FTAC Hera Acquisition Corp. Announces Pricing of Upsized $800,000,000 Initial Public Offering

Rhea-AI Summary

FTAC Hera Acquisition Corp. (NASDAQ:HERAU) has announced the pricing of its upsized initial public offering (IPO) of 80 million units at $10.00 per unit, totalling gross proceeds of $800 million. The units will start trading on the Nasdaq Capital Market on March 4, 2021, and consist of one Class A ordinary share and one-fourth of a warrant, each exercisable for one share at $11.50. The closing of the offering is expected on or around March 8, 2021. Citigroup Global Markets and J.P. Morgan Securities are the joint book-running managers, with a 45-day option for underwriters to purchase an additional 12 million units.

Positive

• Successful pricing of an upsized IPO, raising $800 million.
• Listing on Nasdaq expected to enhance visibility and liquidity.
• Potential for growth with warrant exercise price set at a favorable rate.

Negative

• None.

PHILADELPHIA, PA, March 03, 2021 (GLOBE NEWSWIRE) -- FTAC Hera Acquisition Corp. (NASDAQ:HERAU) (the “Company”), a blank-check company led by Betsy Z. Cohen as Chairman of the Board and Daniel G. Cohen 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 upsized initial public offering of 80,000,000 units at a price of $10.00 per unit, for gross proceeds to the Company of $800,000,000. The Company's units will be listed on the Nasdaq Capital Market under the symbol "HERAU" and will begin trading on March 4, 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 “HERA” and “HERAW,” 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 March 8, 2021, subject to customary closing conditions.

Citigroup Global Markets Inc. and J.P. Morgan Securities LLC 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 12,000,000 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 March 3, 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 Citigroup, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, tel: 800-831-9146; or J.P. Morgan Securities LLC, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, New York 11717, tel: 866-803-9204, or by email at prospectus-eq_fi@jpmchase.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 Hera Acquisition Corp.'s IPO?

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

When will FTAC Hera Acquisition Corp. begin trading on Nasdaq?

The company's units will start trading on the Nasdaq Capital Market on March 4, 2021.

What are the ticker symbols for FTAC Hera Acquisition Corp. after the IPO?

Units will trade under 'HERAU', Class A shares under 'HERA', and warrants under 'HERAW'.

What were the total gross proceeds from FTAC Hera Acquisition Corp.'s IPO?

The initial public offering generated total gross proceeds of $800 million.

Who are the underwriters for FTAC Hera Acquisition Corp.'s IPO?

Citigroup Global Markets and J.P. Morgan Securities are serving as the joint book-running managers.