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.
Below is a daily summary of links to the latest SPAC news and rumors gathered across the web. Shell company Vertex Tech to buy streaming platform in landmark deal for Singapore Singapore’s Vertex Technology Acquisition Corp (VTAC) (VERT.SI) will buy live streaming platform 17LIVE Inc for up to S$925.1 million ($676 million), the special purpose...
Graf Acquisition Corp. IV (NYSE:GFOR) has closed its combination with NKGen Biotech and its shares and warrants will begin trading on the Nasdaq under the symbols “NKGN” and “NKGNW” today. The SPAC secured shareholder approval for the deal last week with 84.3% redemptions. Graf IV CEO James Graf is set to join the combined company...
An In-Depth Look at SPAC Activity Throughout the Third Quarter of 2023 Below is a summary of the year-to-date SPAC performance. We’re now three-quarters of the way through 2023 and while activity remains muted, there is a sense that SPACs have run the most difficult part of the “correction” gauntlet and have reached a better...
Terms Tracker for the Week Ending September 29, 2023 Welcome to our weekly column where we discuss the findings from our IPO terms tracker based on the previous week’s pricings. As September comes to a close, SPACs did not price any IPOs during the month with the most recent IPO (99 Acquisition Group) having priced...
Athena Consumer Acquisition Corp. (NYSE:ACAQ) announced this afternoon that its stockholders approved its combination with German EV-maker e.GO at a special meeting held earlier today. Additionally, Athena Consumer’s warrant proposal to convert all outstanding warrants to 0.175 shares in the combined company was also approved. A total of 884,880 shares of Athena Class A Common...