Betsy Cohen’s FTAC Emerald Acquisition said it plans to secure non-redemption agreements ahead of an extension vote that if approved would give the SPAC until Dec. 20 to complete a deal.
FTAC had faced an original termination deadline in June 2023, but just before it was due to expire the SPAC announced it had signed a letter of intent for a merger with an unnamed target. That automatically extended the SPAC’s runway to Sept. 20. Another extension vote followed, pushing the deadline to Jan. 19.
There has been no further announcement regarding the LOI.
Led by SPAC veteran Betsy Cohen, FTAC Emerald raised $220 million in a December 2021 IPO to focus on sustainable businesses. Read more.
