Tastemaker SPAC calls off nearly $1 bln planned merger with Quality Gold
22/06/2023 23:12
June 22 (Reuters) - Special purpose acquisition company
(SPAC) Tastemaker Acquisition Corp TMKR.O said on Thursday its
planned $989 million merger with jewelry distributor Quality
Gold had been terminated due to challenging market conditions.
Market reception for SPACs has been frosty since late 2021
after some companies that went public via the SPAC route
performed poorly on the stock market.
The U.S. Federal Reserve's rate hikes last year added to the
pressure, with multiple firms ending their planned SPAC mergers.
SPACs are publicly listed companies raised with the
intention of merging with a private company, which goes public
through the merger.
Tastemaker's deal with Quality Gold was announced in October
last year.
(Reporting by Niket Nishant in Bengaluru; Editing by Krishna
Chandra Eluri)
((Niket.Nishant@thomsonreuters.com;))
Recent news on Priveterra Acquisition II
See all newsBrief: Priveterra Acquisition Corp II Announces Receipt Of Notice From Nasdaq Regarding Late Filing Of Annual Report On Form 10-K
Brief: Priveterra Acquisition Corp II, On April 29, Got Additional Notice From Nasdaq, For Non-Compliance With Nasdaq Listing Rule
Brief: Tastemaker Acquisition Corp Gregory Golkin Resigned As President & Member Of Board
Tastemaker SPAC calls off nearly $1 bln planned merger with Quality Gold
Brief: Tastemaker Acquisition Corp Says Terminated Proposed Business Combination With Quality Gold, Inc.