Betsy Cohen's SPAC FTAC Athena Acquisition (NASDAQ:FTAAU) terminated its agreement to take financial-connectivity firm Pico public at about a $1.8B valuation. FTAC Athena shares fell 0.9%.
On Feb. 24, the agreement between the companies was terminated due to Pico's alleged failure to deliver financial information under terms of the deal, according to an 8-K filing.
FTAC Athena (FTAAU) originally announced its agreement to take Pico public in early August. Pico provides major financial firms and exchanges with such services as colocation, cloud access and network connectivity across the America, Europe and Asia.
The Pico deal termination follows a trend of other SPAC transactions that have been cancelled this year as the SPAC market cools. Last month, Acorns deal to go public through a $2.2B deal with SPAC Pioneer Merger (NASDAQ:PACX) was terminated.
Cohen has been involved in a few other fintech SPAC deals, including taking Payoneer Global (NASDAQ:PAYO) public last year. Cohen’s Fintech Acquisition Corp. V (NASDAQ:FTCV) also announced a deal to take online stock brokerage eToro public last year.