Source: Cointelegraph
Original: “SPAC focused on cryptocurrency led by Pompliano rises 7% after listing on Nasdaq”
The fintech-focused blank check company ProCap Acquisition Corp (PCAPU), led by cryptocurrency influencer Anthony Pompliano, rose 7% upon its debut on Nasdaq, after its initial public offering (IPO) was upsized at the last minute.
ProCap raised its IPO size from $200 million to $220 million on May 20, the day before going public, issuing 22 million shares at a price of $10 per share.
According to Yahoo Finance data, ProCap's stock price closed up 7% at $10.70 on May 21, and further rose slightly by 1.6% in after-hours trading to $10.87.
The company provided underwriters with a 45-day option to purchase up to an additional 3.3 million shares at the IPO price to meet excess demand.
In regulatory filings on April 30, ProCap stated that it would operate as a special purpose acquisition company (SPAC) seeking to invest in and potentially list companies in the financial services, digital assets, asset management, or healthcare sectors.
Pompliano is one of the biggest supporters in the cryptocurrency industry, hosting a podcast focused on Bitcoin and finance, and leading the investment firm Professional Capital Management.
In an interview with CNBC on May 21, Pompliano mentioned that he had been eager to take a company public for the past five years, but only saw sufficient demand in the private market six months ago, noting that recent changes in the U.S. regulatory environment have impacted financial markets.
He hinted that his blank check company would invest in both crypto-native and traditional financial businesses, as he anticipates a convergence of the two sectors in the coming years.
“The reason for using the term ‘financial services’ is basically because the new digital world and the old traditional world are merging.”
In the CNBC interview, Pompliano was asked why he chose to set up ProCap as a SPAC, given that SPACs have historically faced high failure rates due to sponsor conflicts, dilution, speculative valuations, and regulatory scrutiny.
Pompliano stated that SPACs have a bad reputation because companies often treat them as public venture capital, targeting high-growth but heavily loss-making and overvalued companies.
Pompliano pointed out that he has invested “millions of dollars” of his personal funds.
“We have real skin in the game,” Pompliano said, adding, “I’m taking on significant reputational risk.”
Brent Saunders, CEO of health products company Bausch + Lomb, has also joined the team as a strategic advisor. Saunders has completed over $300 billion in merger and acquisition transactions over the past 17 years.
Related: Sam Altman's World project raises $135 million from Andreessen and Bain to expand its network.
免责声明：本文章仅代表作者个人观点，不代表本平台的立场和观点。本文章仅供信息分享，不构成对任何人的任何投资建议。用户与作者之间的任何争议，与本平台无关。如网页中刊载的文章或图片涉及侵权，请提供相关的权利证明和身份证明发送邮件到support@aicoin.com，本平台相关工作人员将会进行核查。
