FG Merger Corp. (NASDAQ:FGMC) announced in an 8-K that its shareholders approved its combination with healthcare workflow platform iCoreConnect at a shareholder meeting held on August 18.
There were 8,591,337 shares of FGMC’s common stock present at last week’s special meeting, representing 84.58% of the total outstanding shares, constituting a quorum.
In connection with the vote, 6,292,008 shares were redeemed, leaving FG Merger Corp. with $18.72 million in its trust and a relatively modest 78.16% of its shares redeemed in total.
While the transaction did not include a minimum cash condition, if the closing cash is less than $20 million, then the sponsor will forfeit any and all dividends accrued on any shares of preferred stock.
The SPAC originally planned to hold the completion vote on August 11, but decided to adjourn it to a later date. It was able to use that time to secure a prepaid forward purchase agreement (FPA) with RiverNorth SPAC Arbitrage Fund. As a part of the agreement, RiverNorth will purchase the lesser of 1.5 million shares of FGMC common stock and such number of shares following the business combination, not exceeding 9.9% of the total number of shares outstanding from shareholders for no greater than the redemption price.
The parties did not provide a timeline for the closing of the deal, but the combined company is expected to trade under the symbol “ICCT” once completed.
FG Merger Corp. originally announced its $98 million deal with iCoreConnect in January 2023. Ocoee, Florida-based iCore Connect is a cloud-based software and technology company focused on increasing workflow productivity and customer profitability through its enterprise and healthcare workflow platform of applications and services.
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