FG Acquisition Corp has approved the merger with ThinkMarkets, finalizing the union of the two financial giants.

ThinkMarkets

FG Acquisition Corp, a Canadian blank-check firm, has received shareholder approval for its proposed merger with ThinkMarkets, a well-regulated online forex broker. During a special virtual meeting on June 29, 2023, all resolutions presented to shareholders were successfully approved, marking a significant milestone in the acquisition process.

The merger will value the Melbourne-based broker  at $160 million on a pre-money basis. The company, which generated $62 million in revenue in 2022, will become ThinkMarkets Group Holdings Limited after the transaction's expected completion in the second half of 2023. The newly combined company is also anticipated to be listed on the Toronto Stock Exchange.

Under the merger terms, the existing management team will continue their roles within the newly formed corporation. Nauman Anees, co-founder of ThinkMarkets, will serve as CEO, while Faizan Anees, also a co-founder, will serve as president.

In addition to the merger, the company has revealed plans for a private placement to raise $20 million through convertible debentures. The proceeds from this private placement will support the new company's growth strategy, working capital, and general corporate needs. These funds will supplement the remaining funds available from FG Acquisition Corp's escrowed funds, which currently amount to approximately $117 million.

The approved resolutions also include amending the Notice of Articles and Articles of Corporation to modify the Class B shares' conversion terms and create a class of preferred shares. Furthermore, the resolution authorizes the board of directors to adopt an omnibus incentive plan. As stated in the corporation's announcement, these resolutions received affirmative votes of 88.9% and 87.2%, respectively, of the votes represented at the meeting.