FTAC Parnassus Acquisition, a blank check company led by SPAC veteran Daniel Cohen and Propel Venture's Ryan Gilbert targeting fintech, raised $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 had indicated on 8.3% of units in the offering.
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 most recent SPACs include FTAC Hera Acquisition (HERAU; +1% from $10 offer price), which went public earlier this month; FTAC Athena Acquisition (FTAAU; +3%), which went public last month; FinTech Acquisition V (FTCVU; +9%), which went public in December 2020; and FinTech Acquisition IV (FTIV; +10%), which went public in September 2020 and has a pending merger agreement with Perella Weinberg Partners.
FTAC Parnassus Acquisition plans to list on the Nasdaq under the symbol FTPAU. Cantor Fitzgerald acted as a lead manager on the deal.
