ThinkMarkets to go public through $160 million SPAC deal

abdelaziz Fathi

Melbourne-based broker, ThinkMarkets said it will go public through a merger with Canadian blank-check firm FG Acquisition Corp.

The merger will value ThinkMarkets, which generated $62 million in revenue in 2022, at $160 million on a pre-money basis.

Once the transaction closes sometime in the second half of 2023, the combined company will operate as ThinkMarkets Group Holdings Limited and is expected to be listed on the Toronto Stock Exchange.

“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,” said Larry G. Swets, Jr., Chief Executive Officer of FGAC. “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.”

ThinkMarkets Co-Founder and CEO Nauman Anees added: “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.”

Upon completion of the merger, the existing management team of ThinkMarkets will continue in their respective roles within the new corporation. Nauman Anees, co-founder of ThinkMarkets will be named chief executive officer, and Faizan Anees, also a co-founder, will take over as president. The board of directors of the merged entity will be composed of Nauman Anees, Faizan Anees, Larry G. Swets, Jr., Julian Babarczy, Andrew B. McIntyre, Peter Huitsing, and Symon Brewis-Weston.

In addition, ThinkMarkets has unveiled plans for a private placement, aiming to raise up to $20 million through the issuance of convertible debentures. The purpose of this private placement is to provide funding for the new company’s growth strategy, working capital, and general corporate needs. These funds will complement any remaining funds available from FGAC’s escrowed funds, which currently amount to approximately $117 million.

ThinkMarkets (formerly ThinkForex)‎ is a multi-licensed online forex brokerage firm, authorized and regulated by the UK Financial Conduct Authority (FCA) and the Australian ‎Securities and Investments Commission (ASIC). The firm expanded its global footprint through its licensed South African firm. It also acquired the Japanese FX firm, Japan Affiliate, in a move that allows ThinkMarkets to offer its service in the Asian country.

ThinkMarkets made headlines earlier last year when it raised $30 million in fresh capital, provided by Mars Growth, a Liquidity Group and MUFG joint venture fund. Its UK business also launched a new prime brokerage unit under the brand Liquidity.net.

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