FG New America Acquisition, a blank check company led by TD Ameritrade Chairman Joseph Moglia targeting insurtech and fintech businesses, raised $225 million by offering 22.5 million units at $10. Each unit consists of one share of common stock and one-half of a warrant, exercisable at $11.50.
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The company is led by Chairman Joseph Moglia, the former CEO and current Chairman of TD Ameritrade, and CEO Larry Swets, the CEO of Itasca Capital (TSXV: ICL) and 1347 Property Insurance Holdings (Nasdaq: PIH).
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.
The Itasca, IL-based company plans to list on the NYSE under the symbol FGNA.U. Piper Sandler and ThinkEquity acted as lead managers on the deal.
