The company that hopes to take meatless packaged-foods producer Tattooed Chef public in a reverse-merger IPO, are taking off themselves being a merger vote approaches, shares of Forum Merger II ( NASDAQ:FMCI. In early trading on Monday, shares of Forum Merger II are up a strong 16.6per cent as of 12:15 p.m. EDT afternoon.
The rally began week that is last. On Thursday, Sept. 24, Forum Merger postponed the deadline for shareholder voting on Tattooed Chef to its merger. With the clock ticking down on its goal of collecting a 65% supermajority, Forum noted that although 99% of votes counted so far were in the affirmative, only 61% of all votes that are going to be cast had yet come in “aye.” Accordingly, the company decided to give stragglers some time to catch up and obtain the merger finalized, and that ignited a 13% stock rally on Friday, which is nearly as big whilst the one Forum is today that is enjoying.
Forum is now allowing shareholders to help keep on voting up via a conference that is special be held on Wednesday. Assuming that’s enough time to work through the 65% threshold, Forum will proceed with its acquisition on the new date that is prepared Oct. 30. The company that hopes to take meatless packaged-foods.
Given that this delay has the purpose that is expressed of the merger goes through (and helping Forum shareholders lock within their 120% gain), investors are interpreting this as good news, and bidding up the stock consequently.
Forum Merger II Corporation (Nasdaq: FMCI) (“Forum” or the “Company”) today announced that it has planned a meeting that is special of to approve its proposed business combination with Ittella International (“Tattooed Chef”) for Thursday, October 15, 2020 at 9:00 a.m. Eastern Time. The meeting that is special be held in digital format only. Forum additionally announced receipt of notification through the U.S. Securities and Exchange Commission (“SEC”) that the SEC has completed its report on Forum’s statement that is proxy to your proposed company combination. Forum expects to mail the definitive declaration that is proxy its stockholders of record as of the close of company today.