ThinkMarkets SPAC partner FG Acquisition gets requested shareholder approvals
FG Acquisition Corp (TSE:FGAA.U), the special purpose acquisition company (or SPAC) which has agreed to merge with Retail FX and CFDs broker ThinkMarkets, has announced that all the resolutions put to shareholders at the corporation’s special meeting of shareholders held virtually on June 29, 2023, were approved. The meeting was held in connection with the corporation’s proposed qualifying acquisition with Think Financial Group Holdings Limited, the Australia based parent company operating ThinkMarkets.
The corporation announced that (a) the resolution to amend the Notice of Articles and Articles of Corporation, in one or more amendments, to:
(i) provide that the Class B shares of the corporation automatically convert into common shares, rather than proportionate voting shares, upon closing of the Qualifying Acquisition;
(ii) create a class of preferred shares, issuable in series; and
(iii) remove the Class A restricted voting shares, Class B shares and proportionate voting shares of the corporation,
and (b) the resolution to authorize the board of directors to adopt an omnibus incentive plan, were each approved by the affirmative vote of 88.9% and 87.2%, respectively, of the votes represented at the meeting.
Each of the foregoing resolutions are conditional upon closing of the merger between FG Acquisition and ThinkMarkets.
In addition, the resolution to extend the date by which the corporation has to consummate a qualifying acquisition from July 5, 2023 to July 5, 2024 was approved by the affirmative vote of 97.3% of the votes represented by the holders of the Class A restricted voting shares of the corporation at the meeting.