Former TD Ameritrade Chairman's SPAC FG New America Acquisition II withdraws $225 million IPO

FG New America Acquisition II, a blank check company led by former TD Ameritrade Chairman Joseph Moglia, withdrew its plans for an initial public offering on Tuesday. It had filed in February 2021 to raise $225 million by offering 22.5 million units at $10, with each unit most recently containing one share of common stock and one-half of a warrant.

The company was set to be led by Chairman Joseph Moglia, who previously served as CEO and, until 2020, Chairman of TD Ameritrade, and CEO and Director Larry Swets Jr., the founder and Managing Member of Itasca Financial and the former CEO of GreenFirst Forest Products (TSXV: GFP) (formerly Itasca Capital). The company had planned 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, went public in September 2020 and completed a merger with fintech Opportunity Financial (OPFI; -79% from $10 offer price) in July 2021.

The Itasca, IL-based company was founded in 2020 and had planned to list on the NYSE under the symbol FGNB.U. BofA Securities was set to be the sole bookrunner on the deal.