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.
Republic Digital Acquisition Corp. (NASDAQ:RDAGU) announced the pricing of its upsized $264 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “RDAGU”, Thursday, May 1, 2025. The new SPAC aims to combine with a target company in the fintech, software or cryptocurrency industries with substantial free cash flow....
Copley Acquisition Corp. (NYSE:COPL.U) announced the pricing of its $150 million IPO and its units are expected to begin trading on the NYSE under the symbol “COPL.U”, Thursday, May 1, 2025. The new SPAC aims to combine with a company in the technology or lifestyle sectors that have the ability to scale and enhance growth....
Wintergreen Acquisition Corp. (NASDAQ:WTGU) has filed for a $50 million SPAC with a focus on technology and media firms in Asia and China specifically at a particularly interesting time. The new SPAC acknowledges in the second paragraph of its S-1 that this focus “may subject us to significantly elevated regulatory, liquidity, and enforcement risk”, which...
May is to extend a theme for the spring of 2025 with very few de-SPACs and sponsors coming free of their lock-up agreements. This is due in some cases to stellar performance but more broadly due to the slowdown in deal closings about 12 and six months ago. One way or the other, four sponsors...
At the SPAC of Dawn Now that earnings season is in full swing, more de-SPACs are set to provide updates on how both trade and market volatility are impacting their margins. On the positive side, USA Rare Earth (NASDAQ:USAR) has continued to reap the benefits from its position as one of few US-based producers of...