Publicly traded special purpose acquisition company (or ‘SPAC’) FG Acquisition Corp has announced that it has amended its merger agreement with Think Financial Group Holdings Limited, which operates the ThinkMarkets retail FX and CFDs brokerage brand.

The amended agreement extends the “outside date” for completion of the merger between FG and ThinkMarkets from July 28, 2023 to September 15, 2023.

When ThinkMarkets announced that it was going public (back in mid May) by merging with FG Acquisition Corp (TSE:FGAA.U), the plan was for the deal to be completed by the end of July 2023. The preliminary prospectus filed then by FG gave an “outside date” of July 28 for completion, i.e. tomorrow.

However the deal hit a major snag when (virtually all of) FG’s class A shareholders elected to get their money back from FG instead of going ahead with the deal, as was their right. That occurred after it became apparent (thanks to reporting here at FNG) that ThinkMarkets is in somewhat of a precarious state, with mounting losses totaling more than USD $20 million over the past two years, falling revenues, growing debt, and a “going concern” warning issued by ThinkMarkets’ auditors in Australia hanging over the company.

FG is now trying to salvage the merger with ThinkMarkets by raising more outside money via a PIPE (private investment in public equity), but it remains unclear if it will be able to do so.

We will continue to follow this story as it unfolds.