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Betsy Cohen’s new SPAC plans to raise $ 220 million through a US IPO

People are seen on Wall Street in front of the New York Stock Exchange (NYSE) in New York City, March 19, 2021. REUTERS / Brendan McDermid / File Photo

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Nov. 22 (Reuters) – FTAC Emerald Acquisition Corp, a special purpose vehicle for acquisitions (SPAC) backed by banking and fintech entrepreneur Betsy Cohen, said Monday it plans to raise up to $ 220 million through an initial public offering in the United States to raise.

The blank check company formerly known as Emerald ESG Acquisition Corp is offering 22 million units at $ 10 each, according to a filing.

Cohen-backed SPACs have closed several deals in recent years to bring companies public, including those with boutique investment bank Perella Weinberg Partners (PWP.O) and payment provider Payoneer (PAYO.O).

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With SPACs becoming Wall Street’s hottest investment trend over the past 18 months, Cohen has grown to become one of the biggest names in the blank check business alongside Chamath Palih -itiya and Michael Klein.

According to the filing on Monday, she will chair the board of directors of FTAC Emerald. Cohen also has a similar role at nine other blank check firms, five of which have completed their mergers and two have announced their dealings.

Emerald ESG Sponsor, a Cohen-managed company and a supporter of FTAC Emerald, has committed to purchase 890,000 units at $ 10 each in a private placement, the SPAC said in the filing.

SPACs are publicly traded shell companies with a c -ital pool that merge with unlisted companies to bring them public.

FTAC Emerald said it would  -peal to companies in sectors such as renewable energy, water sustainability, agricultural technology, shared economy software or next generation mobility.

Goldman Sachs is the sole underwriter for the offering.

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Reporting by Mehnaz Yasmin in Bengaluru; Editing by Ramakrishnan M.

Our Standards: The Thomson Reuters Trust Principles.

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