Forum Merger IV Corporation Announces Extension of Date to Complete a Business Combination

Rhea-AI Summary

Forum Merger IV Corporation (Nasdaq: FMIV) announced that stockholders have approved an extension for finalizing a business combination until April 22, 2023. This allows the Company to extend the deadline monthly up to seven times without needing further stockholder approval. Notably, 81.07% of the Company’s public shares were redeemed by stockholders in conjunction with this extension. Founded on January 15, 2021, the Company is a blank check entity aimed at merging or acquiring businesses across various sectors.

Positive

• Stockholder approval for extension until April 22, 2023, allows more time for business combination.
• Option for monthly extensions up to seven times provides flexibility for potential deals.

Negative

• 81.07% of public shares redeemed indicates potential liquidity concerns.
• Ongoing reliance on extensions may signal difficulty in identifying a suitable business combination.

Delray Beach, FL, March 09, 2023 (GLOBE NEWSWIRE) -- Forum Merger IV Corporation (Nasdaq: FMIV) (the “Company”) today announced that its stockholders approved an extension of the date by which it must consummate a business combination from March 22, 2023 to April 22, 2023 and to allow the Company, without another stockholder vote, to elect to extend the date by which it has to consummate a business combination on a monthly basis up to seven times by an additional one month each. In connection with the extension, 81.07% of the Company’s public shares were redeemed by stockholders.

About Forum Merger IV Corporation

Forum Merger IV Corporation is a blank check company incorporated in Delaware on January 15, 2021. The Company was formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or other similar business combination with one or more businesses. The Company is not limited to a particular industry or sector for purposes of consummating a business combination. The Company is an early stage and emerging growth company and, as such, the Company is subject to all of the risks associated with early stage and emerging growth companies.

Forward-Looking Statements

This press release may include, and oral statements made from time to time by representatives of the Company may include, “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Statements regarding possible business combinations and the financing thereof, and related matters, as well as all other statements other than statements of historical fact included in this press release are forward-looking statements. When used in this press release, words such as “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “might,” “plan,” “possible,” “potential,” “predict,” “project,” “should,” “would” and similar expressions, as they relate to the Company or the Company’s management team, identify forward-looking statements. Such forward-looking statements are based on the beliefs of management, as well as assumptions made by, and information currently available to, the Company’s management. Actual results could differ materially from those contemplated by the forward-looking statements as a result of certain factors detailed in the Company’s filings with the United States Securities and Exchange Commission (the “SEC”). All subsequent written or oral forward-looking statements attributable to the Company or persons acting on the Company’s behalf are qualified in their entirety by this paragraph. Forward-looking statements are subject to numerous conditions, many of which are beyond the control of the Company, including those set forth in the Risk Factors section of the Company’s registration statement and prospectus for the Company’s initial public offering filed with the SEC. The Company undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.

Contact
David Boris
(212) 739-7860
david@forummerger.com
www.forummerger.com

FAQ

What is the extension date for Forum Merger IV Corporation's business combination?

The extension date has been moved to April 22, 2023.

How often can Forum Merger IV extend its deadline for business combination?

The Company can extend the deadline on a monthly basis up to seven additional times.

What percentage of public shares were redeemed by Forum Merger IV stockholders?

81.07% of the Company’s public shares were redeemed.

What does Forum Merger IV Corporation do?

It is a blank check company focused on merging or acquiring businesses across various sectors.