This Fintech SPAC Dreams of $200M, But Hasn’t Even Picked a Date Yet 👀💸

by

One rarely witnesses so much enthusiasm for a cheque so thoroughly blank. Anthony Pompliano, crypto impresario and occasional philosopher, has decided the only suitable way to display his affection for finance is to conjure forth a $200 million SPAC, Procap Acquisition Corp.—which, one suspects, will remain as blank as a debutante’s diary until some poor target is seduced.

ProCap Raises Millions To Chase Fintech Fantasies—And Maybe Buy a Bank or a Beanie Baby 🏦💰

Procap Acquisition Corp., exiled to the tax-friendly Cayman Islands (where fortunes go to sunbathe and occasionally disappear), is captained by Anthony Pompliano. Mr. Pompliano hopes to merge with—or perhaps simply grace—a financial services business. The plot: 20 million units at $10 a pop, each conferring the intoxicating cocktail of a single Class A ordinary share plus one-third of a redeemable warrant—because we all love fractions in finance. For those curious about symbols found outside of Wilde’s plays, the company will parade as “PCAPU” on Nasdaq.

The official paperwork confidently states they have absolutely no idea who they’ll acquire, nor have they dared to chat anyone up at the financial services soirée. Mr. Pompliano, in a fit of ambition (or perhaps boredom), stands as the solitary managing member of the sponsor, which sounds rather lonely, but does keep the sandwiches to oneself. The quest for corporate courtship has a 24-month best-before date, unless shareholders can be persuaded to let the flirtation drag on.

Procap’s sponsor, displaying a penchant for expensive party favors, has pledged to buy 430,000 private placement units for a cool $4.3 million. Shareholders, meanwhile, may redeem their shares should the acquisition prove more All’s Well That Ends Badly than Much Ado About Mergers—trust account permitting.

The guest list also features Brent Saunders, the ever-busy chairman and CEO of Bausch + Lomb, moonlighting as Procap’s special adviser. Saunders is famed for his time at Vesper Healthcare, which waltzed with The Beauty Health Company in 2021. The world first caught wind of Procap’s ambitions thanks to Bloomberg, who speculated the firm will chase “digital assets, fintech, [and] asset management”—all those glittering things your parents never understood.

Procap’s guiding light seems to be Mr. Pompliano’s mastery of social media bravado and his undoubted ability to attract investors with the ease of Algernon inviting himself to supper. Alongside him, chief financial officer Catalina Abbey brings experience from APFO Inc. and Grant Cardone Enterprises—because every good drama needs its supporting cast.

Read More

2025-05-02 00:27