“Pro-American” FinTech GloriFi Plans $1.7B SPAC Deal

GloriFi, a Dallas tech company that bills itself as “pro-freedom, pro-America, pro-capitalism,” is getting ready to go public in a blank check merger worth $1.7 billion.

According to a Monday (July 25) news release, the deal will see GloriFi merge with DHC Acquisition Corp, a special purpose acquisition company (SPAC) backed by former senior military leaders.

“Consumers today overwhelmingly want to do business with companies who share their values,” said Toby Neugebauer, GloriFi’s founder and CEO.

“We believe that this is a vastly underserved market, and our combining unapologetically pro-America values with what we believe is best-in-class technology provides GloriFi with a powerful competitive advantage to lead this exciting growth category.”

Neugebauer, a businessman from Texas, has donated to Republican candidates including former Texas Governor — and one-time presidential candidate Rick Perry and Senator Ted Cruz.

The company argues it has a vast potential customer base, due to the “significant migration away from the coasts towards the U.S. heartland” which it said “has created an underserved population with $6-8 trillion in purchasing power.”

According to its website, the company plans to offer banking, credit cards, mortgages, investing and insurance. The deal is set to close in the first quarter of 2023.

Read more: SEC: Investors Can Sue Over Inaccurate SPAC Forecasts

And as we reported in March, SPAC sponsors that embellish projections about the companies they’re taking public could be seeing harsher ramifications from the U.S. Securities and Exchange Commission (SEC).

The SEC has issued new rules this year that lets investors sue over inaccurate SPAC forecasts. SEC Chair Gary Gensler has repeatedly voiced concerns about the blank check firms, with his agency investing a number of issues, including disclosure inconsistencies and how investors are informed about fees.