Shares of Forum Merger II (NASDAQ: FMCI), the special purpose acquisition company that plans to soon bring plant-based foods maker the Tattooed Chef public through a reverse merger IPO, are having a good day Wednesday, rising 12.3% in midday trading.
Why are these shares rising in the absence of any analyst upgrades, price target changes, or any other news of note? I suspect the answer is as simple as was stated up above.
Forum Merger II will absorb Tattooed Chef, renaming itself to that in the process. Plans are to effect this merger this very quarter -- Q3 2020.