FG ACQUISITION CORP. ANNOUNCES EXTENSION OF PERMITTED TIMELINE FOR COMPLETION OF ITS QUALIFYING ACQUISITION

TORONTO, July 5, 2023 /CNW/ - FG ACQUISITION CORP. (TSX: FGAA.U) (TSX: FGAA.WT.U) (the "Corporation") announced today that, following receipt of approval by the holders of its class A restricted voting shares, the board of directors has approved that, effective as of the date hereof, the date by which the Corporation has to consummate its qualifying acquisition will be extended from July 5, 2023 to July 5, 2024 (the "Extension").

In connection with the Extension, the Corporation will redeem 11,398,742 class A restricted voting shares that have been deposited for redemption in connection therewith, at a redemption price of approximately US$10.2072499147 per share.

About FG Acquisition Corp.

FG Acquisition Corp. is a special purpose acquisition company incorporated under the laws of the Province of British Columbia for the purpose of effecting an acquisition of one or more businesses or assets, by way of a merger, amalgamation, arrangement, share exchange, asset acquisition, share purchase, reorganization, or any other similar business combination involving the Corporation that will qualify as its "qualifying acquisition". For more information regarding the Corporation, see the Corporation's most recent annual information form, financial statements, management's discussion & analysis and other continuous disclosure documents periodically filed on SEDAR.

Forward–Looking Statements

This press release may contain forward–looking information within the meaning of applicable securities legislation, which reflects the Corporation's current expectations regarding future events. Forward–looking information is based on a number of assumptions and is subject to a number of risks and uncertainties, many of which are beyond the Corporation's control, that could cause actual results and events to differ materially from those that are disclosed in or implied by such forward–looking information. The Corporation does not undertake any obligation to update such forward–looking information, whether as a result of new information, future events or otherwise, except as expressly required by applicable law.

SOURCE FG Acquisition Corp.

PLEASE CONTACT: FG Acquisition Corp. , Hassan R. Baqar, Director and Chief Financial Officer, [phone], [email protected]