Tastemaker Acquisition Corp. (TMKR) Terminates Quality Gold Deal
by Marlena Haddad on 2023-06-22 at 6:16pm

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.

Recent Posts
by Kristi Marvin on 2024-04-20 at 11:45am

Terms Tracker for the Week Ending April 19, 2024 Welcome to our weekly column where we discuss the findings from our IPO terms tracker based on the previous week’s pricings. Passover and school spring break starts next week, which most likely means a slowdown in SPAC filing activity. Although Churchill IX is now rumored to...

by Nicholas Alan Clayton on 2024-04-19 at 3:00pm

Despite a week of general pull-backs in the market, fintech firm Ibotta (NYSE:IBTA) nonetheless took the dive and had a good week debuting via a traditional IPO in the choppy waters. The company, which provides app-based consumer cashback discounts on purchases, priced its IPO at $88, above its proposed range of $76 to $84, and...

by Nicholas Alan Clayton on 2024-04-19 at 7:53am

At the SPAC of Dawn Happy Friday! SPACInsider has unveiled new presets on SPAC Performance accessible via the Data drop-down to easily sort for the highest and lowest performing active SPACs and de-SPACs. On the de-SPAC side, Vertiv (NYSE:VRT) continues to be well ahead of the pack, logging a 710% return by share price adjusted...

by Nicholas Alan Clayton on 2024-04-18 at 11:50am

AGBA (NASDAQ:AGBA) stock is up over +90% this morning following a +211% premarket spike on news it has signed a definitive agreement to combine with social streaming video platform Triller. AGBA, the company itself, was formed by the $555 million combination between a SPAC of the same name and TAG Companies, a financial services firm...

by Nicholas Alan Clayton on 2024-04-18 at 7:57am

At the SPAC of Dawn Since closing its combination with DHC last month, AI customer engagement firm BEN (NASDAQ:BNAI) has rolled out new partnerships with call center and healthcare clients. And, while it faces a fair bit of competition in the chatbot realm, several high-profile institutions have demonstrated that creating one that provides useful services...


Copyright © 2023 SPACInsider, Inc. All Rights Reserved