FTAC Athena Acquisition in an 8-K filing disclosed that it has terminated a planned merger with Pico, a provider of technology, data and analytic services for financial markets, due to the target’s “failure to deliver financial information as required by the Business Combination Agreement.”
FTAC Athena is led by serial SPAC dealmaker Betsy Cohen.
The deal had valued the combined enterprise at $1.4 billion with Pico ultimately listing on the Nasdaq.
Announced in August, the transaction included $250 million in gross proceeds from FTAC Athena’s cash in trust and a $200 million PIPE from strategic and institutional investors including Golden Gate Capital and Wellington Management. The PIPE agreements automatically terminated.
Following the transaction, the company was expected to have up to $426 million in cash. Read more.
