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FG Merger II Corp. (FGMC)

USD9.47 -0.14 (-1.41%)
US NASDAQ Financial Services Shell Companies
Address 104 South Walnut Street 60143
Itasca, IL, US
CEO Larry Gene Swets
IPO 2025-02-11
CIK 1906364 ISIN US30334J1025

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Also trades on NASDAQ Global Market · FGMC (USD) NASDAQ Global Market · FGMCU (USD) NASDAQ Global Market · FGMCW (USD) NASDAQ Global Select · FGMCR (USD)
Description

FG Merger II Corp. does not have significant operations. It focuses on effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization, or similar business combination with one or more businesses. FG Merger II Corp. was incorporated in 2023 and is based in Itasca, Illinois.

Market Cap & Enterprise Value
Merger & Acquisition History
Target company Ticker Date Filing
iCoreConnect Inc. ICCT 2023-02-01 View
Technical Outlook
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Signal Summary Loading…
Indicator 1D1W2W3W1M
Each column is computed on that timeframe's candles (1D = daily, 1W ≈ weekly, 1M ≈ monthly), not on the same last day. ▲ bullish · ▼ bearish · — neutral. The Net row counts signals per column; hover any cell (or the indicator name) to see the exact rule behind it.
Day Score & sub-scores
Statistical fingerprint & regime detail
Conditional historical analysis
Customize analysis (advanced)
Indicative levels generated algorithmically. Not financial advice.
Risk Profile
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Price Chart
Averages
Trend
Price
Levels
Draw
USD9.47 -0.14 (-1.41%)
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Volume Profile
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Liquidity & share structure
Average Volume
167.0K
Beta
0.07
Float Shares
10.29M
Free Float %
99.9%
Price Performance
1D5D1M3M6M YTD1Y3Y5Y10YMax
+0.05% +0.39% +1.87% +2.58% +3.20% +2.89% +5.95% -1.62% +3.71% +3.71% +3.71%
Rolling Volatility
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Drawdown
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Relative Strength
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Monthly Returns Heatmap
From To
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Annual Monthly Returns
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Daily Returns Distribution
vs.
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Revenue flow

Revenue by geography

Revenue by segment

From To

Revenue composition

From To

By product

By geography

Financial Statements

Income Statement

Balance Sheet

Cash Flow Statement

Key Metrics

Financial Ratios

Employees

Financial Growth (CAGR)

Market Data

Price Targets & DCF
Current price
9.47
DCF (Unlevered) 0.05 -99.4%
DCF (Levered) 0.06 -99.4%

DCF figures are point estimates: small changes in growth or discount-rate assumptions move them materially. Read them as a reference, not a precise target.

Quality scores
Altman Z-Score
175.57
Safe zone
Piotroski F-Score
5 / 9
Average
MOAT Score
3 / 10
No MOAT
Composite Rating
C
Overall Score
2 / 5
Medium
DCF Score
3 / 5
Medium
ROE Score
1 / 5
Low
ROA Score
4 / 5
High
D/E Score
1 / 5
Low
P/E Score
1 / 5
Low
P/Book Score
1 / 5
Low
Operational MOAT
✗ Below peers
  • Revenue growth Shell Companies: +20.6%
    -100.0%
  • EPS growth Shell Companies: -12.3%
    +9,683.3% Q1'26: -203.9% (vs Q1'25)
  • FCF margin FCF growth · Shell Companies: +8.7%
  • EBIT margin Shell Companies: +0.0%
  • ROIC Shell Companies: +0.0%
    -0.8% Q1'26: +0.0% (vs Q1'25)
  • Share dilution Shell Companies: -10.2%
    -25.9% Q1'26: +7.5% (vs Q1'25)
  • Debt / EBITDA Net debt/EBITDA · Shell Companies: 0.00×
    0.00× Q1'26: 0.00× (vs Q1'25)
Valuation Multiples From To
Price Forecast (3Y) From To
Model
Adjust
P/E
Theoretical Return — If Invested Today

* These projections are based on analyst consensus estimates and user-defined valuation multiples. This table is for informational purposes only and does not constitute a recommendation to buy or sell any security. Past performance is not indicative of future results.

DCF Interactive Model (UFCF)
Projection years:
Market assumptions
WACC components (optional)
Ke (Cost of Equity) = Rf + β (0.04) × ERP
WACC = 100% × Ke + 0% × Kd (4.3%) × (1−t)

Modifying these values recalculates WACC automatically.

Business assumptions
Intrinsic value (base): 0.05 Current price: 9.47
Enterprise Value: Equity Value: Terminal Value: TV as % of EV:

Base values reflect the latest available data for this company and market conditions.

Historical Ratings (3M)
Date Rating Overall DCF ROE ROA D/E P/E P/B
2026-05-15 C 2/5 3/5 1/5 4/5 1/5 1/5 1/5
2026-05-14 C 2/5 3/5 1/5 4/5 1/5 1/5 1/5
2026-05-13 B- 2/5 2/5 5/5 4/5 1/5 1/5 1/5
2026-05-12 B- 2/5 2/5 5/5 4/5 1/5 1/5 1/5
2026-05-11 B- 2/5 2/5 5/5 4/5 1/5 1/5 1/5
2026-05-08 B- 2/5 2/5 5/5 4/5 1/5 1/5 1/5
2026-05-07 B- 2/5 2/5 5/5 4/5 1/5 1/5 1/5
2026-05-06 B- 2/5 2/5 5/5 4/5 1/5 1/5 1/5
2026-05-05 B- 3/5 2/5 5/5 5/5 1/5 1/5 1/5
2026-05-04 B- 3/5 2/5 5/5 5/5 1/5 1/5 1/5
2026-05-01 B- 3/5 2/5 5/5 5/5 1/5 1/5 1/5
2026-04-30 B- 3/5 2/5 5/5 5/5 1/5 1/5 1/5
2026-04-29 B- 3/5 2/5 5/5 5/5 1/5 1/5 1/5
2026-04-28 B- 3/5 2/5 5/5 5/5 1/5 1/5 1/5
2026-04-27 B- 3/5 2/5 5/5 5/5 1/5 1/5 1/5
2026-04-24 B 3/5 3/5 5/5 5/5 1/5 1/5 1/5
2026-04-23 B 3/5 3/5 5/5 5/5 1/5 1/5 1/5
2026-04-22 B 3/5 3/5 5/5 5/5 1/5 1/5 1/5
2026-04-21 B 3/5 3/5 5/5 5/5 1/5 1/5 1/5
2026-04-20 B 3/5 3/5 5/5 5/5 1/5 1/5 1/5
2026-04-17 B 3/5 3/5 5/5 5/5 1/5 1/5 1/5
2026-04-16 B 3/5 3/5 5/5 5/5 1/5 1/5 1/5

Owner Earnings

Owner's Earnings (history) From To
Owner alignment
Owner's Earnings TTM
-363.2K
OE per share TTM
-0.03
Owner's Yield
-0.44%
Maintenance CapEx ratio
0.00%
Maint CapEx / Avg PPE
15.4%

Ownership Overview

Ownership breakdown
At a glance
Institutional holders
32
Total invested
75.74M
Insider transactions (90d)
0
Beneficial owners (>5%)
21
Beneficial owners (>5%)
# Reporting person Amount owned % of class Sole voting Shared voting Sole dispositive Shared dispositive Type Citizenship Filing date SEC filing
1 Global Inc., 3.62M 17.40% 3.62M 3.62M CO Nevada 2024-10-21
2 D. Kyle Cerminara 2.02M 19.90% 15.0K 2.01M 15.0K IN United States 2023-02-14
3 Hassan R. Baqar 2.02M 19.90% 10.0K 2.01M 10.0K IN United States 2023-02-14
4 Larry G. Swets, Jr. 2.02M 19.90% 10.0K 2.01M 10.0K IN United States 2023-02-14
5 FG Merger Investors LLC 2.01M 19.80% 2.01M OO State of Delaware 2023-02-14
6 Periscope Capital Inc. 805.7K 8.30% 805.7K 805.7K FI 2024-02-09
7 CVI Investments, Inc. 600.0K 6.80% 600.0K CO Cayman Islands 2022-03-07
8 Heights Capital Management, Inc. 600.0K 6.80% 600.0K CO Cayman Islands 2022-03-07
9 Hudson Bay Capital Management LP 600.0K 5.91% 600.0K PN State of Delaware 2023-02-08
10 Sander Gerber 600.0K 5.91% 600.0K IN State of Delaware 2023-02-08
11 Space Summit Capital LLC 570.4K 7.09% 570.4K 570.4K IA Delaware 2022-03-07
12 Christopher Hinkel 550.0K 7.86% 550.0K HC, IN United States of America 2022-02-25
13 RGC Management Company, LLC 550.0K 7.86% 550.0K HC, OO Delaware 2022-02-25
14 Radcliffe Capital Management, L.P. 550.0K 7.86% 550.0K IA, PN Delaware 2022-02-25
15 Radcliffe SPAC GP, LLC 550.0K 7.86% 550.0K HC, OO Delaware 2022-02-25
16 Radcliffe SPAC Master Fund, L.P. 550.0K 7.86% 550.0K PN, OO Cayman Islands 2022-02-25
17 Steven B. Katznelson 550.0K 7.86% 550.0K HC, IN Canada, United States of America and the United Kingdom 2022-02-25
18 LP 550.0K 6.20% 550.0K 550.0K IA, PN Bermuda 2022-03-09
19 WONG 550.0K 6.20% 550.0K 550.0K HC, IN Bermuda 2022-03-09
20 LINDEN CAPITAL L.P. 512.8K 5.80% 512.8K 512.8K PN Bermuda 2022-03-09
21 LLC 512.8K 5.80% 512.8K 512.8K HC Bermuda 2022-03-09

Institutional Activity (13F)

Institutional ownership trend From To
13F snapshot — 2026 Q1
Investors holding
32
+1 vs prev Q
New positions
4
Closed positions
3
Increased
9
Reduced
6
Put/Call ratio
0.00
Calls held
Puts held
Top institutional holders
# Investor Shares / Δ Mkt value / Δ Own% / Δ Weight% / Δ Avg px / Perf. Hold / Status
1 HEIGHTS CAPITAL MANAGEMENT, INC 790.0K +— (+0.0%) 7.93M +39.5K (+0.5%) 9.88% +2.202 pp 2.84% +0.681 pp USD9.88 +1.6% 3 qtrs
2 AQR ARBITRAGE LLC 784.0K +— (+0.0%) 7.87M +39.2K (+0.5%) 9.80% +2.185 pp 0.17% -0.034 pp USD9.65 +4.0% 4 qtrs
3 RIVERNORTH CAPITAL MANAGEMENT, LLC 643.0K +143.0K (+28.6%) 6.46M +1.5M (+29.2%) 8.04% +3.181 pp 0.31% +0.020 pp USD10.00 +0.4% 2 qtrs
4 HIGHBRIDGE CAPITAL MANAGEMENT LLC 559.9K +305.3K (+119.9%) 5.62M +3.1M (+121.0%) 7.00% +4.526 pp 0.18% +0.068 pp USD10.00 +0.4% 3 qtrs
5 MANGROVE PARTNERS 392.0K +— (+0.0%) 3.94M +19.1K (+0.5%) 4.90% +1.093 pp 0.32% +0.031 pp USD9.65 +4.0% 4 qtrs
6 CABLE CAR CAPITAL LLC 392.0K +— (+0.0%) 3.94M +19.1K (+0.5%) 4.90% +1.093 pp 0.13% -1.548 pp USD9.65 +4.0% 4 qtrs
7 CSS LLC/IL 352.1K +— (+0.0%) 3.54M +17.1K (+0.5%) 4.40% +0.982 pp 0.16% -0.001 pp USD9.99 +0.5% 2 qtrs
8 WESTCHESTER CAPITAL MANAGEMENT, LLC 349.2K -69.1K (-16.5%) 3.51M -672.8K (-16.1%) 4.36% +0.302 pp 0.15% -0.044 pp USD9.72 +3.3% 4 qtrs
9 BERKLEY W R CORP 316.0K +— (+0.0%) 3.17M +15.4K (+0.5%) 3.95% +0.881 pp 0.15% -0.033 pp USD9.99 +0.5% 2 qtrs
10 TWO SIGMA INVESTMENTS, LP 290.0K +— (+0.0%) 2.91M +14.1K (+0.5%) 3.63% +0.808 pp 0.00% 0.000 pp USD9.88 +1.6% 3 qtrs
11 SCHONFELD STRATEGIC ADVISORS LLC 254.1K +41.7K (+19.6%) 2.55M +428.8K (+20.2%) 3.18% +1.113 pp 0.01% -0.001 pp USD9.78 +2.7% 4 qtrs
12 D. E. SHAW & CO., INC. 250.0K +— (+0.0%) 2.51M +12.5K (+0.5%) 3.13% +0.697 pp 0.00% +0.000 pp USD9.65 +4.0% 4 qtrs
13 PERISCOPE CAPITAL INC. 231.0K -52.1K (-18.4%) 2.32M -509.3K (-18.0%) 2.89% +0.138 pp 0.27% -0.185 pp USD9.71 +3.4% 4 qtrs
14 TORONTO DOMINION BANK 190.1K +25.9K (+15.8%) 1.91M +267.8K (+16.3%) 2.38% +0.781 pp 0.00% +0.000 pp USD9.70 +3.5% 4 qtrs
15 QUARRY LP 177.6K +— (+0.0%) 1.78M +8.6K (+0.5%) 2.22% +0.495 pp 0.28% -0.110 pp USD9.94 +1.0% 3 qtrs
16 GLAZER CAPITAL, LLC 125.1K -250.0 (-0.2%) 1.26M +3.0K (+0.2%) 1.56% +0.346 pp 0.03% -0.009 pp USD9.88 +1.6% 3 qtrs
17 ARISTEIA CAPITAL LLC 120.0K +— (+0.0%) 1.20M +5.8K (+0.5%) 1.50% +0.335 pp 0.03% -0.002 pp USD9.88 +1.6% 3 qtrs
18 DLD ASSET MANAGEMENT, LP 110.7K +10.7K (+10.7%) 1.11M +112.5K (+11.3%) 1.38% +0.413 pp 0.08% +0.030 pp USD9.90 +1.4% 3 qtrs
19 CENTIVA CAPITAL, LP 90.1K +— (+0.0%) 904.7K +4.5K (+0.5%) 1.13% +0.251 pp 0.01% -0.001 pp USD9.88 +1.6% 3 qtrs
20 SKYVIEW INVESTMENT ADVISORS, LLC 79.9K +— (+0.0%) 802.0K +4.0K (+0.5%) 1.00% +0.223 pp 0.10% +0.000 pp USD9.88 +1.6% 3 qtrs
21 CROSSINGBRIDGE ADVISORS, LLC 60.9K +36.4K (+148.8%) 609.7K +365.2K (+149.3%) 0.76% +0.524 pp 0.17% +0.046 pp USD9.98 +0.6% 3 qtrs
22 WOLVERINE ASSET MANAGEMENT LLC 53.5K -6.0K (-10.0%) 537.2K -57.0K (-9.6%) 0.67% +0.091 pp 0.00% 0.000 pp USD9.94 +1.0% 3 qtrs
23 CLEAR STREET GROUP INC. 50.0K -504.4K (-91.0%) 502.0K -5.0M (-90.9%) 0.63% -4.760 pp 0.00% -0.017 pp USD9.99 +0.5% 2 qtrs
24 RIVERPARK ADVISORS, LLC 34.7K +34.7K (+100.0%) 347.9K +347.9K (+100.0%) 0.43% +0.433 pp 0.10% +0.100 pp USD10.04 +0.0% 1 qtrs NEW
25 FLOW TRADERS U.S. LLC 30.8K +30.8K (+100.0%) 309.0K +309.0K (+100.0%) 0.39% +0.385 pp 0.01% +0.010 pp USD10.04 +0.0% 3 qtrs
26 VIRTU FINANCIAL LLC 21.3K -31.3K (-59.6%) 214.0K -312.0K (-59.3%) 0.27% -0.245 pp 0.01% -0.021 pp USD9.65 +4.0% 4 qtrs
27 WARBERG ASSET MANAGEMENT LLC 15.0K +— (+0.0%) 150.6K +729.0 (+0.5%) 0.19% +0.042 pp 0.02% -0.006 pp USD9.65 +4.0% 4 qtrs
28 MORGAN STANLEY 799.00 +753.0 (+1,637.0%) 8.0K +7.6K (+1,643.9%) 0.01% +0.010 pp 0.00% +0.000 pp USD10.03 +0.1% 4 qtrs
29 ROYAL BANK OF CANADA 388.00 +388.0 (+100.0%) 4.0K +4.0K (+100.0%) 0.00% +0.005 pp 0.00% +0.000 pp USD10.04 +0.0% 1 qtrs NEW
30 GLOBAL WEALTH STRATEGIES & ASSOCIATES 31.00 +31.0 (+100.0%) 311.00 +311.0 (+100.0%) 0.00% +0.000 pp 0.00% +0.000 pp USD10.03 +0.1% 1 qtrs NEW
31 FORTITUDE FAMILY OFFICE, LLC 18.00 +18.0 (+100.0%) 181.00 +181.0 (+100.0%) 0.00% +0.000 pp 0.00% +0.000 pp USD10.00 +0.4% 1 qtrs NEW
32 ADVISOR GROUP HOLDINGS, INC. -1.8K (-100.0%) -18.0K (-100.0%) 0.00% -0.018 pp 0.00% +0.000 pp USD 2 qtrs SOLD
33 RANGELEY CAPITAL, LLC -13.5K (-100.0%) -135.2K (-100.0%) 0.00% -0.131 pp 0.00% -0.117 pp USD 2 qtrs SOLD
34 GOVERNORS LANE LP -16.1K (-100.0%) -161.3K (-100.0%) 0.00% -0.157 pp 0.00% -0.012 pp USD 3 qtrs SOLD
35 UBS GROUP AG -176.0 (-100.0%) -1.8K (-100.0%) 0.00% -0.002 pp 0.00% +0.000 pp USD 4 qtrs SOLD
36 POLAR ASSET MANAGEMENT PARTNERS INC. -67.8K (-100.0%) -677.6K (-100.0%) 0.00% -0.659 pp 0.00% -0.008 pp USD 3 qtrs SOLD
Ownership breakdown by holder

ETF Ownership

Top ETFs holding this stock

This company is not held by any ETF in our universe.

Insider Activity

Insider Activity — Latest Quarter
Ratio by transactions
0.08
Bearish
Ratio by volume
0.01
Bearish
Buys
1
Sells
12
Shares acquired
176.00
Shares disposed
12.3K
Cash buys
Cash sales
Net activity
-12,074
Insider buys vs sells (history) From To
Recent insider transactions From To
Date Person Role Transaction A/D Security Shares Price Value Owned after D/I Filing
2023-09-24 Travis Harry Joseph Director D Warrants (right to buy) 750 11.50 8.6K 0
2023-09-24 Pasqual John Director I Warrants (right to buy) 1,875 11.50 21.6K 0
2023-09-24 McDermott Robert P Director / Officer / 10% Owner D Warrants (right to buy) 3,750 11.50 43.1K 0
2023-09-24 Gitto Joseph Director D Warrants (right to buy) 750 11.50 8.6K 0
2023-09-14 Shah Archit Officer A-Award A Common Stock 176 5.64 992.64 33,830
2023-09-14 McDermott Robert P Director / Officer / 10% Owner P-Purchase A Series A Preferred Stock 4,673 0.00 4,673
2023-09-14 Fidanza David A. Officer P-Purchase A Series A Preferred Stock 19,000 0.00 19,000
2023-08-25 Travis Harry Joseph Director D Common Stock 0 0.00 15,081
2023-08-25 Shah Archit Officer D Common Stock 0 0.00 33,654
2023-08-25 Pasqual John Director I Common Stock 0 0.00 56,904
2023-08-25 McDermott Robert P Director / Officer / 10% Owner D Series A Preferred Stock 5,000 0.00 0
2023-08-25 Gitto Joseph Director D Common Stock 0 0.00 3,281
2023-08-25 Fidanza David A. Officer D Common Stock 0 0.00 79,035
2023-08-25 Chakravarthi Muralidar Officer D Common Stock 0 0.00 64,693
2023-02-18 Penway Mark Officer 0 0.00 0
2022-03-01 SWETS LARRY G JR Director P-Purchase A Common Stock 55,000 10.00 550.0K 55,000
2022-03-01 Cerminara Kyle Director P-Purchase A Common Stock 55,000 10.00 550.0K 55,000
2022-03-01 BAQAR HASSAN Director / 10% Owner P-Purchase A Common Stock 55,000 10.00 550.0K 55,000
2022-02-25 Turner Ryan Director D Common stock 0 0.00 7,500
2022-02-25 Torres Emily Officer 0 0.00 0
2022-02-25 Sutton Jeff L Director D Common stock 0 0.00 7,500
2022-02-25 Schrader Marvin Wesley Director / Officer D Common stock 0 0.00 10,000
2022-02-25 SWETS LARRY G JR Director / 10% Owner D Common stock 0 0.00 10,000
2022-02-25 FG Merger Investors LLC 10% Owner D Common stock 0 0.00 1,952,500
2022-02-25 Cerminara Kyle 10% Owner I Common stock 0 0.00 1,952,500
2022-02-25 BAQAR HASSAN Director / 10% Owner I Common stock 0 0.00 1,952,500

Executive team

Top executives
Shares Outstanding
10.30M

Executive compensation

Executive compensation (annual)

Executive compensation not available.

CEO compensation breakdown

No CEO compensation history available.

Proxy statements

Proxy statements (DEF 14A)
Filing date Form type Filing
2026-05-14 DEFA14A

Recent SEC filings

Recent SEC filings
Filing date Form type Filing
2026-05-15 SC 13G/A
2026-05-14 DEFA14A
2026-05-14 425
2026-05-14 10-Q
2026-05-13 DEFM14A
2026-05-13 8-K
2026-05-13 425
2026-05-13 425
2026-05-13 425
2026-05-13 424B3

Executive team

NameTitleCompensationGender
Hassan Raza Baqar Chief Financial Officer male
Larry Gene Swets Jr. Chief Executive Officer male
ESG Rating
B
SHELL COMPANIES
Rank: 372 out of 740
2026
E (Environmental)
49.3 / 63.7
Company / Sector avg.
S (Social)
80.6 / 62.9
Company / Sector avg.
G (Governance)
72.6 / 62.8
Company / Sector avg.
ESG Total
67.5 / 63.2
Company / Sector avg.
ESG Score History SHELL COMPANIES
Benchmark vs Sector
Senate Trading Activity

No Senate trading activity found for this company.

House Trading Activity

No House trading activity found for this company.

Market share among peers
Peer comparison — filtered group (TTM)
Your opinion

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Dividend history

Earnings history

Earnings reports

Stock splits