Concord Acquisition III in an 8-K said it entered into a non-binding letter of intent for a business combination “with a well-established semiconductor supplier” and that the target has received non-binding letters of intent from investors to provide financing in an amount sufficient to support the closing of the proposed merger. Terms do not include a closing condition based on the combined company having a minimum level of cash.
Concord III raised $345 million in a November 2021 IPO with plans to acquire and manage a business in the financial services and financial technology sectors, however, redemptions ahead of a favorable extension vote in May removed about 88% of the trust.
The SPAC has a Feb. 8, 2024 deadline to complete a deal. Read more.
