Forum Merger II Corporation (NASDAQ:FMCI) shareholders have approved the business combination with Ittella International at a special meeting this morning, per this afternoon’s press release. The newly created company, which is to be name the Tattooed Chef, will begin trading tomorrow, October 16, 2020, on Nasdaq under the ticker symbols “TTCF” and “TTCFW”, representing the common stock and warrants, respectively.
This is the final entry into a remarkable story concerning the shareholder vote. FMCI had insufficient voter turnout on their extension deadline, even though the stock price was well above $10 and the received votes were overwhelmingly supportive of the transaction. FMCI then adjourned and rescheduled their meeting to a few days later to “get out the vote”. FMCI then announced they reached the 65% voting threshold to approve the extension deadline, narrowly avoiding running out of time.
What this tells us is that retail has become a large and meaningful block of the shareholder base. Extra diligence must be given to ensure that the unique aspects of the SPAC structure (like voting) are accessible to a less centralized and experienced shareholder base.
Nonetheless, the FMCI combination with Itella to create the Tattooed Chef marks the 31st combination to close in 2020.
ADVISORS
- Harrison Co. acted as financial advisor to Ittella International.
- Rutan & Tucker, LLP served as legal counsel to Ittella International.
- Jefferies LLC served as sole M&A advisor to Forum.
- EarlyBirdCapital, Inc. served as financial advisor to Forum.
- White & Case LLP served as legal counsel to Forum.
Iron Horse Acquisitions Corp. II has filed for a $250 million SPAC with D. Boral Capital underwriting under its new name. D. Boral emerged in November from a messy dispute at the top of investment bank EF Hutton that was concluded with Joseph Rallo taking the EF Hutton trademark and departing the firm while David...
At the SPAC of Dawn This shortened trading week could be a rocky one as the market takes in the first wave of initiatives out of the new US administration and will have what are technically the first Trump 2.0 jobs numbers released on Thursday. It should be somewhat quieter for SPACs working through their...
Terms Tracker for the Week Ending January 17, 2025 Welcome to our weekly column where we discuss the findings from our IPO terms tracker based on the previous week’s pricings. We may be heading into a Polar Vortex, but SPACs managed to generate some heat this week with three more IPOs. For those keeping count,...
Giving internet users a place to chat or post pictures of their lunch has never been an especially profitable endeavor until social media platforms gain the scale to leverage user data en masse like Meta (NASDAQ:META). But, the addition of retail investor appetites to the equation has suddenly turned even smaller platforms into a tantalizing...
At the SPAC of Dawn This week comes to a close with the debut of the year’s fourth SPAC IPO as Hennessy Capital Investment Corp. VII (NASDAQ:HVIIU) priced last night. This brings the month’s total IPO proceeds to $597.5 million, which is already a drastic year-on-year improvement from January 2023, which saw just $144 million...