Pompliano-led SPAC climbs 7% on Nasdaq debut after upsized $220 million IPO
Quick Take
- Shares of ProCap Acquisition, a blank-check firm led by Anthony Pompliano, closed up 7% on the day of its Nasdaq debut.
- The blank-check firm announced an upsized IPO of 22 million shares priced at $10 each.
ProCap Acquisition Corp, a blank-check firm led by Anthony Pompliano, saw its shares climb 7% on its Nasdaq debut on Wednesday following an upsized $220 million initial public offering.
The special purpose acquisition company (SPAC) raised $220 million by offering 22 million shares at $10 each, up from its originally planned $200 million, according to the company's statement.
Shares of ProCap, which trades under the ticker PCAPU, closed up 7% at $10.7 on Wednesday, with a further 1.6% gain in after-hours trading, according to Yahoo Finance data.
In a revised prospectus filed May 13, the SPAC said it intends to pursue a business combination targeting companies in sectors such as financial services, asset management, digital assets, and healthcare. It noted that these sectors align with the expertise of its management team and board members.
Anthony Pompliano, a crypto investor and media personality with 1.7 million X followers and 618,000 YouTube subscribers, serves as the company's chief executive officer and director of the board.
In a Wednesday interview with CNBC, Pompliano said he had long wanted to take a company public but only saw sufficient market interest emerge about six months ago. He attributed the shift to recent regulatory developments in the U.S. financial landscape.
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