FG New America Acquisition, a blank check company led by TD Ameritrade Chairman Joseph Moglia targeting the insurtech and fintech industries, filed on Wednesday with the SEC to raise up to $225 million in an initial public offering.
The Itasca, IL-based company plans to raise $225 million by offering 22.5 million units at a price of $10. Each unit consists of one share of common stock and one-half of a warrant, exercisable at $11.50. At the proposed deal size, FG New America Acquisition would command a market value of $282 million.
The company is led by Chairman Joseph Moglia, the former CEO and current Chairman of TD Ameritrade, CEO Larry Swets, the CEO of Itasca Capital (TSXV: ICL) and 1347 Property Insurance Holdings (Nasdaq: PIH), CFO Hassan Baqar, the founder and managing member of Sequoia Financial and CFO of Itasca Capital, and President Kyle Cerminara, the co-founder and CEO of Fundamental Global Investors. The company intends to focus on technology businesses in the insurance and financial services industries with enterprise values of approximately $300 million to $600 million.
FG New America Acquisition was founded in 2020 and plans to list on the NYSE under the symbol FGNA.U. The company filed confidentially on July 22, 2020. Piper Sandler and ThinkEquity are the joint bookrunners on the deal.
