ProCap, a special purpose acquisition company (SPAC) led by Pompliano, saw its share price rise by 7% on its first day of trading on Nasdaq on May 21 after expanding its initial public offering (IPO) to $220 million.
ProCap Acquisition Company is a fintech blank check firm led by cryptocurrency investor and media celebrity Anthony Pompeiano. On May 20th, the day before its listing, the company expanded the size of its IPO from 200 million US dollars to 220 million US dollars, and the 22 million shares offered were priced at 10 US dollars per share. According to Yahoo Finance data, ProCap’s stock rose 7% at the end of trading on May 21st, closing at $10.70. After the market closed, it rose another 1.6% to $10.87.
The company stated in its regulatory filing on April 30 that it will act as a special purpose acquisition company, seeking to invest in companies in areas such as financial services, digital assets, asset management or healthcare, and there is a possibility that these companies will be listed. In an interview with CNBC on May 21, Pompeiano said that he had been eager to take a company public for the past five years, but it was not until six months ago that he saw sufficient market interest brought about by regulatory developments in the US financial sector.
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