ThinkMarkets announced plans to go public on the Toronto Stock Exchange through a merger agreement with FG Acquisition Corp, a Canada-based blank check company.
Australian-based multi-asset online broker, ThinkMarkets, has reached a business merger agreement with Special Purpose Acquisition Company (SPAC) in Canada, FG Acquisition Corp, taking ThinkMarkets public on the Toronto Stock Exchange. The company obtained a pre-merger assessment from the deal amounted to $160 million with an estimated corporate value of approximately US$190 million.
Based on this recent announcement, ThinkMarkets records revenue in 2022 to have reached $62 million with a compound annual growth rate (CAGR) of 24%. The user base has also grown from 17,200 in late 2015 to 138,500 approved customers in March 2023.
As part of the merger deal, ThinkMarkets will not only go public but also become a wholly owned subsidiary of SPAC, with ThinkMarkets shareholders holding most of the issued and outstanding Common Shares. In addition, SPAC will raise $20 million through the private placement of convertible notes to support the growth strategy, working capital, and overall goals.
FGAC Chief Executive Officer Larry G. Sweatts Jr. commented, "We are pleased to introduce this qualifying acquisition to our shareholders and believe ThinkMarkets offers an attractive investment opportunity for a multi-asset online broker with a global presence. We believe the ThinkMarkets team can lead in this space and demonstrate a clear growth path. We look forward to supporting Nauman and the ThinkMarkets team in their journey as a company."