Item 8.01. Other Events.
On November 23, 2021, FTAC Zeus Acquisition Corp. (the "Company") consummated
the sale of 40,250,000 units (the "Units") in its initial public offering (the
"IPO"), which includes the full exercise of the Over-Allotment Option (as
defined below). Each Unit consists of one share of the Company's Class A common
stock, par value $0.0001 per share ("Common Stock"), and one half of one warrant
(each, a "Warrant"), where each whole Warrant entitles the holder to purchase
one share of Common Stock for $11.50 per share, subject to adjustment as
provided in the Company's registration statement on Form S-1, initially filed
with the Securities and Exchange Commission on March 8, 2021 (File
No. 333-253995). The Units were sold in the IPO at an offering price of $10.00
per Unit for gross proceeds of $402,500,000 (before underwriting discounts and
commissions and offering expenses). The Company granted the underwriter in the
IPO (the "Underwriter") a 45-day option to purchase up to 5,250,000 additional
Units solely to cover over-allotments, if any (the "Over-Allotment Option"); and
on November 22, 2021, the Underwriter notified the Company that it was
exercising the Over-Allotment Option in full simultaneously with the IPO.
On November 23, 2021, simultaneously with the consummation of the IPO, the
Company consummated the issuance and sale ("Private Placement") of 1,778,750
Units (the "Placement Units") in a private placement transaction at a price of
$10.00 per Placement Unit, generating gross proceeds of $17,787,500. The
Placement Units were purchased by FTAC Zeus Sponsor, LLC.
A total of $408,537,500 of the net proceeds from the IPO and the Private
Placement (which includes approximately $17,150,000 of the Underwriter's
deferred discount) were placed in a trust account established for the benefit of
the Company's public stockholders at JP Morgan Chase Bank, N.A., with
Continental Stock Transfer & Trust Company acting as trustee.
An audited balance sheet as of November 23, 2021 reflecting receipt of the
proceeds upon consummation of the IPO and the Private Placement has been issued
by the Company and is included as Exhibit 99.1 to this Current Report on Form
Item 9.01. Financial Statements and Exhibits.
Exhibit No. Description
99.1 Audited balance sheet as of November 23, 2021.
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