FG New America Acquisition Corp. (FGNA.U) Prices $225M IPO

FG New America Acquisition Corp. announced the pricing of its $225 million IPO this evening and the units are expected to begin trading on the NYSE under the symbol “FGNA.U” tomorrow, Wednesday, September 30.

This new company aims to combine with a target within the insurance and financial services technology sectors or one in the consumer sphere. FG New America is led by Chairman Joseph H. Moglia, CEO Larry G. Swets, Jr., D. Kyle Cerminara and CFO Hassan R. Baqar.

Total SPAC deal count for 2020 year-to-date is now 115 with $43.6 billion in gross proceeds raised. This offering is expected to close on Friday, October 2.

Piper Sandler & Co. and ThinkEquity, a division of Fordham Financial Management, Inc., are acting as joint book-running managers of the offering. White & Case LLP is serving as Issuer’s Counsel with Loeb & Loeb LLP serving as Underwriter’s Counsel. Plante & Moran, PLLC, serves as auditor. Continental Stock Transfer & Trust Company LLC is acting as trustee.