Why Forum Merger II Corporation Stock Popped 10% Today
Privately held Ittella International, owner of the Tattooed Chef brand of plant-based packaged foods, reported its financial results for the second fiscal quarter of 2020 today. The news sent shares of Forum Merger II Corporation (NASDAQ: FMCI) 9.6% higher in 3 p.m. EDT trading. Forum Merger II Corporation is the special purpose acquisition company (SPAC) that plans to take Tattooed Chef public in a reverse-merger IPO sometime this quarter.
So what did Tattooed Chef have to say for itself today? Sales for the fiscal second quarter 2020 more than doubled (up 113%) in comparison to Q2 2019, hitting $34.8 million. Even better, these sales accelerated over Q1 levels in which sales increased 104%.
Tattooed Chef was profitable for the quarter, earning $1.2 million instead of the small net loss it booked a year ago. For the entire first quarter, earnings were an even more robust $7.2 million -- four and a half times what it had earned in last year's Q1.
Source Fool.com
