Forum Merger II Shareholders Approve Tattooed Chef Combination
by Kristi Marvin on 2020-10-15 at 1:49pm

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.

 

Recent Posts
by Nicholas Alan Clayton on 2024-03-28 at 1:35pm

News and Rumors PR: Bannix (NASDAQ:BNIX) has provided more information on the combination with VisionWave that it announced yesterday, specifying that the imaging technology that VisionWave will acquire from GBT Technologies will primarily seek out applications in military combat scenarios and geological surveys. PR: Grove Collaborative (NYSE:GROV), which combined with Virgin Group II in June...

by Nicholas Alan Clayton on 2024-03-28 at 7:47am

At the SPAC of Dawn Fed Chair Jerome Powell has given new hints that the administration would be showing greater levels of comfort with inflation if a cut could help improve unemployment numbers. Those numbers could get an update today at 8:30 am ET to bring new jobless claims as well as final prices for...

by Nicholas Alan Clayton on 2024-03-27 at 1:31pm

News and Rumors CNBC: Former WeWork (OTC Pink:WEWKQ) founder Adam Neumann has offered to buy back control of the company for $500 million but has yet to secure the necessary financing. WeWork went public with BowX in October 2021. PR: Satellite telecom firm Spire Global (NYSE:SPIR) has signed an agreement to build and launch two...

by Nicholas Alan Clayton on 2024-03-27 at 11:38am

Bannix (NASDAQ:BNIX) has entered into a definitive agreement to combine with VisionWave Technologies for $30 million. The combined company is expected to trade on the Nasdaq once the deal is completed with an initial outside date of September 14. Transaction Overview Bannix has about $17 million in its trust after seeing 77.4% of its shares...

by Nicholas Alan Clayton on 2024-03-27 at 7:33am

At the SPAC of Dawn Much of the attention yesterday was on tracking the swings of the newly-completed Trump Media (NASDAQ:DJT) deal with the FT going as far to suggest it may “make SPACs great again.” Not all of the day’s data points were on the positive side of the ledger, however. IB Acquisition Corp....

logo

Copyright © 2023 SPACInsider, Inc. All Rights Reserved