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

Rhea-AI Summary

FTAC Athena Acquisition Corp. (NASDAQ: FTAAU) announced the pricing of its initial public offering (IPO) on February 22, 2021. The company will issue 22,000,000 units at $10.00 each, generating gross proceeds of $220,000,000. These units will start trading on the Nasdaq Capital Market on February 23, 2021. Each unit consists of one Class A ordinary share and one-fourth of a warrant, exercisable for one share at $11.50. The offering is expected to close around February 25, 2021, pending customary conditions. Cantor Fitzgerald & Co. is the sole book-running manager for the offering.

Positive

• Successful pricing of the IPO at $10.00 per unit.
• Gross proceeds of $220,000,000 to support future acquisitions.
• Listing on Nasdaq under the symbol FTAAU increases market visibility.

Negative

• Uncertainty surrounding the completion of the offering as stated in forward-looking statements.

PHILADELPHIA, PA, Feb. 22, 2021 (GLOBE NEWSWIRE) -- FTAC Athena Acquisition Corp. (NASDAQ:FTAAU) (the “Company”), a blank-check company formed for the purpose of acquiring or merging with one or more technology and financial services technology companies, 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 Capital Market under the symbol "FTAAU" and will begin trading on February 23, 2021. Each unit issued in the offering consists of one Class A ordinary share of the Company and one-fourth of one warrant, each whole warrant 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 “FTAA” and “FTAAW,” 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 February 25, 2021, subject to customary closing conditions.

Cantor Fitzgerald & Co. is serving as the sole book-running manager for the offering. The Company has granted the underwriters 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 on February 22, 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 which may be obtained by contacting Cantor Fitzgerald & Co., Attention: Capital Markets, 499 Park Avenue, 5th Floor, New York, New York 10022, email: prospectus@cantor.com. Copies of the registration statement can be accessed for free through the SEC's website at www.sec.gov.

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 Securities and Exchange Commission. 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 Athena Acquisition Corp.'s IPO?

The IPO aims to raise funds for acquiring or merging with technology and financial services technology companies.

When will FTAC Athena's IPO units start trading?

The units are set to begin trading on February 23, 2021.

What are the symbols for FTAC Athena's Class A shares and warrants?

Class A ordinary shares will trade under 'FTAA', and warrants under 'FTAAW'.

How much can FTAC Athena raise in the IPO?

FTAC Athena can raise up to $220,000,000 through the issuance of 22,000,000 units.

Who is managing the FTAC Athena IPO?

Cantor Fitzgerald & Co. is serving as the sole book-running manager for the offering.