Publicly traded particular objective acquisition firm (or ‘SPAC’) FG Acquisition Corp has introduced that it has amended its merger settlement with Assume Monetary Group Holdings Restricted, which operates the ThinkMarkets retail FX and CFDs brokerage model.
The amended settlement extends the “exterior date” for completion of the merger between FG and ThinkMarkets from July 28, 2023 to September 15, 2023.
When ThinkMarkets introduced that it was going public (again in mid Could) by merging with FG Acquisition Corp (TSE:FGAA.U), the plan was for the deal to be accomplished by the tip of July 2023. The preliminary prospectus filed then by FG gave an “exterior date” of July 28 for completion, i.e. tomorrow.
Nevertheless the deal hit a serious snag when (just about all of) FG’s class A shareholders elected to get their a refund from FG as a substitute of going forward with the deal, as was their proper. That occurred after it grew to become obvious (due to reporting right here at FNG) that ThinkMarkets is in considerably of a precarious state, with mounting losses totaling greater than USD $20 million over the previous two years, falling revenues, rising debt, and a “going concern” warning issued by ThinkMarkets’ auditors in Australia hanging over the corporate.
FG is now making an attempt to salvage the merger with ThinkMarkets by elevating extra exterior cash through a PIPE (personal funding in public fairness), nevertheless it stays unclear if it is going to be in a position to take action.
We are going to proceed to comply with this story because it unfolds.