On June 29, 2023, FG Acquisition Corp, a Canadian blank-check company, achieved a major milestone in its merger journey. During a special virtual meeting, shareholders gave their resounding approval to the proposed merger with ThinkMarkets, a well-regarded online forex broker known for its robust regulatory compliance. This exciting development marks a significant step forward for both companies.

The merger is set to put a price tag of $160 million on ThinkMarkets, the Melbourne-based brokerage, on a pre-transaction valuation basis. Having raked in an impressive $62 million in revenue in 2022, the company will be transformed into ThinkMarkets Group Holdings Limited once the merger wraps up, which is anticipated in the latter half of 2023. Investors can also look forward to the newly merged entity's listing on the Toronto Stock Exchange.

As per the merger agreement, the current management team will maintain their respective roles within the newly established corporate entity. Nauman Anees, one of ThinkMarkets' co-founders, will step into the shoes of CEO, while Faizan Anees, also a co-founder, will assume the role of president.

Besides the merger, the company has unveiled its plans for a private placement aimed at raising $20 million through convertible debentures. These funds will be earmarked to fuel the growth strategy, bolster working capital, and address the general corporate requirements of the newly formed enterprise.

These financial resources will complement the existing funds secured in FG Acquisition Corp's escrow account, which currently stands at approximately $117 million.

The ratified resolutions also include amendments to the Notice of Articles and Articles of Corporation, tweaking the conversion terms of Class B shares, and introducing a new class of preferred shares.

Moreover, the resolutions green-light the board of directors to implement an omnibus incentive plan. The corporation has revealed that these resolutions garnered affirmative votes of 88.9% and 87.2%, respectively, among the votes represented at the meeting.