|Typically, the charters of SPACs require that the entities consummate a transaction within a designated time period (generally 18 months to two years); otherwise they are required to liquidate. FMCI is only in the letter of intent stage with its potential target. Hence, the need for an extension.|
The Company is a blank check company formed in 2018 for the purpose of consummating a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses. In August 2018, the Company consummated its IPO from which it derived gross proceeds of $200,000,000. Like most blank check companies, our charter provides for the return of the IPO proceeds held in trust to the holders of public shares if there is no qualifying business combination consummated on or before a certain date (in our case, June 10, 2020). Our Board believes that it is in the best interests of the stockholders to continue the Company’s existence until the Extended Date in order to allow the Company more time to complete an initial business combination and is submitting these proposals to the stockholders to vote upon.