Pompliano-led crypto-focused SPAC gains 7% on Nasdaq after upsized IPO
ProCap Acquisition Corp (PCAPU), a fintech-focused SPAC led by crypto influencer Anthony Pompliano, debuted on Nasdaq with a 7% increase in share price, closing at $10.70 after upsizing its IPO from $200 million to $220 million. The company offered 22 million shares at $10 each and provided underwriters a 45-day option for an additional 3.3 million shares. ProCap aims to invest in financial services, digital assets, asset management, and healthcare sectors. Pompliano expressed a desire to take a company public for five years, citing recent regulatory changes as a catalyst. He indicated plans to invest in both crypto-native and traditional finance businesses, emphasizing the merging of these sectors. Addressing concerns about SPACs' reputations, Pompliano acknowledged past issues but highlighted his personal financial commitment and the involvement of strategic adviser Brent Saunders, who has extensive M&A experience.
