FG Merger III, a blank check company targeting the financial services industry in North America, filed on Friday with the SEC to raise up to $150 million in an initial public offering. The SPAC had previously filed to go public in December 2023 but withdrew the following November.
FG Merger III plans to raise $150 million by offering 15 million units at $10. Each unit consists of one share of common stock and one-half of a warrant, exercisable at $11.50.
The company is led by CEO Larry Swets Jr., the founder and Managing Member of advisory and investment firm Itasca Financial, and Chairman Scott Wollney, the CEO of Atlas Financial. It plans to target the financial services industry in North America, focusing on businesses with strong management teams, differentiated products or services, potential or historical growth, and an identified pathway to long-term profitability.
Managements has been involved with several other SPACs, including FG Merger II (FGMCU), which went public this past January, and FG Merger, which completed its combination with healthcare software firm iCoreConnect (OTC: ICCT; -99% from $10 offer price) in August 2023.
The Itasca, IL-based company was founded in 2023 and plans to list on the Nasdaq but has not selected a symbol yet (RC ticker: FGTHU.RC). ThinkEquity and EarlyBirdCapital are the joint bookrunners on the deal.
