FG Merger said it will adjourn a meeting of shareholders scheduled for Aug. 11 until Aug. 18 at 10 a.m. Eastern, when a vote is expected on whether to combine with iCoreConnect, a healthcare-focused SaaS company. As a result, the redemption deadline has been extended to Aug. 16.
Announced in January, the transaction was expected to deliver up to $82.5 million of gross proceeds to the combined company from the FGMC trust account, although redemptions have left the SPAC with about $82.5 million in trust.
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.
