Exclusive: ThinkMarkets IPO partner FG Acquisition confirms cash reduced from $118M to just $2M
FG Acquisition and ThinkMarkets still intend to go ahead with their merger, which will require at least $10 million to be raised.
ThinkMarkets
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.
Exclusive: ThinkMarkets IPO – FG Acquisition withdraws prospectus
FG is facing an already-once-extended deadline of November 30 to come up with at least $10 million in fresh capital.
Exclusive: ThinkMarkets IPO deadline re-extended as FG fails to raise cash
FG Acquisition Corp needs to raise a minimum of $10 million in new capital to fulfil the terms of its merger agreement with ThinkMarkets.
ThinkMarkets IPO (SPAC merger) deadline extended to September 15
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.
Exclusive: ThinkMarkets IPO hits snag after SPAC shareholders demand cash back
FG is returning about USD $116 million in cash to its shareholders after 11.399 million class A shares were deposited for redemption.
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%.
Exclusive: David Hodge (ex Skilling CMO) and Drosoula Hadjisavva (ex Orbex CMO) join ThinkMarkets
David Hodge was most recently with CySEC licensed retail broker Skilling as its Chief Marketing & Growth Officer.
FG Acquisition shareholder vote on ThinkMarkets merger set for June 29
Only those FG Acquisition Corp (TSE:FGAA.U) shareholders who hold the stock as of May 26 are eligible to vote.
ThinkMarkets IPO prospectus: tens of millions in losses, 99% in Australia
ThinkMarkets posted total losses of USD $20.7 million over the past two years, financing its cash outflow from increased borrowing.
ThinkMarkets going public via SPAC merger in Canada
The deal will give ThinkMarkets a pre-merger valuation of USD $160 million.
