, PA-based company was founded in 2020 and plans to list on the Nasdaq under the symbol FTVIU. Cantor Fitzgerald is the sole bookrunner on the deal.
