Tastemaker Acquisition Postpones Extension Vote as Co-CEOs Resign

Tastemaker Acquisition in an 8-K said it has postponed its July 7 extension vote until July 10.

As a result, the redemption deadline has been extended to July 6.

Tastemaker said it would use the extra time “to engage with its stockholders.”

The SPAC's current termination deadline is July 12. If the extension proposal is approved, the SPACX would have until Jan. 12 to find and close a deal, contingent on the sponsor depositing the lesser of $60,000 or 3 cents a share into trust for every month required.

The 8-K also disclosed that, effective July 3, David Pace and Andrew Pforzheimer resigned as Co-CEOs of Tastemaker and as members of the board. Gregory Golkin resigned as president and as a board member, Christopher Bradley resigned as CFO and secretary, and Daniel Fleischmann resigned as chief strategy officer.

Additionally, on the same day the SPAC's independent directors, Harold Rosser, Rick Federico, Starlette Johnson and Andrew Heyer, resigned as board members. There were no disagreements between the company and any of these individuals, the filing states.

Tastemaker appointed Oleg Grodnensky as CEO and chairman. Grodnensky is a repeat sponsor and a managing partner at Priveterra Capital.

The SPAC last month announced the termination of its merger agreement with Quality Gold. 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 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. Read more.

Source: Tastemaker Acquisition Postpones Extension Vote as Co-CEOs Resign