Tastemaker Acquisition in an 8-K said its merger agreement with Quality Gold was terminated.
According to an 8-K filing at deal announcement, the acquisition was to be structured as a “double dummy” transaction with five sub mergers leading to Quality Gold becoming the surviving parent company. The aggregate consideration to be paid to Quality Gold equityholders was to consist of up to $35 million in cash, 83.1 million newly issued shares of the parent company and deferred company shares, including 2,070,000 shares deferred by the SPAC’s sponsor.
Tastemaker raised $276 million in a January 2021 IPO with stated plans at the time to focus on the restaurant, hospitality, and related technology and services sectors. Redemptions since then have eroded the trust considerably.
The SPAC in the same regulatory filing announcing the deal termination also noted that it received a delisting warning from the Nasdaq after falling below the minimum $35 million market cap required by the exchange. Tastemaker has until December to regain compliance.
Founded in 1979, Quality Gold is headquartered in Fairfield, Ohio, operating within the United States, Canada and India. The company says it offers more than 165,000 jewelry and gift products. Read more.
