ThinkMarkets to Go Public via SPAC Merger in Canada

The multi-asset online brokerage ThinkMarkets has entered a "proposed business combination transaction" with Canada-based special purpose acquisition company (SPAC) FG Acquisition Corp, for the purpose of going public on the Toronto Stock Exchange.

This follows iS Prime, a leading provider of multi-asset execution and prime brokerage services, and ThinkMarket reaching a last-minute settlement, bringing a longstanding lawsuit to a close.

Reportedly, the merger deal is expected to complete in July 2023, and will give ThinkMarkets a pre-merger valuation of USD $160 million. 

Following the transaction, the combined company will be known as ThinkMarkets Group Holdings Limited, led by ThinkMarkets’ Co-Founders Nauman Anees, who will take on the role of Chief Executive Officer of the new firm, alongside Faizan Anees, who will be President.

ThinkMarkets Co-Founder and CEO Nauman Anees stated: "We are excited to start our journey as a public company with the support of FGAC and look forward to a new chapter of growth in the business."

Larry G. Swets, Jr., Chief Executive Officer of FG Acquisition Corp said: "We are excited to present this qualifying acquisition to our shareholders and believe that ThinkMarkets provides a compelling investment opportunity in a multi-asset online brokerage with a global presence. We are confident that the ThinkMarkets team is positioned to take leadership in this segment and has demonstrated a clear path for growth. We look forward to supporting Nauman and the ThinkMarkets team as they begin their journey as a public company."

In addition, the transaction will offer up to around $125 million in net cash proceeds to ThinkMarkets.

Last month, Fazzaco reported that ThinkMarkets has set up a new branch in New Zealand​, continuing expanding its footprints in the Asia Pacific (APAC) region.