New York, June 5, 2026, 08:03 (EDT)
- Titan Acquisition ticked up to $10.40, gaining a penny on its last trade. Regular Nasdaq hours are still to come.
- OpenPayd is set to go public on Nasdaq through a SPAC deal, trading under the ticker OP. The pro-forma equity value lands at $1.145 billion.
- Deal close still needs shareholder sign-off, regulatory approvals, a Form F-4 registration, and a minimum $130 million in total transaction proceeds.
Titan Acquisition Corp stock was quiet in premarket trading Friday, sticking around $10.40. Investors are watching the blank-check company’s proposed merger with OpenPayd, a payments firm out of London.
Titan shares didn’t move much. But the deal on the table is bigger. Titan is a SPAC, or special purpose acquisition company, basically a public shell that raises funds and merges with a private firm. The OpenPayd merger would take the focus off trust-based trading and put it on deal execution, redemption numbers and how public markets value fintechs.
Nasdaq has Juneteenth, June 19, as the next market holiday on its 2026 calendar. U.S. equity markets will trade normal hours, 9:30 a.m. to 4 p.m. Eastern, so this Friday isn’t a holiday.
OpenPayd and Titan announced June 1 they’ve agreed to a business combination that would see OpenPayd go public on Nasdaq as OP. The companies said the deal gives OpenPayd a pro-forma equity value of $1.145 billion. If there are no redemptions from Titan’s trust account, OpenPayd stands to get as much as $276 million in gross proceeds.
OpenPayd reported annualized recurring revenue above $85 million as of March 2026 and said annualized transaction volume topped $240 billion. The company says its platform allows clients to use a single API to move money on bank rails, blockchains, and with stablecoins.
OpenPayd chief executive Iana Dimitrova called the deal a “significant milestone.” Founder Ozan Ozerk said they are building for “money that moves on its own.” Titan CEO Frank Mastrangelo called OpenPayd a “high-growth, profitable and innovative financial infrastructure platform.” OpenPayd
Titan is set to merge into a new public parent, with OpenPayd to become a fully owned unit, according to a filing. Titan Class A shares trade as TACH, its units as TACHU, and its warrants as TACHW on Nasdaq.
SEC filings show the deal isn’t final yet. Titan shareholders still have to sign off, the new shares and warrants need Nasdaq’s OK, and the registration statement first has to go effective. There’s also a minimum raise of $130 million, though expenses can change that number. So redemptions—the amount SPAC holders cash out instead of keeping their money in—will matter here.
OpenPayd put out an investor deck in June laying out a pro-forma equity value of $1.245 billion, or $10 per share, and a pro-forma enterprise value around $881 million. That includes the usual enterprise value adjustments for cash and debt. The slides also plugged in a $100 million PIPE, or private investment in public equity, but flagged that the PIPE wasn’t raised or committed yet.
Public payment stocks offer partial comps but nothing exact. Payoneer traded at $5.13, putting its market cap near $1.8 billion. Shift4 Payments traded at $39.29, valuing it around $5.8 billion.
The “but” is clear: the deal could slip, get cut down, or fall apart. Titan and OpenPayd pointed to risks like needing shareholder votes, sign-offs from regulators, redemptions, financing, the SEC review, competition, and OpenPayd actually meeting its projections. The company’s documents warn that forecasts are not guaranteed.
Titan stock is still trading around SPAC cash value right now. Investors are waiting on proxy and registration filings to see more on dilution, redemptions, financing and OpenPayd’s numbers for its pitch to public markets.
