Forum Merger IV today said its board has elected to extend the SPAC's merger deadline from March 22up to an additional eight months to Nov. 22. A shareholder vote on that proposal is set for March 7.
If approved, the SPAC committed to deposit the lesser of $175,000 or 5 cents a share for each month required under the extension.
Forum IV further disclosed it signed a non-binding letter of intent with a potential merger parter. “The LOI target is a profitable and growing company in the online gaming industry, providing its customers with an expansive portfolio of digital gaming products and services. Subject to completion of its related audit, for the calendar year ended December 31, 2022, the LOI Target expects adjusted revenue in excess of $300 million and expects adjusted EBITDA margins of approximately 30%. The LOI Target also expects strong free cash flow conversion for fiscal year 2023 substantially in excess of 2022 levels,” the SPAC said.
Forum IV also announced that funds in trust, including any interest, will not be used to pay for any excise tax imposed under the Inflation Reduction Act of 2022. Read more.
Source: Forum Merger IV Inks LOI and Offers to Sweeten Trust for an Extension