Finalizes Divestiture of 50% Ownership in CWA
MOORESVILLE, NC / ACCESSWIRE / August 10, 2021 / Fundamental Global®, a private partnership focused on long-term strategic holdings, announced the closing of its first SPAC transaction for FG New America Acquisition Corp (NYSE:FGNA) with OppFi Inc. (NYSE:OPFI), a leading financial technology platform that powers banks to help everyday consumers gain access to credit.
Former Chairman and CEO of TD Ameritrade and Fundamental Global® Chairman Joe Moglia said, "We continue to be very impressed by the significant growth the OppFi team has achieved. We look forward to their ongoing expansion as the company builds out its data driven digital platform to reach the millions of consumers who could benefit from expanded access to financial products."
In addition to the closing of its first SPAC transaction, Fundamental Global® announced plans to sharpen its focus on special situation holdings. Its current special situation holdings include FG Financial Group Inc. (Nasdaq:FGF)(Nasdaq:FGFPP), OppFi Inc. (NYSE:OPFI) Ballantyne Strong Inc. (NYSE American:BTN), GreenFirst Forest Products, Inc. (TSXV:GFP), BK Technologies Corp (NYSE American:BKTI) and Aldel Financial (NYSE:ADF).
"I could not be more excited about the future of our holdings, and I look forward to working with the managers of these organizations to create long-term value for stakeholders," commented Former T. Rowe Price, Point72 and Tiger Cub Portfolio Manager and Fundamental Global® CEO Kyle Cerminara. "With our proven track record, I am confident that special situations plays to our core strengths as we renew our focus as a company."
As part of this more targeted focus, Fundamental Global® announced that is has fully divested of its 50% ownership interest in CWA Asset Management Group, LLC d/b/a Capital Wealth Advisors ("CWA"). Per the divestiture, Lewis Johnson will remain with CWA.
"We are eliminating all unnecessary distractions so that we can focus on our best opportunities in special situations," added Cerminara.
Fundamental Global® is a private partnership focused on long-term strategic holdings. Fundamental Global® was co-founded by former T. Rowe Price, Point72 and Tiger Cub portfolio manager Kyle Cerminara and former Chairman and CEO of TD Ameritrade, Joe Moglia. Its current holdings include FG Financial Group Inc. (Nasdaq:FGF,FGFPP), OppFi Inc. (NYSE:OPFI) Ballantyne Strong Inc. (NYSE American:BTN), GreenFirst Forest Products, Inc. (TSXV:GFP), BK Technologies Corp (NYSE American:BKTI) and Aldel Financial (NYSE:ADF).
Kyle Cerminara, Chief Executive Officer
SOURCE: Fundamental Global
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