FTAC Athena (NASDAQ:FTAA) announced this afternoon that it has agreed to mutually terminate its combination with fintech firm Pico.
While most SPAC terminations have been citing unfavorable market conditions, FTAC Athena disclosed that it was forced to terminate due to Pico’s failure to deliver financial information as required by the business combination agreement. But, it did not provide much detail on the termination beyond that. Nonetheless, neither party will be required to pay the other a termination fee, and FTAC Athena has exactly a year from today to complete a transaction, which provides the SPAC plenty of time.
FTAC Athena originally priced a $220 million IPO and intends to focus on technology and financial services technology, or fintech, companies that power transformation and innovation. The company is led by Chairman of the Board Betsy Z. Cohen and President and Chief Executive Officer Amanda J. Abrams.
The parties originally announced their $1.4 billion combination in August. New York City-based Pico provides high-speed financial markets data and analysis to institutions across the globe from exchanges in 20 cities.
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