The cancellation of the ThinkMarkets-FG deal marks the third consecutive failed attempt of a Retail FX and CFDs broker to go public.
FG Acquisition Corp.
The decision to cancel the ThinkMarkets merger with FG Acquisition Corp was apparently a mutual one.
FG Acquisition and ThinkMarkets still intend to go ahead with their merger, which will require at least $10 million to be raised.
FG is facing an already-once-extended deadline of November 30 to come up with at least $10 million in fresh capital.
FG Acquisition Corp needs to raise a minimum of $10 million in new capital to fulfil the terms of its merger agreement with ThinkMarkets.
When ThinkMarkets announced that it was going public by merging with FG, the plan was for the deal to be completed by the end of July 2023.
FG is returning about USD $116 million in cash to its shareholders after 11.399 million class A shares were deposited for redemption.
A resolution to extend the date by which the corporation has to consummate a qualifying acquisition was approved by a vote of 97.3%.
Only those FG Acquisition Corp (TSE:FGAA.U) shareholders who hold the stock as of May 26 are eligible to vote.
ThinkMarkets posted total losses of USD $20.7 million over the past two years, financing its cash outflow from increased borrowing.