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SPAC FG Merger prices $70 million IPO, targeting financial services in North America

February 25, 2022

FG Merger, a blank check company targeting the financial services industry in North America, raised $70 million by offering 7 million units at $10, with each unit containing one share of common stock and three-fourths of a warrant, exercisable at $11.50.

The company is led by Chairman Larry Swets Jr., the founder and Managing Member of advisory and investment firm Itasca Financial, 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 and Director 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 financial technology platform OppFi (OPFI) 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 plans to list on the Nasdaq under the symbol FGMCU. ThinkEquity acted as sole bookrunner on the deal.