We have yet another “teaser” ahead of an extension vote, folks. Forum Merger II Corp. (FMCI), announced tonight, as part of dropping their extension proxy, that they have signed a letter of intent with “a high-growth, plant-based food company with a broad portfolio of innovative products that are aligned with major food trends and sold through leading retailers and distributors across the United States.” It ain’t Beyond Meat (BYND), that’s already public, but….how about Impossible Foods? Which makes the Impossible Burger. We don’t know, but this teaser certainly sounds interesting.
The problem with teasers is, if it’s not something like Impossible Foods, investors will be disappointed. You can’t tease and not deliver. But…if it is something like Impossible Foods? Wow….
We don’t have anything else to go on just yet, but Forum Merger II Corp. intends to hold their extension vote on June 8, 2020. Most likely, once Forum is past the vote (and the trust holds) we could get a definitive announcement shortly thereafter. Perhaps earlier, but if you’re a target company, you’d probably rather wait and see how much cash is left, post-vote, before you sign anything.