Pico Quantitative Trading Holdings $200 million PIPE investment
Davis Polk advised the placement agents in the $200 million private placement in connection with the combination of Pico Quantitative Trading Holdings LLC and FTAC Athena Acquisition Corp. FTAC’s Class A ordinary shares are listed on Nasdaq under the symbol “FTAA.” Upon the closing of the transaction, the combined company will become publicly traded and its ordinary shares are expected to be listed on Nasdaq.
Pico was founded in 2009 on the basis of macro trends in the electronification of markets across all asset classes and the need for global borderless trading, connectivity and data access. Today, Pico offers comprehensive financial services trading cloud infrastructure with mission critical exchange connectivity spanning 45 data centers across all key global markets in the Americas, Europe and Asia.
FTAC is a special purpose acquisition company (SPAC) led by Betsy Z. Cohen, Daniel G. Cohen and Amanda Abrams, formed for the purpose of entering into a business combination with one or more businesses, with a focus on the financial technology industry. FTAC raised $250 million in its initial public offering in February 2021.
The Davis Polk corporate team included partners Leo Borchardt and Derek Dostal and associate Alexander W. Simmonds. Members of the Davis Polk team are based in the London and New York offices.