Fusion Acquisition, a blank check company targeting the financial services industry, increased the proposed unit offering for its upcoming IPO on Thursday.
The New York, NY-based company now plans to raise $300 million by offering 30 million units at $10. The company had previously filed to offer 25 million units. Each unit consists of one share of common stock and one-half of a warrant, exercisable at $11.50. At the proposed deal size, Fusion Acquisition would raise 20% more in proceeds than previously anticipated.
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. Cantor Fitzgerald is the sole bookrunner on the deal. It is expected to price during the week of June 22, 2020.
