FG Merger in an 8-K said it entered into prepaid forward purchase agreement with RiverNorth SPAC Arbitrage Fund, which agreed to purchase 1.5 million shares of the SPAC’s stock.
Each share converts automatically into a share of preferred stock at such time as FG Merger completes its business combination with iCoreConnect, a healthcare-focused SaaS company.
A shareholder vote on the deal scheduled for last week has been adjourned to Aug. 18 at 10 a.m. Eastern.
There is no minimum cash condition to close the deal. However, if the closing cash is less than $20 million then the sponsor has agreed to forfeit any and all dividends accrued on shares of preferred stock owned by the sponsor. Read more.
