Openmarkets Group, a leading provider of wealth management and trading technology, has entered into a definitive business combination agreement with Lake Superior Acquisition (NASDAQ:LKSPU).
The deal, expected to close in 2026, values the Sydney-based fintech at an estimated enterprise value of $300 million, excluding earn-out shares.
The merger marks a strategic reset for Openmarkets after a prior attempt to list in the U.S. was terminated.
This new transaction is designed to anchor the firm’s "Open Finance" strategy, providing a U.S. public platform to accelerate its expansion into Southeast Asia, Hong Kong, and North America.
Upon closing, the combined entity—likely to be named OMGL Holdings—plans to trade on the Nasdaq under the ticker "OMGL."
Central to Openmarkets’ 2026 roadmap is a deep push into digital assets.
The company is developing a suite of services focused on the fractionalization of real-world assets (RWAs), including private equity, real estate, and private credit.
By utilizing blockchain technology, Openmarkets aims to offer compliant DeFi services and cryptocurrency trading alongside its established equities brokerage, which currently serves over 200,000 accounts and 150+ financial intermediaries.
Existing management, led by Jowett—who is credited with navigating the firm through a significant regulatory and operational turnaround since 2022—will continue to lead the group.
The deal remains subject to approval by the shareholders of both companies and federal regulatory bodies.