ThinkMarkets and FG confirm IPO via SPAC merger terminated
Following our FNG Exclusive report from yesterday that Retail FX and CFDs broker ThinkMarkets and special purpose acquisition company (SPAC) FG Acquisition Corp had decided to cancel their planned merger that would have seen a ThinkMarkets IPO on the Toronto Stock Exchange, FG has now put out a press release confirming the story (full text follows below).
The parties also confirmed our report that the decision was a mutual one decided upon between ThinkMarkets and FG.
The formal cancellation of the ThinkMarkets-FG deal marks the third consecutive failed attempt of a Retail FX and CFDs broker to go public over the past 18 months – all three via (attempted) SPAC merger. Israel based, social-trading focused broker eToro tried to merge with a NASDAQ listed SPAC at a $10 billion valuation, but after more than a year following initial announcement the eToro IPO attempt ended in the summer of 2022. And exactly a year ago Copenhagen based Saxo Bank terminated its $2 billion IPO attempt via a merger with Euronext Amsterdam listed Disruptive Capital Acquisition Co.
Kyle Cerminara, Chair of FG’s board, and Larry Swets, Chief Executive Officer of FG, were quoted as saying:
“We wish ThinkMarkets well in their future endeavors. With our robust merchant banking activities in both Canada and the United States, we look forward to pursuing a new target for the Corporation in the days and weeks ahead.”
Nauman Anees, CEO and Co-Founder of ThinkMarkets stated:
“We would like to thank the team at FG for the opportunity provided. We are looking forward to 2024 and expanding on our long term growth strategy and objectives.”
The full text of the FG Acquisition Corp (TSE:FGAA.U) press release follows below.
FG ACQUISITION CORP. ANNOUNCES TERMINATION OF BUSINESS COMBINATION AGREEMENT WITH THINK FINANCIAL GROUP HOLDINGS LIMITED
TORONTO, Dec. 7, 2023 /CNW/ – FG ACQUISITION CORP. (TSX: FGAA.U) (TSX: FGAA.WT.U) (the “Corporation”) and Think Financial Group Holdings Limited (“ThinkMarkets”) announce today that they have mutually agreed to terminate the previously announced business combination agreement dated May 12, 2023, which was entered into in connection with the Corporation’s proposed business combination transaction with ThinkMarkets.
The Corporation continues to evaluate other opportunities to consummate a qualifying acquisition prior to July 5, 2024, the date by which the Corporation has to consummate a qualifying acquisition, as approved by the Corporation’s shareholders at the special meeting of shareholders held on June 29, 2023.
“We wish ThinkMarkets well in their future endeavors. With our robust merchant banking activities in both Canada and the United States, we look forward to pursuing a new target for the Corporation in the days and weeks ahead,” stated Kyle Cerminara, Chair of the Corporation’s board, and Larry Swets, Chief Executive Officer.
“We would like to thank the team at FG for the opportunity provided. We are looking forward to 2024 and expanding on our long term growth strategy and objectives,” stated Nauman Anees, CEO and Co-Founder of ThinkMarkets.
About FG Acquisition Corp.
FG Acquisition Corp. is a special purpose acquisition company incorporated under the laws of the Province of British Columbia for the purpose of effecting an acquisition of one or more businesses or assets, by way of a merger, amalgamation, arrangement, share exchange, asset acquisition, share purchase, reorganization, or any other similar business combination involving the Corporation that will qualify as its “qualifying acquisition”. For more information regarding the Corporation, see the Corporation’s most recent annual information form, financial statements, management’s discussion & analysis and other continuous disclosure documents periodically filed on SEDAR+.