In connection with the vote last week, 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. iCoreConnect expects to use these proceeds to accelerate future growth.
iCoreConnect’s common stock is expected to start trading on The Nasdaq under the ticker symbol “ICCT” on August 28. ICCT shares on the OTC Market will be converted into shares of common stock in the combined company and every 29.84 shares of iCore outstanding prior to the closing will receive one share of the combined company.
In terms of FGMC’s common stock, the shares will be exchanged for convertible preferred stock of the combined company. The convertible preferred stock has a 12% coupon and offers downside protection for the first 12 months following the close of the combination.
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.
Since the merger announcement, iCore has broadened its range of products on its cloud-centered platform and has witnessed a surge of over 14% in its subscriber base. The company has strengthened its partnerships with numerous state and medical associations and enhanced its Board of Directors by welcoming three new members.
iCore noted that it continues to expect to achieve its previously stated fiscal year 2023 revenue forecast of approximately $17 million with ARR at the end of 2023 of approximately $29 million.