Strong Global Entertainment sells MDI to FGAC for $30M pre-money; will hold ~29.6% of Saltire

Strong Global Entertainment, Inc.

MDI (premium projection screens) valued at $30M pre-money; FGAC to issue $9M preferred shares + common shares at $10/share.
Strong Global retains ~29.6% post-closing stake in combined entity renamed Saltire Holdings.
Transaction requires FGAC shareholder approval, TSX listing of common shares and warrants, and regulatory clearances.
Concurrent private placement of up to $10M expected; sponsors hold 51.42% of Saltire post-deal.
MDI supplies screens to IMAX, AMC, Cinemark; Saltire will be a long-term capital partner for private equity investments.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Strong Global Entertainment, Inc. entered into Acquisition Agreement with FG Acquisition Corp. valued at $30 million (effective 2024-05-03).

Action: entry
Agreement: merger
Counterparty: FG Acquisition Corp.
Value: $30 million
Effective: 2024-05-03

Exact text from the filing

On May 3, 2024, Strong Global Entertainment, Inc. (the “Company”) entered into an acquisition agreement (the “Acquisition Agreement”) with FG Acquisition Corp., a special purpose acquisition company incorporated under the laws of British Columbia (“FGAC")

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Source: SEC EDGAR

accession 0001493152-24-018102

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