Chain Bridge I Reverses Redemption Decision

Chain Bridge I in an 8-K said that it has decided to forge onward for at least one more month after announcing two weeks ago that it intended to redeem shares and dissolve, effective today.

Nov. 15 marks the two-year anniversary of the SPAC’s $200 million IPO.

Redemptions on an extension vote in May virtually wiped out the cash in trust. Chain Bridge I in April said it signed an LOI for a potential deal with an unnamed target, but no formal merger agreement was announced.

The SPAC has been targeting companies engaged in the support of US national security. Chain Bridge I was launched by the CIA’s venture capital arm, In-Q-Tel. Read more.

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