Business
FGMC Merger Corp. Provides a Unique Investment Opportunity in Upcoming Transaction, Bridging the Gap Between Retail and Institutional Investors
Provides all shareholders access to an investment structure typically available exclusively to institutional investors NEW YORK--(BUSINESS WIRE)-- FG Merger
About this update from Fg Merger Ii Corp.
[{"type":"text","content":"\nProvides all shareholders access to an investment structure typically available exclusively to institutional investors\n\n\n NEW YORK--(BUSINESS WIRE)--\nFG Merger Corp. (Nasdaq: FGMC) (“FGMC” or the “Company”), a special purpose acquisition company, today announced the unique features of its upcoming business combination with iCoreConnect Inc. (OTCQB: ICCT) (“iCoreConnect”), a SaaS company with an enterprise and healthcare workflow platform.\n\n\nKey features of the structure include:\n\n\n\nAt the close of the business combination with iCoreConnect, all non-redeemed shares of FGMC common stock held by investors will be automatically exchanged for convertible preferred stock of the combined company\n\n\n\nThe preferred stock will have a 12% coupon, payable in cash or paid-in-kind for the first 24 months after the close of the transaction and thereafter the coupon will be paid in cash\n\n\n\nThe initial conversion price from common stock to preferred stock will be $10.00 per share\n\n\n\nInvestors holding the convertible preferred stock have downside protection for the first 12 months, as the conversion price will be reset based on the trading price of ICCT common stock after one year\n\n\n\niCoreConnect is expected to uplist from the over the counter (“OTC”) market to the Nasdaq under the ticker “ICCT” following the close of the business combination\n\n\n\nRetail investors can invest in FG Merger Corp. by purchasing FGMC shares on the Nasdaq Global Market through any brokerage account\n\n\n\nWes Schrader, CEO of FGMC, commented, “We are thrilled to be able to offer this unique investment structure, which is usually only accessible to institutional investors through a private investment in public equity, or PIPE, deal to all investors. Our transaction, with the attractive dividend, downside protection and ability to capture the full upside of the combined company, presents a rare opportunity for retail investors to participate in contributing growth capital to a public company. The Company’s business combination with iCoreConnect is particularly exciting due to its rapidly growing software-as-a-service (SaaS) recurring revenue model, which is backed by a highly diversified base of dental and healthcare providers as well as blue chip and enterprise level clients.”\n\n\nAbout FG Merger Corp.\n\n\nFG Merger Corp. is a Nasdaq-list...