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Fintech Acquisition Corp. III

FTAC · Nasdaq

Trust settledPaya · Finished

NO ACTION REQUIRED

Nothing left to do

The purchase completed and the shares became shares in the company it bought. There is no deadline left to miss.

Cash at settlement

no closing figure

No cash-per-share figure was filed for this vehicle before it finished.

Last close

no quote on file

Daily close

Nothing left to claim

this vehicle finished

There is nothing to hand back: holders who wanted cash elected it at the vote, and the rest became shares in the buyer.

Read what happened to the cash

The floor

Trust settled

This SPAC has finished — its trust was paid out or used to close the deal, so there is nothing left to redeem

Read the reasoning behind this verdict

No price history on file yet — daily closes accumulate from the market data feed.

Trust settled · There is no line to draw here. This vehicle has finished: the cash was paid back or spent closing the deal, so the last filed figure describes an account that no longer exists and would be a floor under nothing.

SpacBrain’s read

Trust settled

The deal closed — SPAC shares became the target's shares, so there is no trust left to redeem (nobody missed a window; holders who wanted cash elected it at the vote).

In plain terms

What it is
A SPAC from Cohen Circle (Betsy Cohen), listed on Nasdaq in November 2018.
What it's doing now
It agreed in August 2020 to buy Paya, an integrated payment processing services company. The deal valued that business at about $1.04B. That purchase completed, and it stopped being a SPAC — the shares became shares in the business it bought.
What you should know
This SPAC has finished. The purchase completed, and the shares became shares in the company it bought — anyone who wanted the cash instead asked for it at the vote, so there is no cash left here to claim and no deadline left to miss.

At a glance

Where it stands
Closed (deSPAC)
The business it bought
Paya
Industry
Financials — integrated payment processing services
Deal value
$1.0B
announced 3 August 2020
Price vs cash at settlement
no live price on file
Cash in trust when it settled
not yet extracted into a snapshot — the filings below may state it
the last trust total filed while this was still a SPAC — the account has since been paid out or used to close the deal
IPO
19 November 2018
size not on file · 100.0% of each $10 unit into trust
Headquarters
2929 ARCH STREET, PHILADELPHIA, PA, 19104
registered in Delaware
Lead underwriter
not extracted from the prospectus yet
Key officers
COHEN DANIEL G (Chief Executive Officer) · COHEN BETSY Z · GLAZER PAUL J
Listed securities
FTAC common
Cash held per sharenot filed for this window

This vehicle has finished, so there is no window to file a cash-per-share figure for and none will follow. No estimate is shown in its place.

Next date that mattersno dated event on file

Nothing dated is on file. That is an absence in the record, not a statement that nothing is coming.

Yield to redemption

Nothing left to redeem — no yield to compute.

This SPAC has finished — its trust was paid back or used to close the deal, so there is nothing left to redeem and no yield to compute. A yield to redemption is a claim that you can hand these shares back for the trust cash. That account is closed, so this page will not print a number here.

What happened to the cash

The reasoning behind the verdict above, in the order the filings establish it.

  1. The deal closed — SPAC shares became the target's shares, so there is no trust left to redeem (nobody missed a window; holders who wanted cash elected it at the vote).

What has happened, and what is coming

2 dated milestones

Every dated step from the day it listed to the next date you may have to act on. Where you have to do something, the day your broker needs the instruction is marked too.

  1. 19 November 2018IPOpassed

    IPO size not on file

  2. 3 August 2020Deal announcedpassed

    Combination with Paya

The deal

terms as filed

What it is buying, on what terms, and how much of the combined company new shares take from you.

  • Paya$1.0B · announced 3 August 2020
    closedFinancialspost-close PAYASEC primary

The score

deterministic, from filed fields

FTAC is not in the scored universe, so no score is shown. A withheld score is a fact about the record, not a verdict about the company.

Asymmetric return scoreNeither a price nor a cash-per-share figure is on file for this vehicle, and the score is a ratio between the two. Nothing is estimated to fill the gap.

The score is only published for names that carry both a price and a filed cash-per-share figure — 295 of the tracked fleet today. The rest keep an empty dial rather than a modelled one, and fill in by themselves as the fields land.

See the names that are scored, and how

The company

from SEC filings
Read the full profile

Fintech Acquisition Corp. III was a blank-check company whose common stock traded on the Nasdaq Stock Market under the ticker FTAC. The company priced its initial public offering on November 19, 2018, according to a 424B prospectus. On October 15, 2020, the ticker FTAC appeared on the cover page of an 8-K filing. The vehicle completed a business combination and no longer files as a registrant, with the closing established by an 8-K filed on October 22, 2020, in which the successor registrant Paya Holdings Inc. reported completion of the acquisition of Fintech Acquisition Corp. III.

Material findings

from the full read of every filing

Every document this company files gets read whole — body and exhibits. These are the ones the read flagged as material, newest first, each citing its filing.

  • 8-K15 October 20200001213900-20-031467opens on sec.gov in a new tab

    This is the stockholder vote that clears the way to close the Paya combination in Q4 2020, and the point at which non-redeeming FTAC holders became Paya holders.

  • 42523 September 20200001213900-20-028043opens on sec.gov in a new tab

    This sets the vote date and therefore the redemption election window for FTAC holders; the combined company was to list as PAYA with GTCR remaining largest stockholder.

  • DEFM14A23 September 20200001213900-20-028076opens on sec.gov in a new tab

    The mix moves with redemptions rather than the price: on current capitalisation and no redemptions the sellers take an estimated $561.6 million in cash and 48.3 million Parent shares, while assuming $137.5 million of redemptions they take an estimated $424.1 million in cash and 62.1 million shares — more stock, less cash, and more dilution for holders who stay. Up to 14,000,000 Earnout Shares follow if the closing price clears thresholds for 20 of any 30 consecutive trading days in the five years after closing. The equity is counted at a $10.00 per share value.

  • 42521 September 20200001213900-20-027455opens on sec.gov in a new tab

    The target is adding acquisitions while the FTAC merger is pending, so the business FTAC holders vote on in October is larger than the one described in August.

  • 4255 August 20200001213900-20-020347opens on sec.gov in a new tab

    Sponsor economics are explicitly staged rather than fully vested at close, which reduces the usual sponsor-versus-public-holder misalignment in this deal.

  • 4253 August 20200001213900-20-019774opens on sec.gov in a new tab

    This is the definitive agreement for FTAC's business combination with GTCR's payments business Paya; it includes an earnout, a PIPE investment and a sponsor agreement, and it converts FTAC from a searching SPAC into a deal SPAC.

Show 8 more material filings
  • 8-K3 August 20200001213900-20-019771opens on sec.gov in a new tab

    The 8-K is the filing that formally puts the Paya combination on FTAC's record, starting the proxy and redemption clock for holders.

  • 10-Q29 July 20200001213900-20-019074opens on sec.gov in a new tab

    Trust value keeps rising while cash outside the trust falls to about $148,000 — the classic squeeze that pushes a SPAC to sign a deal, which FTAC did five days later.

  • 10-Q12 November 20190001213900-19-022935opens on sec.gov in a new tab

    Trust value continues to accrete about $1.6 million a quarter while the SPAC is still searching, lifting the floor under FTAC's shares.

  • 10-Q14 August 20190001213900-19-015798opens on sec.gov in a new tab

    Trust accretion of roughly $3.0 million in six months, against 35,430,000 Class A shares outstanding, is the whole economic return to a holder who redeems rather than rolls into a deal.

  • 10-K28 March 20190001213900-19-004971opens on sec.gov in a new tab

    The filing establishes the baseline trust value of ~$10.03 per public share and confirms the business combination deadline of November 20, 2020. It also details a 20% redemption restriction for stockholders acting in concert and sponsor voting commitments, which affect deal approval dynamics.

  • 8-K27 November 20180001213900-18-016585opens on sec.gov in a new tab

    This establishes the baseline trust value of $345,000,000 ($10.00/share across 32,779,215 public shares subject to redemption) and a combination deadline of November 20, 2020, with $2,603,414 in working capital outside trust and a $14,700,000 deferred underwriting fee payable only upon deal completion.

  • 8-K21 November 20180001213900-18-016438opens on sec.gov in a new tab

    This is the IPO underwriting agreement establishing the SPAC's initial capitalization, trust structure, and deal economics. The deferred commission structure and sponsor forfeitures (up to 1,125,000 founder shares if over-allotment is not exercised) are standard but define the incentive alignment for the eventual business combination.

  • 424B419 November 20180001213900-18-016198opens on sec.gov in a new tab

    The call on the warrants is stated here: in whole and not in part, at $0.01 per warrant, on a minimum 30 days' written notice, and only if the last sale price of the Class A common stock equals or exceeds $18.00 for any 20 trading days within a 30-trading-day period ending on the third business day before the notice is sent. The prospectus states the obligation to redeem 100% of the public shares if no business combination is completed within 24 months from completion of the offering (excluding any exercise of the overallotment option).

Filings

live EDGAR feed

Everything this company has filed with the SEC recently, newest first, each with a plain summary of what changed and why it matters.

Show the other 10 filings

The record

The reference detail — how the shares were structured at listing, how thinly they trade, and where the company is registered.

Show the reference detail

Unit structure

Cash in trust at IPO$10.00

Unit: U = S + W/2 · 100.0% of the $10 unit

from 424B4 0001213900-18-016198

Trading & liquidity

Average daily volume (20d)no volume reported on the bars we hold
Average daily $ volumeneeds both volume and a live price
Range over the bars heldnot enough price history
Total cash in trustthe trust total is not in the last XBRL stamp

Company profile

Industry (SIC)Blank Checks (6770)
Registered inDelaware
Exchange · CIKNasdaq · 0001729756

All filings on EDGARopens on sec.gov in a new tab

Directors & officers

Institutional holders

from SC 13G/13D

Funds that have declared a stake above 5%. Heavy ownership by arbitrage funds usually means heavy cash-outs at the next vote.

Show the declared stakes

10 filers with a stake on file · 0 re-affirmed in the last 12 months. A stake with no amendment since is the filer’s last word on it, not proof it is still held — and percentages filed in different years are percentages of different floats, because this vehicle’s share count collapses at every redemption.

One line per filer, not per reporting person: a joint schedule names the management company, its funds and often the individual who controls them, and all of them report the same shares. Click a name for that filer’s whole footprint across every SPAC it has declared a stake in.

Sources on file

harvested pages, kept in full

Every public page we have read about this company, stored in full so a source can never go missing.

Show the sources

38 full SEC filing texts archived — searchable, never lost.

In plain English

tap a term to open it

Every piece of jargon this page could have used, and what it actually means.

Open the plain-English guide
No floor / floorlessthe cash guarantee is gone — the price is unprotected

A SPAC's downside protection is not the cash in trust; it is your right to demand that cash. Once the redemption window closes, the cash stays with the company and the share can trade anywhere.

Redemption deadlinethe last day to hand shares back for cash

Set by the filing that calls the meeting. Tender after it and the company is under no obligation to pay you the trust value.

Broker action datethe day your broker needs the instruction — earlier than the official date

Brokers batch redemption instructions to the transfer agent, so the practical cutoff is roughly two business days before the published deadline. This is the date that actually costs people the floor.

Cash in trust / trust per sharethe cash the company is holding for each public share

Filed quarterly in the 10-Q's XBRL. It earns interest between filings, so the figure on a given day is slightly higher than the last filed one — where we show that we label it an estimate.

Trust discountbuying below the cash held for you

Only meaningful while a redemption right exists. On a floorless name the same arithmetic is not a discount, it is the market pricing distress, and this product will not call it a yield.

Dilutionhow much of the company new shares take from you

Sponsor promote, PIPE shares, warrants and rights all issue stock that did not pay $10 for it. The headline deal value is before that; the effective value is after.

Pro-forma equitywhat the company is valued at once the deal closes

The combined company's equity value assuming the announced terms and the redemptions that have actually happened.

ARShow much upside you get per unit of downside

SpacBrain's asymmetric-return score. It is deterministic — the same inputs always produce the same number — and it is capped, not zeroed, when the floor is gone.

De-SPACthe day the SPAC becomes the real company

The shares stop being a claim on a pot of cash and start being equity in an operating business. Roughly 80% of recent de-SPACs traded below $10 within a year.

Outside datethe contractual long-stop for closing the deal

A deadline between the SPAC and its target, not between the SPAC and you. It confers no right to cash, which is exactly why it must never be counted as a redemption window.

Accession numberthe SEC's unique id for one filing

Every figure on this page carries the accession of the filing that states it, so you can open the primary document rather than trust us.

Accreted NAV (estimate)the last filed cash figure, plus the interest it should have earned since

A model, not a filing: last filed value compounded at the 3-month T-bill for the days elapsed. Always shown in italic with the word estimate, and never printed beside a filed number without it.

Ask the brain

from its filings
Data provenance & audit trail8 internal entries

Written by SpacBrain’s data agents whenever a figure is captured, corrected or flagged, and kept verbatim so every number on this page can be traced back to the filing that states it. This is a running log, not the current record: an early entry may be superseded by a later correction — the panels above always hold the current values.

FTAC — company record
UNIVERSE-HISTORY2026-08-16

admitted from the HISTORICAL census (EDGAR's SIC 6770 registrant list, walked in full: 3,325 registrants, 1,167 of which ever priced an IPO). The live discovery job cannot reach this registrant — it reads the filing tape, and this one stopped filing. Admission rule: src/lib/universe-admit.ts. SIC 6770 (Blank Checks); 424B 0001213900-18-016198 priced 2018-11-19; common ticker FTAC off 8-K 0001213900-20-031467 (2020-10-15); lifecycle EXITED. Ending PROVEN, not inferred: CLOSED per 8-K 0001213900-20-032814 (2020-10-22) — the successor registrant Paya Holdings Inc. (CIK 0001819881) filed an 8-K carrying item 2.01 (Completion of Acquisition) naming "Fintech Acquisition Corp. III" — the SPAC merged into a new registrant and so filed no closing report of its own. ipoSizeM and deadline left NULL: gross-proceeds prose conflates the over-allotment with the offering, and a charter deadline belonging to a vehicle that has ended is a date nobody can act on. ipoDate is the 424B pricing date.

SECURITY-TERMS-MINED2026-08-19

warrantStrike=11.5, unitSeparationDays=52 from the definitive prospectus (0001213900-18-016198). NOT FILLED: warrantCallPrice — no stated candidate; rightShareRatio — no stated candidate

SPONSOR-ID2026-08-14

sponsor "Cohen Sponsor Interests III, LLC" (SEC CIK 0001757297) sourced from Form 3 reportingOwner (10% owner) acc 0001213900-18-016004.

Deal — Paya
DEAL-TARGET2020-09-23

AI-extracted target (z-ai/glm-5.2, conf 0.95)

TYPED2026-08-26

target sector as filed: "Integrated payment processing and payment facilitation platform serving utility, municipal, healthcare, and other clients" — 121 chars — over the 120-char noun-phrase bound; stored NULL.

BACKFILL2026-08-26

target recovered for a completed de-SPAC

PROFILE-STUB2026-08-27

entity created from the filed target name; no About paragraph on file, so every other field awaits a sourced read

SEGMENT-FROM-FILING2020-09-23

OTHER -> FINTECH, on DEFM14A 0001213900-20-028076: "We provide payment processing services through our Paya, Inc. subsidiary, including card processing and ACH processing services."

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