Fusion Acquisition II, the second blank check company formed by industry veterans targeting financial services, filed on Wednesday with the SEC to raise up to $300 million in an initial public offering.
The New York, NY-based company plans to raise $300 million by offering 30 million units at $10. Each unit consists of one share of common stock and one-third of a warrant, exercisable at $11.50. At the proposed deal size, Fusion Acquisition II would command a market value of $375 million.
The company is led by CEO John James, 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 after serving as global head of its SPDR ETF business. The group's previous SPAC, Fusion Acquisition (FUSE.U), raised $305 million in June 2020.
Fusion Acquisition II plans to target businesses in the financial services industry with enterprise values between $1.5 billion and $5 billion, with particular emphasis on those providing or changing technology for traditional financial services ("FinTech"), those in the wealth, investment and asset management sectors, or certain types of technology companies that lie adjacent to the Fintech sector.
Fusion Acquisition II was founded in 2021 and plans to list on the NYSE under the symbol FSNB.U. Cantor Fitzgerald is the sole bookrunner on the deal.
