FG Merger II, a blank check company targeting the financial services industry in North America, raised $80 million by offering 8 million units at $10. Each unit consists of one share of common stock and one right to receive one-tenth of a share of common stock upon the consummation of an initial business combination.
The company is led by CEO Larry Swets Jr., the founder and Managing Member of advisory and investment firm Itasca Financial, and Chairman Scott Wollney, the CEO of Atlas Financial. 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.
Managements has been involved with several other SPACs, including FG Merger, which completed its combination with healthcare software firm iCoreConnect (ICCT; -74% from $10 offer price) in August 2023.
FG Merger II plans to list on the Nasdaq under the symbol FGMCU. ThinkEquity acted as sole bookrunner on the deal.