FTAC Emerald Acquisition Corp. Announces Pricing of $220,000,000 Initial Public Offering

Rhea-AI Summary

FTAC Emerald Acquisition Corp. (NASDAQ: EMLDU) announced the pricing of its initial public offering, comprising 22,000,000 units priced at $10.00 each, generating gross proceeds of $220,000,000. Trading on NASDAQ is set to begin on December 16, 2021. Each unit includes one share of Class A common stock and one-half of a redeemable warrant, with the full warrant exercisable at $11.50. The offering's closing is anticipated on or about December 20, 2021. Goldman Sachs & Co. LLC acts as the sole book-running manager, with an additional 3,300,000 units available for over-allotment.

Positive

• Initial public offering priced at $10.00, raising $220,000,000.
• Units consist of attractive securities: common stock and redeemable warrants.

Negative

• Completion of the offering is uncertain and subject to various conditions.

PHILADELPHIA, PA, Dec. 15, 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 pricing 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 will be listed on the Nasdaq Global Market (NASDAQ) under the symbol "EMLDU" and will begin trading 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 redeemable 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. The closing of the offering is anticipated to take place on or about December 20, 2021, subject to customary closing conditions.

Goldman Sachs & Co. LLC is serving as the sole book-running manager for the offering. The Company has granted the underwriter a 45-day option to purchase up to an additional 3,300,000 units at the initial public offering price to cover over-allotments, if any. 

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.  When available, copies of the prospectus 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. No assurance can be given that such offering will be completed on the terms described, or at all. 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 preliminary 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 is the purpose of FTAC Emerald's IPO on December 15, 2021?

The IPO aims to raise capital for future acquisitions or mergers.

What is the ticker symbol for FTAC Emerald Acquisition Corp.?

The stock is listed under the symbol 'EMLDU'.

When will FTAC Emerald's units begin trading?

The units will start trading on December 16, 2021.

What are the expected symbols for the Class A common stock and warrants after separation?

Class A common stock will trade under 'EMLD' and warrants under 'EMLDW'.

What is the total number of units offered in FTAC Emerald's IPO?

FTAC Emerald is offering 22,000,000 units.