FG Merger II Corp.

FG Merger II Corp.

FG Merger II Corp. was incorporated in Delaware in 2023 as a special purpose acquisition company, or SPAC, raising $80 million through its initial public offering on the Nasdaq under the ticker FGMC (per the firm's SEC filings). The entity is the second SPAC launched by the FG Merger group, following its predecessor FG Merger Corp., which closed a business combination with iCoreConnect in 2023. Kyle Cerminara, who also leads the holding company Fundamental Global, chairs the SPAC, while Hassan Baqar serves as CFO. The vehicle is structured as a pure-play acquisition shell: $80 million sits in trust, designated to fund a business combination with a single private operating company. The trust proceeds can be supplemented by additional PIPE financing or debt to scale the final transaction. FG Merger II has not publicly restricted its search to a specific industry, noting in filings that it will evaluate targets across sectors. The SPAC has roughly until mid-2025 to complete a deal, absent an extension approved by shareholders. Cerminara operates the SPAC alongside his leadership of Fundamental Global, a holding company that manages a portfolio of operating businesses and investments including FG Financial Group. The team draws on the Fundamental Global network for deal sourcing and post-merger operational support. The predecessor SPAC, FG Merger Corp., completed its combination with iCoreConnect, a healthcare SaaS platform, in August 2023. FG Merger II has not announced a definitive agreement as of early 2025. The SPAC structure itself defines the firm's architecture: it is a temporary acquisition vehicle with a built-in sunset. Shareholders who vote against a proposed merger can redeem their shares for a pro-rata portion of the trust, a structural feature that makes the final deal size uncertain. Cerminara's ability to deploy the full $80 million depends on redemptions at the business combination vote.