FG Merger II, a blank check company targeting the financial services industry in North America, raised the proposed deal size for its upcoming IPO on Friday.
The Itasca, IL-based company now plans to raise $80 million by offering 8 million units at $10. The company had previously filed to offer 7.5 million units at $10. Each unit consists of one share of common stock and one right to receive one-twentieth of a share of common stock upon the consummation of an initial business combination. Each unit had previously contained one-half of a warrant, exercisable at $11.50. At the revised terms, FG Merger II will raise 7% more in proceeds than previously anticipated.
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) in August 2023.
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.
