SPAC FG New America Acquisition II, led by former TD Ameritrade Chairman Joseph Moglia, files for a $225 million IPO

FG New America Acquisition II, a blank check company led by former TD Ameritrade Chairman Joseph Moglia, filed on Wednesday with the SEC to raise up to $225 million in an initial public offering.

The Itasca, IL-based company plans to raise $225 million by offering 22.5 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, FG New America Acquisition II would command a market value of $288 million.

The company is led by Chairman Joseph Moglia, who previously served as CEO and, until recently, Chairman of TD Ameritrade, and CEO and Director Larry Swets Jr., the founder and Managing Member of Itasca Financial and the CEO of GreenFirst Forest Products (TSXV: GFP) (formerly Itasca Capital). The company plans to target businesses in the financial services and insurance industry with enterprise values between $500 million and $2 billion, with particular emphasis on FinTech and InsureTech.

Management's previous SPAC, FG New America Acquisition (FGNA; +10% from $10 offer price), went public in September 2020 and recently announced a merger agreement with fintech Opportunity Financial.

FG New America Acquisition II was founded in 2020 and plans to list on the NYSE under the symbol FGNB.U. ThinkEquity is the sole bookrunner on the deal.