A new fintech SPAC is coming to the market, led by the former CEO and current chairman of TD Ameritrade (NASDAQ:AMTD).
The Offering: FG New America Acquisition Corp (NYSE:FTAC) will sell 22.5 million shares at $10 each. Each share comes with half a warrant good to purchase an additional share at $11.50. FG New America is looking to acquire a company with an enterprise value of $300 million to $600 million.
FG New America is seeking to find a company in the fintech or insurtech industries. It seeks to find a company that's changing technology for traditional insurance or financial services. The offering said it believes there are many targets in these two industries.
Benzinga will be holding its annual Benzinga Global Fintech Awards, a day of dealmaking, networking, and recognition in the financial technology space, on Nov. 10, 2020.
Led With Experience: The chairman of FG New America Acquisition is Joe Moglia. During his seven years as CEO of TD Ameritrade from 2001 to 2008, the company's market cap rose from $700 million to $10 billion. Shares increased 500% during that time and six straight record years were had from 2003 to 2008.
Back in June, the U.S. Department of Justice approved Charles Schwab's (NYSE:SCHW) $26 billion takeover of TD Ameritrade.
"We believe our management team’s significant operating and transaction experience and relationships will provide us with a substantial number of potential initial business combination targets," according to the offering.
SPAC Boom Continues: In 2019, SPACs hit a record with $12.4 billion raised, according to Bloomberg. SPACS have raised $32 billion so far in 2020 and represents 40% of the volume from this year’s IPOs.
More SPAC offerings continue to hit the market as there are plenty of options of companies to buy. Companies can skip roadshows and early share lockup periods by going public through a merger with a SPAC.
Tortoise Acquisition (NYSE:SHLL) has been one of the best-performing SPACs of the year with shares up 287% thanks to announcing a merger with Hyliion. It was recently announced Tortoise Acquisition II will hit the market again looking for a company in the clean emissions automotive industry.
Virgin Galactic (NYSE:SPCE) saw its shares go from $10 to $40 throughout its merger process from a SPAC. DraftKings (NASDAQ:DKNG) shares are up 200% as another hot 2020 SPAC.
Bloomberg also mentions how investors are picking SPACs based on the companies or leaders behind them, which is important here given Moglia’s financial experience.
由TD ameritrade(纳斯达克股票代码:AMTD)前首席执行官和现任董事长领导的新的金融科技空间通信公司即将上市。
发行:FG New America Acquisition Corp(纽约证券交易所代码:FTAC)将以每股10美元的价格出售2250万股票。每股都有半个认股权证,可以11.50美元的价格额外购买一股。FG New America正在寻求收购一家企业价值在3亿至6亿美元之间的公司。
FG新美国公司正在寻找金融科技或保险技术行业的公司。它寻求找到一家正在改变传统保险或金融服务技术的公司。此次发行表示,它认为这两个行业都有很多目标。
本辛加将于2020年11月10日举行一年一度的本辛加全球金融科技大奖,这是金融科技领域的交易撮合、网络和认可的一天。
经验引领:FG New America Acquisition的董事长是乔·莫利亚(Joe Moglia)。在他2001年至2008年担任TD ameritrade首席执行官的七年时间里,公司市值从7亿美元上升到100亿美元。股价在此期间上涨了500%,从2003年到2008年连续六年创下纪录。
早在6月份,美国司法部就批准嘉信理财(纽约证券交易所代码:SCW)以260亿美元收购TD ameritrade。
“我们相信,我们的管理团队重要的运营和交易经验以及关系将为我们提供大量潜在的初始业务合并目标,”根据招股计划,“我们相信,我们的管理团队将为我们提供大量潜在的初始业务合并目标。”
SPAC热潮仍在继续:根据彭博社(Bloomberg)的数据,2019年,SPAC筹集了124亿美元的资金,创下了纪录。到目前为止,SPAC在2020年已经筹集了320亿美元,占今年IPO总额的40%。
更多的SPAC产品继续投放市场,因为有大量的公司可供选择。公司可以通过与SPAC合并上市来跳过路演和提前股票禁售期。
Turtoise Acquisition(纽约证券交易所股票代码:SHLL)是今年表现最好的SPAC之一,由于宣布与Hyliion合并,股价上涨了287%。最近宣布,乌龟收购II将再次上市,寻找一家清洁排放汽车行业的公司。
维珍银河(纽约证券交易所代码:SPCE)在从SPAC合并的整个过程中,股价从10美元上涨到40美元。DraftKings(纳斯达克股票代码:DKNG)的股价上涨了200%,成为2020年另一个热门的SPAC。
彭博社还提到,投资者是如何根据SPAC背后的公司或领导者来选择SPAC的,考虑到莫利亚的金融经验,这在这里很重要。