Chain Bridge I, a month after reversing a decision to liquidate, announced that it has sold its sponsor stake to an unnamed buyer.
The buyer will acquire 3,035,000 Class B shares and warrants to purchase 7,385,000 Class A shares exercisable 30 days after closing deal. The amount of the sale was not disclosed.
Completion of the transfer and sale is contingent on the conversion of the $1.15 million outstanding principal balance under the promissory note issued by CB Co-Investment to the SPAC into warrants, the termination of all other outstanding loans to Chain Bridge I by the initial sponsor and the resignation of the board and CEO.
The SPAC also said it has decided to extend its business operations for an additional month.
The SPAC raised $200 million in a November 2021 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 ever 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.
