Fusion Acquisition II, the second blank check company formed by industry veterans targeting financial services, raised the proposed deal size for its upcoming IPO on Friday.
The New York, NY-based company now plans to raise $365 million by offering 36.5 million units at $10. The company had previously filed to offer 30 million units at the same price. Each unit still consists of one share of common stock and one-third of a warrant, exercisable at $11.50. At the revised deal size, Fusion Acquisition II will raise 22% more in proceeds than previously anticipated.
The company is led by CEO and Director John James, the founder and CEO of fintech BetaSmartz; CFO and Director Jeffrey Gary, who previously served as a Senior Portfolio Manager at Avenue Capital, where he worked with the SPAC investment team; and Chairman James 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; +13% from $10 offer price), went public in June 2020 and recently announced a merger agreement with mobile bank MoneyLion.
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.
