Canada-listed FG Acquisition and Melbourne-based broker ThinkMarkets have jointly decided to call off their merger plan five and a half months after the SPAC’s shareholders approved the deal.
Following the mutual decision, FG said it is actively exploring other potential opportunities to complete potential acquisitions. According to the timeline set by the its shareholders during a special meeting held in June, the company has until July 5, 2024 to finalize such a transaction, reports FinanceFeeds.
At deal announcement in May, brokerage firm ThinkMarkets was valued at $160 million based on a pre-money valuation, with an estimated pro forma enterprise value of around $190 million.
ThinkMarkets, headquartered in Australia and operated by Think Financial Group Holdings Limited, was aiming to go public on the Toronto Stock Exchange. Read more.
