FG Merger, a blank check company targeting the financial services industry in North America, filed on Friday with the SEC to raise up to $70 million in an initial public offering.
The Itasca, IL-based company plans to raise $70 million by offering 7 million units at $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 Merger would command a market value of $88 million.
The company is led by Chairman Larry Swets Jr., the founder and Managing Member of advisory and investment firm Itasca Financia, and CEO and Director Wesley Schrader, the founder and Managing Member of advisory and investment firm Waverider Partners and management consulting firm Capital MW.
Swets also serves as CEO of TD Ameritrade Chairman Joseph Moglia's FG New America Acquisition II (FGNB.U), which filed in February 2021, and previously was CEO of FG New America Acquisition, which combined with Opportunity Financial (OPFI; -56% from $10 offer price) in July 2021.
FG Merger plans to target the financial services industry in North America, focusing on businesses with strong management teams, recurring revenues, and long-term organic growth, among other characteristics.
FG Merger was founded in 2020 and plans to list on the Nasdaq but has not selected a symbol yet (RC ticker: FGMGU.RC). ThinkEquity is the sole bookrunner on the deal.
