FG Merger III, a blank check company targeting the financial services industry in North America, filed on Wednesday with the SEC to raise up to $150 million in an initial public offering.
The Itasca, IL-based company plans to raise $150 million by offering 15 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 III would command a market value of $191 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.
Management's other SPACs include FG Merger II (FGIIU.RC), which filed to raise $75 million this past October, and FG Merger, which completed its combination with healthcare software firm iCoreConnect (ICCT; -89% from $10 offer price) this past August.
FG Merger III was founded in 2023 and plans to list on the Nasdaq but has not selected a symbol yet (RC ticker: FGTHU.RC). ThinkEquity is the sole bookrunner on the deal.
