Following us Exclusive FNG yesterday’s report that retail FX and CFDs broker ThinkMarkets and special purpose acquisition company (SPAC) FG Acquisition Corp have decided to cancel their planned merger that would have resulted in ThinkMarkets’ IPO on the Toronto Stock Exchange, FG has now issued a press release confirming the story (full text follows below).
The parties also confirmed our report that the decision was a mutual decision between ThinkMarkets and FG.
The formal cancellation of the ThinkMarkets-FG deal marks the third consecutive failed attempt by a retail FX and CFD broker to go public in the past 18 months – all three via (attempted) SPAC merger. Israel-based social trading-focused broker eToro tried to merge with a $10 billion NASDAQ-listed SPAC, but more than a year after the initial announcement, eToro’s IPO attempt ended in the summer of 2022. And exactly one year ago Copenhagen-based Saxo Bank ended its bid for a $2 billion IPO via a merger with Euronext Amsterdam-listed Disruptive Capital Acquisition Co.
Kyle Cerminara, FG’s Chairman of the Board, and Larry Swets, FG’s CEO, were quoted as saying:
“We wish ThinkMarkets well in their future endeavours. With our strong commercial banking operations in both Canada and the United States, we look forward to pursuing a new goal for the Company in the coming days and weeks.”
Nauman Anees, CEO and Co-Founder of ThinkMarkets said:
“We would like to thank the team at FG for the opportunity given to us. We are looking forward to 2024 and expanding our long-term growth strategy and goals.”
The full text of FG Acquisition Corp’s (TSE:FGAA.U) press release follows below.
FG ACQUISITION CORP. ANNOUNCES TERMINATION OF BUSINESS COMBINATION AGREEMENT WITH THINK FINANCIAL GROUP HOLDINGS LIMITED
TORONTO, Dec. 7, 2023 /CNW/ – FG ACQUISITION CORP. (TSX: FGAA.U) (TSX: FGAA.WT.U) (the “Corporation”) and Think Financial Group Holdings Limited (“ThinkMarkets”) announce today that they have mutually agreed to terminate the previously announced business combination agreement dated May 12, 2023, entered into in connection with the Company’s proposed business combination transaction with ThinkMarkets.
The Company continues to evaluate other opportunities to complete a qualifying acquisition prior to July 5, 2024, the date on which the Company must complete a qualifying acquisition as approved by the Company’s shareholders at the special meeting of shareholders held on June 29 2023.
“We wish ThinkMarkets well in their future endeavours. With our strong merchant banking operations in both Canada and the United States, we look forward to pursuing a new goal for the Corporation in the days and weeks ahead,” said Kyle Cerminara, Chairman of the Corporation’s Board of Directors and Larry Swets, Chief Executive Officer . .
“We would like to thank the team at FG for the opportunity given to us. We are looking forward to 2024 and expanding our long-term growth strategy and goals,” said Nauman Anees, CEO and Co-Founder of ThinkMarkets.
About FG Acquisition Corp.
FG Acquisition Corp. is a special purpose acquisition company incorporated under the laws of the Province of British Columbia for the purpose of acquiring one or more businesses or assets, by way of merger, amalgamation, arrangement, share exchange, asset acquisition, share purchase, reorganization or any other similar business combination involving the Company that would qualify as an “eligible acquisition”. For more information about the Company, please see the Company’s most recent annual information form, financial statements, management’s discussion and analysis and other continuous disclosure documents periodically filed on SEDAR+.