Tastemaker Acquisition Corp. (NASDAQ:TMKR) announced this afternoon that it has terminated its combination with jewelry distributor Quality Gold.
The parties noted that they decided to nix the deal due to market conditions that would be challenging to navigate.
On June 15, Tastemaker received a notice from The Nasdaq stating that for the last 30 consecutive business days, the company hasn’t been able to meet the minimum market value of its listed securities requirement of $35 million.
As a result, the SPAC will have 180 calendar days, or until December 12, to regain compliance. In order to do so, the market value for TMKR must be at least $35 million for a minimum of 10 consecutive business days at any time during this 180-day period or else it will be subject to a delisting. Tastemaker stated that it is actively monitoring this and is considering options available to it to regain compliance.
The parties inked the $989 million deal in October 2022. Tastemaker originally brought about $279 million into the deal through its trust, but saw 89.40% redeemed during a December meeting, leaving it with $29.8 million post-vote. The SPAC did not supplement the deal with additional committed capital and it did not include a minimum cash condition. The Fairfield, Ohio-based company sells about 165,000 jewelry SKUs through 15,000 retailers and its native ecommerce site with vertically integrated production, wholesaling and sales operations.
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