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Forum Merger II Corporation (Nasdaq: FMCI) announced a virtual presentation by Tattooed Chef at the Jefferies Consumer Conference on June 23, 2020, at 11:30 am ET. The Company aims to finalize its merger with Ittella International to establish Tattooed Chef, Inc., pending stockholder approval, with expectations to close in Q3 2020. Tattooed Chef specializes in innovative plant-based food products and has a significant presence in U.S. retail. The merger aims to position the combined entity for growth within the expanding plant-based market.
Ittella International announced a merger with Forum Merger II Corporation, marking the introduction of Tattooed Chef as a publicly listed company on Nasdaq. The transaction is valued at approximately $482 million, reflecting a 2.2x multiple on the estimated 2021 revenue of $222 million. Current shareholders will retain 80% equity, converting to 60% of shares post-merger. The deal is set to close in Q3 2020, pending stockholder approval, with substantial growth opportunities identified in the $55 billion U.S. frozen food market.
Forum Merger II Corporation (Nasdaq: FMCI) has announced that its stockholders have approved the extension of the business combination deadline from June 10, 2020, to September 30, 2020. Notably, there were no redemptions of public shares by stockholders in conjunction with this extension. This extension allows more time for potential mergers or acquisitions, aligning with the company's strategy to identify suitable business partners. Forum Merger II Corporation aims to execute mergers and similar transactions with businesses to enhance growth and shareholder value.
Forum Merger II Corporation (Nasdaq: FMCI) has announced a letter of intent to acquire a high-growth, plant-based food company. This Target aligns with current food trends and has gained a significant market presence through innovative products and branding. The acquisition is expected to provide a strong financial outlook, with notable revenue growth and profitability forecasts. However, the transaction is contingent upon final agreements, closing conditions, and shareholder approval, underscoring the risks involved.
