Forum Merger II Ord Shs Class A (NASDAQ: FMCI) shares are sinking like a Titanic during the pre-market session on Thursday. The main reason for this is the no-vote, or should we say no quorum for vote to extend the merger date. Vote was today to extend merger deadline to Oct 30. During FMCI merger call, it was disclosed that not enough shareholders had voted to meat the quorum needed. (96% were for approval). Another vote is now set for 9/30, which gives FMCI stockholders another week to make a decision.
So, basically, small shareholders did not bother to vote. FMCI merger with Tattoed Chef is in peril now because they didn’t get 65% of shares voted for extension although 99% of voted shares voted for it.
Forum only needs an additional 4% of its outstanding shares to vote. The Company reported that over 61% of its outstanding shares have voted. Shareholders can call in to vote “For” the extension…they have a call center set up for this purpose 1-877-787-9239, all they need is name on the count, address of account holder and number of shares.
But if you are thinking about investing into FMCI stock right now, the best thing would be to hold your horses for now, even though the price is down and dirty. Overall market for SPACs is in a bad position, all thanks to Nikola scandal.