Concord Acquisition III in an 8-K said it intends to sign non-redemption agreements with certain investors prior to an upcoming deadline extension vote.
If the extension is approved, the sponsor and other holders of Class B stock will convert 8,625,000 of their shares into Class A stock. The conversion would take place prior to the redemption of any public shares and would result in an additional 8,625,000 shares of Class A common stock outstanding.
Concord last week 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 seeks to push its merger deadline back to Aug. 8, 2024. Read more.
