FG Merger II, a blank check company targeting the financial services industry in North America, filed on Tuesday with the SEC to raise up to $75 million in an initial public offering.
The Itasca, IL-based company plans to raise $75 million by offering 7.5 million units at $10. Each unit consists of one share of common stock and one-half of a warrant, exercisable at $11.50. At the proposed deal size, FG Merger II would command a market value of $97 million.
The company is led by CEO Larry Swets Jr., the founder and Managing Member of advisory and investment firm Itasca Financial, and Chairman Kyle Cerminara, the co-founder and CEO of Fundamental Global. It plans to target the financial services industry in North America, focusing on businesses with strong management teams, recurring revenues, and high barriers to entry, among other characteristics.
Swets and Cerminara have been involved with several other SPACs. Most recently, they served as Chairman and Senior Advisor, respectively, for FG Merger, which completed its combination with healthcare software firm iCoreConnect (ICCT; -80% from $10 offer price) this past August.
FG Merger II was founded in 2023 and plans to list on the Nasdaq but has not selected a symbol yet (RC ticker: FGIIU.RC). ThinkEquity is the sole bookrunner on the deal.
