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Fintech-focused SPAC FTAC Olympus Acquisition closes IPO

FTAC Olympus Acquisition Corp. closed its IPO of 75 million units at $10.00 per unit, for gross proceeds to the company of $750 million.

The company granted the underwriters a 45-day option to buy up to an additional 11,250,000 units at the IPO price to cover any overallotments.

The units began trading on the Nasdaq Capital Market under the symbol FTOCU on Aug. 26.

Each unit consists of one class A ordinary share of the company and one-third of one warrant. Each whole warrant is exercisable for one class A ordinary share at an exercise price of $11.50 per share. Once the securities comprising the units begin separate trading, the class A ordinary shares and warrants are expected to be listed on Nasdaq under the symbols FTOC and FTOCW, respectively. No fractional warrants will be issued upon separation of the units and only whole warrants will trade.

Citigroup Global Markets Inc. and Cantor Fitzgerald & Co. were the joint bookrunning managers for the offering.

FTAC Olympus Acquisition is a blank-check company formed for the purpose of acquiring or merging with one or more technology and financial services technology companies.