FTAC Olympus Acquisition Corp. Announces Pricing of $750,000,000 Initial Public Offering

Rhea-AI Summary

FTAC Olympus Acquisition Corp. (NASDAQ:FTOCU) has priced its initial public offering of 75 million units at $10.00 each, aiming for gross proceeds of $750 million. The units will start trading on NASDAQ on August 26, 2020, and include one Class A ordinary share and one-third of a warrant, which can be exercised for one share at an $11.50 price. The offering is expected to close on or about August 28, 2020. Citigroup and Cantor Fitzgerald are the joint book-running managers, with an option for underwriters to purchase an additional 11.25 million units.

Positive

• Initial public offering priced at $10.00 per unit, raising $750 million.
• Units consist of Class A shares and warrants, providing future investment potential.

Negative

• Forward-looking statements indicate uncertainties around the offering's completion.

PHILADELPHIA, PA, Aug. 25, 2020 (GLOBE NEWSWIRE) -- FTAC Olympus Acquisition Corp. (NASDAQ:FTOCU) (the “Company”), a blank-check company led by Betsy Z. Cohen as Chairman of the Board and Ryan M. Gilbert as President and Chief Executive Officer 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 75,000,000 units at a price of $10.00 per unit, for gross proceeds to the Company of $750,000,000. The Company's units will be listed on the Nasdaq Capital Market under the symbol "FTOCU" and will begin trading on August 26, 2020. Each unit issued in the offering consists of one Class A ordinary share of the Company and one-third 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 “FTOC” and “FTOCW,” 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 August 28, 2020, subject to customary closing conditions.

Citigroup Global Markets Inc. and Cantor Fitzgerald & Co. are serving as the joint book-running managers for the offering. The Company has granted the underwriters a 45-day option to purchase up to an additional 11,250,000 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 August 25, 2020. 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 Citigroup, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, tel: 800-831-9146; or 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 Olympus Acquisition Corp.'s IPO?

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

When will FTOCU units begin trading on NASDAQ?

FTOCU units will begin trading on NASDAQ on August 26, 2020.

What are the components of the units issued in the IPO?

Each unit includes one Class A ordinary share and one-third of a warrant.

What is the exercise price for the warrants associated with FTOCU?

The warrants can be exercised for one Class A ordinary share at an exercise price of $11.50.

Who are the underwriters for the FTOCU IPO?

Citigroup Global Markets Inc. and Cantor Fitzgerald & Co. are the joint book-running managers.

What is the total number of units offered in the FTOCU IPO?

FTAC Olympus Acquisition Corp. is offering a total of 75 million units.

What are the expected closing details for the FTOCU IPO?

The closing of the offering is anticipated on or about August 28, 2020, subject to customary conditions.