SPAC Backed by Anthony Pompliano and Brent Saunders Files for IPO

CN
11 hours ago

Procap Acquisition Corp., incorporated in the Cayman Islands and led by Anthony Pompliano as chief executive officer, aims to merge with or acquire a business in the financial services sector. The company will offer 20 million units at $10 each, with each unit comprising one Class A ordinary share and one-third of a redeemable warrant. The units are expected to list on Nasdaq under the symbol “PCAPU.”

The filing notes the firm has not yet identified a target business, nor has it held substantive discussions with any potential acquisition candidates. Pompliano is the sole managing member of the company’s sponsor, Procap Acquisition Sponsor LLC. The firm has until 24 months from the IPO closing to complete a merger, subject to extension via shareholder approval.

The sponsor has also committed to purchasing 430,000 private placement units at $10 each, amounting to $4.3 million. Public shareholders will be able to redeem their shares in connection with a business combination at a per-share price based on trust account holdings, according to the filing’s disclosure.

Brent Saunders, chairman and CEO of Bausch + Lomb, will serve as a special adviser to the firm. Saunders previously chaired Vesper Healthcare, which merged with The Beauty Health Company in 2021. Bloomberg first broke the story, noting that the firm may concentrate its efforts on “digital assets, fintech, [and] asset management.”

Procap’s strategy likely focuses on leveraging Pompliano’s social media influence and financial experience to identify a suitable target, particularly one that could benefit from public market access and broader investor engagement. The company’s leadership also includes CFO Catalina Abbey, with prior experience at APFO Inc. and Grant Cardone Enterprises.

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