The SPAC has traded below its redemption rate $10.70 in recent weeks and last closed at $10.57. Tastemaker (now Priveterra II) aims to spend the extra time engaging with shareholders and one topic of conversation is surely to be its new name and team.
Tastemaker also noted in the filing that it has changed its name to Priveterra Acquisition Corp. II, but has so far not changed symbols. Nonetheless, it quietly swapped out management teams on July 3 shifting from officers experienced in the franchise restaurant space to one focused on biotech.
The new team is steered by Chairman and CEO Oleg Grodnensky, managing partner at Priveterra Capital. Grodnensky was also on board with Priveterra I (NASDAQ:PMGM) albeit as CFO and COO.
The rest of Tastemaker’s management and Board has resigned and only the SPAC’s independent directors have been replaced thus far. Life sciences executives Bill Carpou, Dimitri Azar and Cameron Piron and to join the Board as well as its Audit and Compensation Committees.
The first Priveterra SPAC, which IPO’d in February 2021 and announced a combination with AEON Biopharma in December 2022, itself just achieved a successful completion vote on July 3 having adjourned eight times.
The SPAC now known as Priveterra II terminated a combination with jewelry distributor Quality Gold on June 22 and has been struggling to maintain compliance with Nasdaq listing standards since earlier in the month. It has about $29.8 million in trust after seeing 89.4% redemptions thus far.
To keep going with its fresh start, the new team will need to extend its July 12 transaction deadline and the proposal on file would push this to January 12, 2024 in exchange for no new contribution to its trust.