FG Merger III, a blank check company targeting the financial services industry in North America, withdrew its plans for an initial public offering on Thursday. It had filed in December 2023 to raise $150 million by offering 15 million units at $10, with each unit containing one share of common stock and one-half of a warrant. The company had not updated its prospectus since then.
FG Merger III was set to be 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 had planned to target the financial services industry in North America.
Management's other SPACs include FG Merger II (FGIIU.RC), which filed in October 2023 and most recently updated its prospectus last month, and FG Merger, which completed its combination with healthcare software firm iCoreConnect (ICCT; -99% from $10 offer price) in August 2023.
The Itasca, IL-based company was founded in 2023 and had planned to list on the Nasdaq but had not selected a symbol (RC ticker: FGTHU.RC). ThinkEquity was set to be the sole bookrunner on the deal.
