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.
Crown PropTech (OTC:CPTKW) has entered into a definitive agreement to combine with rare earth mining firm Mkango Resources (TSX-V:MKA) at a pre-money equity value of $400 million. London-based Mkango is working to commercialize a chain of rare earth mining and refining facilities in Africa and Europe. The combined company is expected to trade on the...
At the SPAC of Dawn One of the biggest sources of uncertainty in the SPAC market in recent years has been regulatory changes, but new shifts could be in its favor. SEC Chairman Paul Atkins told CNBC yesterday that the commission would review the rules for SPACs after “rather controversial” changes to the rules passed...
McKinley Acquisition Corporation (NASDAQ:MKLYU) has filed for a $150 million SPAC to hunt for an innovative target company with an experienced financial team that has dabbled in SPACs before. The new SPAC is offering investors one right to a 1/10 share in each unit with no overfunding of the trust, but it could provide a...
At the SPAC of Dawn The rain of SPACs has continued with four expected to make their debuts during today’s trading sessions after pricing their IPOs overnight. The largest of these, EQV Ventures II (NASDAQ:EVACU), even managed an upsize, making it the largest SPAC IPO since Ares II (NYSE:AACT) pulled together $450 million in 2023....
EQV Ventures II (NASDAQ:EVACU) announced the pricing of its upsized $420 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “EVACU”, Wednesday, July 2, 2025. The new SPAC plans to merge with an energy target involved in upstream exploration or production. EQV II’s management team is led by...