Fusion Acquisition Corp. II Announces Closing of $500 Million Initial Public Offering

Rhea-AI Summary

Fusion Acquisition Corp. II (NYSE: FSNB.U) successfully closed its initial public offering (IPO) on March 2, 2021, raising $500 million from 50 million units priced at $10.00 per unit. The IPO included 6.5 million units from an over-allotment option. Each unit comprises one share of Class A common stock and one-third of a redeemable warrant for stock purchase at $11.50. The proceeds will primarily be placed in a trust. Fusion aims to merge with companies valued between $1.5 billion and $5 billion in fintech or related sectors.

Positive

• Successfully raised $500 million through IPO.
• Units listed on NYSE under FSNB.U, enhancing market visibility.
• Focus on fintech sector with significant enterprise value target ($1.5B to $5B).

Negative

• None.

NEW YORK, March 02, 2021 (GLOBE NEWSWIRE) -- Fusion Acquisition Corp. II (NYSE: FSNB.U) (the “Company”) today announced that it closed its initial public offering of 50,000,000 units, including 6,500,000 units issued pursuant to the exercise by the underwriters of their over-allotment option. The offering was priced at $10.00 per unit, resulting in gross proceeds of $500,000,000.

The units are listed on the New York Stock Exchange (“NYSE”) and commenced trading under the ticker symbol “FSNB.U” on February 26, 2021. Each unit consists of one share of Class A common stock and one-third of one redeemable warrant, with each whole warrant exercisable to purchase one share of Class A common stock at a price of $11.50 per share. Only whole warrants will be exercisable. Once the securities comprising the units begin separate trading, the shares of Class A common stock and warrants are expected to be listed on the NYSE under the symbols “FSNB” and “FSNB WS,” respectively.

Fusion Acquisition Corp. II, founded and led by CEO John James, is a blank-check company formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses. The Company intends to focus on businesses with an enterprise value of approximately $1.5 billion to $5 billion that are providing or changing technology within the fintech or wealth, investment, and asset management sectors, or certain types of technology companies that lie adjacent to the fintech sector. The Company board comprises Non-Executive Chairman Jim Ross, CEO John James, CFO Jeff Gary, and Directors Kelly Driscoll and Ben Buettell.

Cantor Fitzgerald & Co. acted as the sole book-running manager for the offering. Odeon Capital Group, LLC acted as lead manager for the offering.

Of the proceeds received from the consummation of the initial public offering and a simultaneous private placement of warrants, $500,000,000 (or $10.00 per unit sold in the public offering) was placed in trust. An audited balance sheet of the Company as of March 2, 2021 reflecting receipt of the proceeds upon consummation of the initial public offering and the private placement will be included as an exhibit to a Current Report on Form 8-K to be filed by the Company with the U.S. Securities and Exchange Commission (the “SEC”).

The offering was made only by means of a prospectus. Copies of the prospectus relating to this offering may be obtained from Cantor Fitzgerald & Co., Attention: Capital Markets, 499 Park Avenue, 5th Floor New York, New York 10022; Email: prospectus@cantor.com.

A registration statement relating to these securities was declared effective by the SEC on February 25, 2021. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

Forward Looking-Statements

This press release contains statements that constitute “forward-looking statements,” including with respect to the initial public offering and search for an initial business combination. No assurance can be given that the proceeds of the offering will be used as indicated. Forward-looking statements are subject to numerous conditions, many of which are beyond the control of the Company, including those set forth in the Risk Factors section of the Company’s registration statement and prospectus for the initial public offering filed with the SEC. Copies are available on the SEC’s website, www.sec.gov. The Company undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.

Contact

Cody Slach
Gateway Investor Relations
(949) 574-3860
FUSION@gatewayir.com

FAQ

What is the total amount raised in Fusion Acquisition Corp. II's IPO?

Fusion Acquisition Corp. II raised $500 million in its IPO.

When did Fusion Acquisition Corp. II's IPO close?

The IPO closed on March 2, 2021.

What will the proceeds from the IPO be used for?

The proceeds will primarily be placed in trust for future mergers or acquisitions.

What is the ticker symbol for Fusion Acquisition Corp. II?

The ticker symbol for Fusion Acquisition Corp. II is FSNB.U.

What is included in each unit of Fusion Acquisition Corp. II's IPO?

Each unit consists of one share of Class A common stock and one-third of a redeemable warrant.