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Fintech SPAC Fusion Acquisition prices upsized $305 million IPO at $10

June 25, 2020

Fusion Acquisition, a blank check company targeting the financial services industry, raised $305 million by offering 30.5 million units at $10.

The company originally filed to raise $250 million before increasing its proposed offering to $300 million earlier on Thursday. Each unit consists of one share of common stock and one-half of a warrant, exercisable at $11.50. At offering, the SPAC raised 22% more in proceeds than originally anticipated.

Fusion Acquisition is led by CEO John James, who is currently 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.

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The company intends to target a business in the financial services industry with an enterprise value of approximately $750 million to $3 billion, with particular emphasis on fintechs, or those in the wealth, financial advice, investment, and asset management sectors. 

Fusion Acquisition plans to list on the NYSE under the symbol FUSE.U. Cantor Fitzgerald acted as sole bookrunner on the deal, with Odeon Capital as co-manager.