Concord Acquisition’s sponsors are facing investor litigation over claims they misappropriated a $20 million breakup fee—instead of distributing it to shareholders—after calling off a blank-check merger with a cryptocurrency business, Bloomberg reports.
The lawsuit targets members of the SPAC’s board and management, all allegedly with formal or informal ties to Atlas Merchant Capital. It was filed yesterday in Delaware’s Chancery Court by Funicular Funds, an affiliate of hedge fund sponsor Cable Car Capital.
Concord mutually terminated a merger deal two weeks ago with Circle Internet Financial. The SPAC on the same day announced it would liquidate. Read more.
