FTAC Emerald Acquisition Corp. Announces Completion of $220 Million Initial Public Offering

Rhea-AI Summary

FTAC Emerald Acquisition Corp. (NASDAQ: EMLDU) successfully completed its IPO on December 16, 2021, raising $220 million by issuing 22 million units at $10 each. Each unit comprises one share of Class A common stock and one-half of a warrant. The Class A common stock and warrants will trade under the symbols 'EMLD' and 'EMLDW,' respectively, once separations occur. Goldman Sachs served as the sole book-running manager for the offering. No assurance is provided regarding the future use of proceeds, as various conditions may influence outcomes.

Positive

• Successfully raised $220 million through IPO.
• Units began trading on NASDAQ under EMLDU.

Negative

• No assurance on the use of net proceeds from the offering.

PHILADELPHIA, PA, Dec. 20, 2021 (GLOBE NEWSWIRE) -- FTAC Emerald Acquisition Corp. (NASDAQ: EMLDU) (the “Company”), a blank-check company led by Betsy Z. Cohen, as Chairman of the Board, Mark Tercek, as Vice-Chairman of the Board, and Bracebridge H. Young, Jr., as President and Chief Executive Officer, formed for the purpose of acquiring or merging with one or more businesses, today announced the completion of its initial public offering of 22,000,000 units at a price of $10.00 per unit for gross proceeds to the Company of $220,000,000. The Company's units began trading on the Nasdaq Global Market (“NASDAQ”) under the symbol "EMLDU" on December 16, 2021. Each unit issued in the offering consists of one share of Class A common stock of the Company and one-half of one warrant, each whole warrant exercisable for one share of Class A common stock at an exercise price of $11.50 per share. Once the securities comprising the units begin separate trading, the Class A common stock and warrants are expected to be listed on NASDAQ under the symbols “EMLD” and “EMLDW,” respectively. No fractional warrants will be issued upon separation of the units and only whole warrants will trade.

Goldman Sachs & Co. LLC acted as the sole book-running manager for the offering.

A registration statement relating to the units and the underlying securities was declared effective by the Securities and Exchange Commission (“SEC”) on December 15, 2021. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of, these securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

The offering is being made only by means of a prospectus.  Copies of the prospectus relating to the offering may be obtained from Goldman Sachs & Co. LLC, 200 West Street, New York, NY 10282, Attn: Prospectus Department, by telephone at 866-471-2526 or by emailing prospectus-ny@ny.email.gs.com. Copies of the registration statement can be accessed for free through the SEC's website at www.sec.gov.

Cautionary Note Concerning Forward-Looking Statements

This press release contains statements that constitute “forward-looking statements,” including with respect to the initial public offering and the anticipated use of the net proceeds. No assurance can be given that the net proceeds of the offering will be used as indicated. Forward-looking statements are subject to numerous conditions, many of which are beyond the control of the Company, including those set forth in the Risk Factors section of the Company's registration statement and prospectus for the offering filed with the SEC. The Company undertakes no obligation to update these statements for revisions or changes after the date of this press release, except as required by law.

Contact Information:

Amanda Abrams
amanda@ftspac.com
(215) 701-9693

FAQ

What was the IPO price for FTAC Emerald Acquisition Corp (EMLDU)?

The IPO price for FTAC Emerald Acquisition Corp was $10.00 per unit.

How much money did FTAC Emerald Acquisition Corp raise in its IPO?

FTAC Emerald Acquisition Corp raised $220 million in its IPO.

When did FTAC Emerald Acquisition Corp begin trading on NASDAQ?

FTAC Emerald Acquisition Corp began trading on NASDAQ on December 16, 2021.

What will the warrants for FTAC Emerald Acquisition Corp trade under?

The warrants for FTAC Emerald Acquisition Corp are expected to trade under the symbol 'EMLDW'.

What are the components of the units sold in the FTAC Emerald Acquisition Corp IPO?

Each unit consists of one share of Class A common stock and one-half of a warrant.