Anthony Pompliano – led ProCap Acquisition Corp, a fintech – focused SPAC, rose 7% on its Nasdaq debut after upsizing its IPO. Here are the details:
IPO Upsizing: On May 20, ProCap Acquisition Corp increased its IPO from $200 million to $220 million, a day before its public launch. It priced its 22 million shares on offer at $10 each.
Strong Market Performance: On May 21, ProCap shares closed the trading day up 7% at $10.70. After – hours, it continued to rise 1.6% to $10.87, according to Yahoo Finance data.
Company’s Investment Focus: ProCap said in an April 30 regulatory filing that it will be a special purpose acquisition company (SPAC) aiming to invest in, and potentially take public, companies in the financial services, digital asset, asset management, or healthcare sectors. Pompliano told CNBC on May 21 that he had wanted to take a company public for the last five years but hadn’t seen sufficient demand in the private market until six months ago, attributing it to recent changes in the US regulatory landscape affecting financial markets. He also hinted that his firm would invest in both crypto – native and traditional finance businesses, expecting the two sectors to converge in the future.
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