Financials Acquisition said it would ask shareholders to back its planned merger with its newly formed insurance venture, in a test of investor appetite for new stocks.

The SPAC unveiled plans earlier this year to combine with London Innovation underwriters and raise additional funds to deploy in the Lloyd's of London insurance market.

It plans to hold a shareholder meeting Nov. 14 to approve the tie-up and will seek up to 300 million pounds ($364.7 million) of capital to invest, Reuters reports. Read more.

Source: London SPAC to Test Shareholder Appetite for Lloyd's of London Venture