Fintech entrepreneur Betsy Cohen’s special-purpose acquisition company (SPAC) on Friday terminated its $1.75 billion merger agreement with Pico, citing a failure by the technology services firm to deliver required financial information.
Cohen’s FTAC Athena Acquisition Corp had agreed in August last year to merge with Pico, a New York-based company that provides financial firms with infrastructure hosting, network connectivity, market data and other tech services.
There has been a steep decline in share prices of companies, including Grab Holdings Ltd and BuzzFeed Inc, that recently took the SPAC route to going public.
Recent failed mergers include telecom services firm Syniverse Technologies’ $2.85 billion merger with M3-Brigade Acquisition II Corp and investing app Acorns Grow’s $2.2 billion deal with Pioneer Merger Corp.
Since 2020, Cohen has clinched a series of deals with high profile names including boutique investment bank Perella Weinberg Partners, payments provider Payoneer and Israel’s online stock brokerage eToro. (Reporting by Noor Zainab Hussain in Bengaluru; Editing by David Gregorio)