Latest news with #Spac
Irish Independent
24-06-2025
- Business
- Irish Independent
Irish businessman Gary Quin hits paydirt with $1bn US bitcoin venture
Mr Quin is chief executive of special purpose acquisition corporation (Spac) Columbus Circle Capital Corporation, a blank-cheque firm that floated on the Nasdaq last month. It is backed by New York-based boutique investment bank Cohen & Company Capital Markets. Columbus Circle Capital raised $250m in gross proceeds when it floated, with Mr Quin retaining a 10pc stake in the business through founder shares. Now the Spac has confirmed it has signed a deal with cryptocurrency evangelist Anthony Pompliano, where a company called ProCap BTC, a bitcoin-focused financial services firm, will combine with the Spac to secure a stock-market listing. The transaction is expected to close by the end of the year, subject to regulatory approval. Once it does, the combined company will operate as ProCap Financial, with up to $1bn of bitcoin on its balance sheet. With 1.7 million followers on social media platform X, Mr Pompliano is the founder and chief executive of Professional Capital Management. ProCap Financial said it aims to become the leading financial services firm 'at the intersection of bitcoin and traditional finance'. It said it plans to use its bitcoin balance to 'generate revenue and profit through a variety of strategies'. A total of $516.5m in equity and $235m in convertible notes has been raised between the companies involved in the deal. It has been billed as the largest ever initial fundraise for a publicly-listed bitcoin treasury company. ADVERTISEMENT Learn more 'From day one we sought to partner with a platform and a leader that could develop a transformative organisation – and we found that in ProCap BTC and Anthony Pompliano,' said Mr Quin. 'Anthony's track record as an innovative investor, operator, and early advocate in the bitcoin ecosystem speaks for itself,' he added. 'We believe his deep expertise and relentless conviction will help continue to transform an industry undergoing rapid evolution.' Mr Pompliano said the merged entity will 'develop a platform that will not only acquire bitcoin for our balance sheet, but will also implement risk-mitigated solutions to generate revenue and profits from our bitcoin holdings'. Mr Quin has previously held senior roles with companies including Digicel, the telecoms company that was founded by Denis O'Brien. He was a senior adviser to private equity giant Blackstone between 2011 and 2012, when the firm spearheaded a group of investors that bought Eircom out of examinership for $3.8bn. In early 2021, Mr Quin floated another Spac, the North Atlantic Acquisition Corporation, on the stock market in the US, raising almost $400m. Another key co-founder of NAAC was Irish businessman Patrick Doran. NAAC had planned to merge in 2022 with US-based tech business Telesign, which was owned by Belgian mobile phone company Proximus. However, NAAC later returned all its cash to shareholders after failing to cement a merger deal. Mr Quin is joined on the board of Columbus Circle Capital I by Garrett Curran. He is the former chief executive of Credit Suisse in the UK. Mr Quin worked for Credit Suisse between 2010 and 2019.
Irish Independent
19-05-2025
- Business
- Irish Independent
Irish businessman Gary Quin floats $220m Spac on Nasdaq
The Spac, called Columbus Circle Capital I, is backed by a New York-based boutique investment bank, Cohen & Company Capital Markets. At the end of last year, it had $2.3bn of assets under management, primarily in fixed income. Columbus Circle Capital I is eyeing potential investment opportunities across a range of sectors, from artificial intelligence and healthcare to mining. In early 2021, Mr Quin floated another Spac, the North Atlantic Acquisition Corporation, on the stock market in the US, raising almost $400m. However, it later returned all its cash to shareholders after failing to cement a merger deal. Mr Quin joined Cohen & Company in 2023 as a special adviser after his previous tilt at securing a deal for his former Spac fell through. He is currently vice chairman of Cohen & Company and is serving as the chief executive and chairman of the new Spac. Columbus Circle Capital I is using the proceeds of the Nasdaq flotation to target 'attractive and undervalued opportunities' in public and private markets across Europe, the Middle East, Africa and Latin America. It also wants to identify companies that would benefit from redomiciling in the United States, where it says the targets would 'have greater capital access and reach a larger consumer base'. 'We believe that there are ample opportunities in our target industries, which include artificial intelligence and digital infrastructure, sports, media and entertainment, healthcare, energy transition, mining industries and cryptocurrency,' it has told potential investors. 'We believe these opportunities will be ameliorated by the ongoing benefits to global businesses in locating their operations and/or their public listing in the United States.' Mr Quin will own virtually nil-cost founder shares in the Spac, which could mean that he is in a position to reap a significant return if he can cement a deal for the Spac. The firm will have an initial 24 months to do so. It can seek an extension from shareholders if it is unlikely to be able to consummate an investment during that timeframe. Mr Quin is joined on the board of Columbus Circle Capital I by Garrett Curran. He is the former chief executive of Credit Suisse in the UK. Mr Quin worked for Credit Suisse between 2010 and 2019.
Finextra
06-05-2025
- Business
- Finextra
XData Group to go public on Nasdaq via blank check merger
Estonian banking technology provider XData is to go public on the Nasdaq market via a Spac merger with blank-check firm Alpha Star Acquisition Corporation. 0 The business combination transaction is valued at $180 million and is set for a public debut in the first half of 2025.. Founded in 2022, XData Group offers services ranging from front-end to back-end app development, custom software creation, UX/UI design, and prototype and MVP testing for online banking, alongngside AI-based tools that streamline KYC checks, compliance processes and fraud detection, The company has tripled its workforce in 2024 and launched its flagship banking platform, designed to enhance user experience and operational efficiency in online banking. Headquartered in Tallinn, Estonia, the company has also recently expanded its affiliation to Armenia and Spain. XData Group will continue to be led by its founder and CEO, Roman Eloshvili, who will oversee the company's further development. Says Eloshvili: "At XData Group, we are committed to delivering cutting-edge services to as many financial institutions as possible. The deal with Alpha Star represents the next step on our journey. Going public will provide us with the resources needed to accelerate the development of new products, as well as new industry partnerships."
Irish Independent
29-04-2025
- Business
- Irish Independent
Irish businessman Gary Quin leads new $200m investment vehicle in New York after previous deal falls through
Gary Quin, the Irish businessman who saw plans for a New York-listed $400m (€351m) special purpose investment company (Spac) evaporate in 2023, is the CEO of a new Spac that is raising $200m and eyeing potential investment opportunities across a range of sectors from artificial intelligence to mining.
