Blank check firm FG Acquisition is looking to go public on the Toronto Stock Exchange. The firm announced today that it has filed a prospectus for its planned US$100 million-worth initial public offering.
The proposed offering will be conducted through the issuance of 10.0 million company units selling at US$10.00 per share. Each company unit will comprise of one Class A restricted voting share and one-half purchase warrant.
Each restricted voting share will be converted to a common share following the completion of a business combination while each whole warrant is exercisable to acquire one restricted voting share at US$11.50 per share within 65 days following the business combination.
The offering is being managed by Canaccord Genuity Corp. and Raymond James Ltd. leading a syndicate of underwriters, which were given a 30-day overallotment option to purchase additional 1.5 million units at the same IPO price.
The special purpose acquisition company is backed by FGAC Investors and CG Investments VII. It plans to target its search for qualifying acquisition within the financial services sector business within North America.
Information for this briefing was found via Sedar and the companies mentioned. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.