ThinkMarkets SPAC partner FG Acquisition gets requested shareholder approvals
A resolution to extend the date by which the corporation has to consummate a qualifying acquisition was approved by a vote of 97.3%.
ThinkMarkets is a Retail FX and CFDs broker established as ThinkForex in 2010 by brothers Nauman and Faizan Anees in New Zealand. The company relocated its headquarters to Australia upon obtaining ASIC regulation in 2012. ThinkForex rebranded as ThinkMarkets in 2016. The company has dual headquarters in Melbourne and London, where ThinkMarkets set up its FCA-licensed subsidiary TF Global Markets (UK) Limited in 2015. The firm also has a licensed subsidiary in South Africa, established in 2019. ThinkMarkets offers trading on its proprietary ThinkTrader platform, as well as MT4 and MT5.
ThinkMarkets is doing about $75 million in annual revenues. The company is currently reportedly considering an IPO.
A resolution to extend the date by which the corporation has to consummate a qualifying acquisition was approved by a vote of 97.3%.
David Hodge was most recently with CySEC licensed retail broker Skilling as its Chief Marketing & Growth Officer.
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.
The deal will give ThinkMarkets a pre-merger valuation of USD $160 million.
The lawsuit stemmed from the 2017 sale of ThinkMarkets’ B2B arm ThinkLiquidity to iS Prime parent company ISAM.
Harshad Kale had been CFO of ThinkMarkets since 2014, back when the broker was known as ThinkForex.
ThinkMarkets acquired CySEC licensed A-Conversio Capital Ltd, which has now been renamed TF Global Markets (Europe) Ltd.
Chantelle Lea joins ThinkMarkets after spending less than six months as Head of Marketing at GMI (Global Market Index).
Alexander Kolchev is based in Bulgaria where ThinkMarkets has outsourced much of its operations.