Firemark Global Capital, a blank check company formed by ShiftPixy targeting an insurance shell with products for staffing companies, lowered the proposed deal size for its upcoming IPO on Wednesday.
The Miami, FL-based company now plans to raise $150 million by offering 15 million units at $10. The company had previously filed to offer 50 million units at the same price. Each unit still consists of one share of common stock and one-half of a warrant, exercisable at $11.50. At the revised deal size, Firemark Global Capital will raise -70% less in proceeds than previously anticipated.
The company is led by CEO and Chairman Scott Absher, who currently serves as the CEO of human capital management platform ShiftPixy (Nasdaq: PIXY) and President of Struxurety; CFO Domonic Carney, who currently serves as the CFO of ShiftPixy; and COO Steven Sims, who most recently served as the President of Convelo Insurance Group. Firemark Global Capital plans to target an insurance shell licensed throughout the US that will be able to provide workers' compensation and other employer-related insurance to staffing companies and their clients.
Firemark Global Capital was founded in 2021 and plans to list on the NYSE under the symbol FMGU. A.G.P. is the sole bookrunner on the deal.
