What happened "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. Image source: Getty Images. So what Forum Merger announced this afternoon that it has consummated its merger with Tattooed Chef owner Ittella International. As of tomorrow, trading in Forum Merger stock will accordingly cease and trading in the renamed company's new stock ticker -- TTCF -- will begin. Now what It's not immediately clear why investors, who have awaited this development for months, are disappointed now that it has come to pass. The company's merger announcement didn't contain any negative surprises regarding sales or earnings, for example. To the contrary, Tattooed Chef CEO Sam Galletti says the company possesses "significant growth opportunities" and promises "to accelerate that growth" now that the company is being traded publicly. Nevertheless, with the merger announcement no longer something that investors can look forward to, they now appear to be selling Tattooed Chef and moving on to look for new opportunities. 10 stocks we like better than Forum Merger II CorporationWhen investing geniuses David and Tom Gardner have a stock tip, it can pay to listen. After all, the newsletter they have run for over a decade, Motley Fool Stock Advisor, has tripled the market.* David and Tom just revealed what they believe are the ten best stocks for investors to buy right now... and Forum Merger II Corporation wasn't one of them! That's right -- they think these 10 stocks are even better buys. See the 10 stocks *Stock Advisor returns as of September 24, 2020 Rich Smith has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.Source