Pico Quantitative Trading Holdings LLC entered into a Business Combination Agreement to acquire FTAC Athena Acquisition Corp. (NasdaqCM:FTAA) (the "Company") from FTAC Athena Advisors, LLC, FTAC Athena Sponsor, LLC and others in a reverse merger transaction on August 3, 2021. The transaction (“Proposed Transaction”) values the Company at a pro forma enterprise value of approximately $1.4 billion, and an implied equity value of $1.75 billion. Existing Pico equity holders, including current investors and employees of the firm, are expected to retain approximately 72% percent ownership stake in the combined company. Upon closing of the transaction, the combined company will operate as Pico and is expected to be listed on NASDAQ.

Pico's management team, led by Founder, Chairman, Co-CEO Jarrod Yuster and Co-CEO Frank Troise, will continue to lead the Company. Pico has been backed by Goldman Sachs Asset Management, Wells Fargo Strategic Capital, UBS, Nomura, DRW Venture Capital LLC, CE Innovation Capital and EDBI. Consummation of the transactions contemplated by the Business Combination Agreement is subject to customary conditions of the respective parties, including, among others, that (i) the Transactions shall have been approved by the Company's shareholders; (ii) there has been no material adverse effect (as defined in the Business Combination Agreement) with respect to Pico or the Company since the date of the Business Combination Agreement; (iii) the parties shall have received certain required regulatory approvals; (iv) the Company will have at least $5,000,001 of net tangible assets immediately following the closing of the Transactions (after giving effect to the redemption of public shares by the Company's public shareholders); (v) the PIPE Investment shall have been consummated; (vi) the Company has changed its jurisdiction of incorporation from the Cayman Islands to the State of Delaware by deregistering as an exempted company in the Cayman Islands and domesticating and continuing as a corporation incorporated under the laws of the State of Delaware; and (vii) the Company will have at least $250 million in Company Cash as of the Closing and other customary closing conditions. The business combination has been unanimously approved by the boards of directors of both Pico and FTAC Athena. The business combination is targeted to close in late 2021. As of December 20, 2021, the transaction is expected to close in early 2022. Jefferies LLC and Citi are serving as financial advisors and capital markets advisors to Pico. Andrew P. Gilbert and Scott A. Cowan of DLA Piper LLP is serving as legal advisor to Pico. Derick S. Kauffman of Ledgewood, PC is serving as legal advisor to FTAC Athena. Citi, Jefferies LLC, J.P. Morgan Securities LLC and Cohen & Company Capital Markets are serving as co-placement agents on the PIPE. JPMorgan Chase & Co. (NYSE:JPM) acted as financial advisor for FTAC Athena Acquisition Corp.