ProCap Acquisition Corp Announces Upsized Initial Public Offering and Pricing

Strategic Insights -

ProCap Acquisition Corp has announced the pricing of its upsized initial public offering of 22,000,000 units at a price of $10.00 per unit, with the units expected to be listed on The Nasdaq Stock Market LLC and begin trading tomorrow, May 21, 2025, under the ticker symbol "PCAPU." Each unit consists of one Class A ordinary share and one-third of one redeemable warrant, with each whole warrant entitling the holder to purchase one Class A ordinary share at a price of $11.50 per share. The offering is expected to close on May 22, 2025, subject to customary closing conditions.

The Company's management team is led by Anthony Pompliano, its Chief Executive Officer and a member of the Board of Directors, and Catalina Abbey, Chief Financial Officer. The Board includes Michael Gonzalez, Lindsey Haswell, and Ben Buchanan, with Brent Saunders serving as an Advisor to the Company.

Key Takeaways:

  • The initial public offering consists of 22,000,000 units priced at $10.00 per unit.
  • Each unit consists of one Class A ordinary share and one-third of one redeemable warrant.
  • Whole warrants are expected to trade on Nasdaq under the symbol "PCAPW."
  • The Company plans to pursue a business combination with an established middle market company led by a highly regarded management team.
  • The underwriters have a 45-day option to purchase up to an additional 3,300,000 units at the initial public offering price.
  • The Company's management team includes Anthony Pompliano, Catalina Abbey, Michael Gonzalez, Lindsey Haswell, and Ben Buchanan.

Statistics:

  • 22,000,000 units priced at $10.00 per unit.
  • Total offering value: $220,000,000.
  • 22,120,000 shares expected to be listed on Nasdaq under the symbol "PCAP."
  • 22,120,000 warrants expected to be listed on Nasdaq under the symbol "PCAPW."
  • Initial public offering expected to close on May 22, 2025.
  • Underwriters have a 45-day option to purchase up to an additional 3,300,000 units at the initial public offering price.

Sources:

  • ProCap Acquisition Corp
  • BTIG, LLC
  • Reed Smith LLP
  • Walkers (Cayman) LLP
  • Kirkland & Ellis LLP
  • U.S. Securities and Exchange Commission (SEC)