FTAC Athena Acquisition in an SEC filing said it issued a promissory note for up to $1.5 million with its sponsor.
Any drawdown is due at the time the SPAC completes a merger and the full amount of any loan under the promissory note will be forgiven if the SPAC fails to close a deal and has insufficient funds to cover the note.
No outstanding amount can be converted into units, which would have been allowable as described in the SPAC’s IPO prospectus. FTAC Athena said it borrowed $300,000 yesterday under the note.
FTAC Athena last month 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,” according to a regulatory filing. The deal had valued the combined enterprise at $1.4 billion with Pico ultimately listing on the Nasdaq.
FTAC Athena is led by serial SPAC dealmaker Betsy Cohen. Read more.
