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"Buy the rumor, sell the news" is one of Wall Street's oldest investment saws -- and on Thursday, it proved prescient.
For months, investors have awaited confirmation that the special purpose acquisition company (SPAC) Forum Merger II Corporation (NASDAQ: FMCI) would successfully close its reverse IPO with plant-based packaged-foods maker Tattooed Chef. On Thursday, that confirmation finally arrived -- and Forum Merger stock promptly plummeted 8.1% by close of trading.