iCoreConnect finalizes merger with SPAC, set to trade on NASDAQ
iCoreConnect Inc. cloud-based software and technology company, announced the closure of its highly-anticipated business combination with FG Merger Corp. (Nasdaq: FGMC), a special purpose acquisition corporation (SPAC). The combined entity will continue to operate under the name iCoreConnect Inc. and is slated to begin trading on The Nasdaq Capital Market under the ticker symbol “ICCT” on August 28, 2023.
iCoreConnect’s Expanding Market Footprint
iCoreConnect specializes in cloud-based software solutions aimed at enhancing workflow productivity and profitability for enterprises, particularly in the healthcare sector. The company is known for its innovation in resolving healthcare business challenges. With a platform offering 16 SaaS enterprise solutions, iCoreConnect has forged over 100 agreements with state and regional healthcare associations nationwide.
ICCT Share Conversion and Capital Utilization
Shares of ICCT on the OTC Market will convert into shares of common stock of the new combined company. For every 29.84 pre-existing iCore shares, shareholders will receive one share of the combined entity. Robert McDermott, who will continue as the CEO of iCoreConnect, stated, “This business combination provides us with the capital to accelerate our growth rapidly and expand into new markets.” McDermott emphasized the company’s focus on solving significant pain points in the healthcare industry, thereby increasing efficiency and profitability for their customers.
Stakeholder Confidence and Company Growth
Wes Schrader and Larry Swets, CEO and Chairman of FGMC respectively, expressed their confidence in Robert McDermott and his team’s ability to execute their growth strategy effectively. They believe that the newly acquired capital will act as a catalyst to unlock the company’s growth potential. Since announcing the planned business combination in January 2023, iCoreConnect has expanded its cloud-based platform product offerings and grown its subscriber count by over 14%. The company also strengthened its Board of Directors with the inclusion of three new members.
Financial Outlook and Shareholder Benefits
iCoreConnect projects its fiscal year 2023 revenue to hit approximately $17 million, with an annualized recurring revenue (ARR) reaching around $29 million by the end of 2023. Shares of FGMC will be exchanged for convertible preferred stock in the new combined company, offering a 12% coupon and downside protection for the first 12 months.
The closing of the business combination, which was approved by FGMC’s stockholders on August 18, 2023, marks a new phase in iCoreConnect’s growth trajectory, making it a key player in the cloud-based healthcare software solutions market.