Fusion Acquisition, a blank check company targeting the financial services industry, filed on Monday with the SEC to raise up to $250 million in an initial public offering.
The New York, NY-based company plans to raise $250 million by offering 25 million units at $10. Each unit consists of one share of common stock and one-half of a warrant, exercisable at $11.50. At $10, Fusion Acquisition would command a market value of $313 million.
Fusion Acquisition is led by CEO John James, who is currently the founder and CEO of fintech BetaSmartz; CFO Jeffrey Gary, who previously served as a Senior Portfolio Manager at Avenue Capital, where he worked with the SPAC investment team; and Chairman Jim Ross, who currently serves as a Senior Advisor to State Street. The company intends to target a business in the financial services industry with an enterprise value of approximately $750 million to $3 billion, with particular emphasis on fintechs, or those in the wealth, financial advice, investment, and asset management sectors.
Fusion Acquisition was founded in 2020 and plans to list on the NYSE under the symbol FUSE.U. Fusion Acquisition filed confidentially on April 2, 2020. Cantor Fitzgerald is the sole bookrunner on the deal.
