FG Acquisition and ThinkMarkets agree to terminate their business combination agreement
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A recent announcement revealed that Think Financial Grou Holdings Limited, also known as ThinkMarkets, and FG Acquisition Corp. have decided to terminate their business agreement. The two have reached the decision jointly, deciding that it is best for the business combination agreement reached on May 12 of this year to end. The agreement revolved around the proposed business combination transaction.
A joint termination of the business combination agreement
The FG Acquisition Corporation remains committed to exploring alternative opportunities for qualifying acquisitions under the laws of the Province of British Columbia, and before the deadline set for July 5, 2024. The commitment is mandated by shareholders during the special meeting held earlier this year, on June 29.
The Chair of the Corporation’s board, Kyle Cerminara, alongside the Corporation’s CEO, Larry Swets, stated that they wish ThinkMarkets well in their future endeavors. In doing so, they show that there is no bad blood between the companies. However, they also added that with their robust merchant banking activities — in both the US and Canada — the Corporation is looking forward to pursuing a new target. This will be their focus in the following days and weeks, according to the statement.
Meanwhile, ThinkMarkets’ co-founder and acting CEO, Nauman Anees, stated that his company would like to thank FG’s team for the opportunity that they provided. Anees added that ThinkMarkets is now looking forward to 2024 when the company will continue to expand on its long-term growth strategy and objectives.
ThinkMarkets is also preparing for a public listing, according to recent reports. As part of the preparations, the company improved its service suite through a new collaboration with Acuity Trading. The partnership allowed it to leverage AI for market analysis, which brought quite a bit of attention to the company.
Benefits of teaming up with Acuity Trading
The partnership with Acuity allowed ThinkMarkets to integrate Acuity Trading’s Signal Center tools into its existing ecosystem. As a result, the firm was able to offer up to 40 high-quality, real-time signals to its customers on a daily basis. The signals included entry, exit, as well as stop-loss levels, among others, and are delivered every day during the market opening.
Anees also placed an emphasis on the company’s commitment to improving user experience, as well as on creating and offering valuable tools that traders can use to make informed decisions.
In the end, the company’s collaboration with Acuity Trading aligns with its strategy as it pursues a reverse merger that would enable public listing, which was anticipated in July 2023. Right now, the firm has 138,500 clients in around 165 countries around the world. Last year, it recorded $62 million in revenue, and it reported a 24% Compound Annual Growth Rate.
