Pompliano’s SPAC Soars After Upsized IPO, Targets Financial Services

Crypto influencer Anthony Pompliano’s fintech-focused blank-check company, ProCap Acquisition Corp (PCAPU), made a successful debut on the Nasdaq after an upsizing of its initial public offering. The company saw a 7% increase in stock value, closing at $10.70 on May 21st and subsequently adding another 1.6% gain to $10.87 after-hours trading. ProCap had increased its IPO size from $200 million to $220 million prior to its public launch, issuing 22 million shares at $10 each. The company opted for an additional option that allows underwriters to purchase up to 3.3 million extra shares at the initial offering price to capitalize on strong demand.