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(納斯達克股票代碼:AMTD)前首席執行官和現任董事長領導的新的金融科技空間通信公司即將上市。
發行:FG New America Acquisition Corp(紐約證券交易所代碼:FTAC)將以每股10美元的價格出售2250萬股票。每股都有半個認股權證,可以11.50美元的價格額外購買一股。FG New America正在尋求收購一家企業價值在3億至6億美元之間的公司。
FG新美國公司正在尋找金融科技或保險技術行業的公司。它尋求找到一家正在改變傳統保險或金融服務技術的公司。此次發行表示,它認為這兩個行業都有很多目標。
本辛加將於2020年11月10日舉行一年一度的本辛加全球金融科技大獎,這是金融科技領域的交易撮合、網絡和認可的一天。
經驗引領:FG New America Acquisition的董事長是喬·莫利亞(Joe Moglia)。在他2001年至2008年擔任TD ameritrade首席執行官的七年時間裏,公司市值從7億美元上升到100億美元。股價在此期間上漲了500%,從2003年到2008年連續六年創下紀錄。
早在6月份,美國司法部就批准嘉信理財(紐約證券交易所代碼:SCW)以260億美元收購TD ameritrade。
“我們相信,我們的管理團隊重要的運營和交易經驗以及關係將為我們提供大量潛在的初始業務合併目標,”根據招股計劃,“我們相信,我們的管理團隊將為我們提供大量潛在的初始業務合併目標。”
SPAC熱潮仍在繼續:根據彭博社(Bloomberg)的數據,2019年,SPAC籌集了124億美元的資金,創下了紀錄。到目前為止,SPAC在2020年已經籌集了320億美元,佔今年IPO總額的40%。
更多的SPAC產品繼續投放市場,因為有大量的公司可供選擇。公司可以通過與SPAC合併上市來跳過路演和提前股票禁售期。
Turtoise Acquisition(紐約證券交易所股票代碼:SHLL)是今年表現最好的SPAC之一,由於宣佈與Hyliion合併,股價上漲了287%。最近宣佈,烏龜收購II將再次上市,尋找一家清潔排放汽車行業的公司。
維珍銀河(紐約證券交易所代碼:SPCE)在從SPAC合併的整個過程中,股價從10美元上漲到40美元。DraftKings(納斯達克股票代碼:DKNG)的股價上漲了200%,成為2020年另一個熱門的SPAC。
彭博社還提到,投資者是如何根據SPAC背後的公司或領導者來選擇SPAC的,考慮到莫利亞的金融經驗,這在這裏很重要。