Churchill Capital VII in a proxy filing seeks shareholder approval to move its completion date from Feb. 17 to Aug. 17, 2024. The SPAC has a merger agreement with CorpAcq Holdings at a pro forma enterprise value of approximately $1.58 billion.
Based in Altrincham, England and founded in 2006, CorpAcq said it has cultivated a reputation as a “preferred buyer” for founder-led small and medium-sized enterprises (“SMEs”) based on its “founder-friendly, management empowered value proposition and focus on investing for long-term performance.”
At deal completion, CorpAcq expects to have up to approximately $199 million in cash on its balance sheet, including $129 million from transaction proceeds. Assuming no redemptions, existing CorpAcq shareholders will receive up to approximately $257 million in cash as part of the transaction and are expected to own approximately 46% of the Company post-close (which again, assumes no redemptions).
Churchill VII’s sponsor has elected to forfeit 15 million founder shares and unvest an additional 12.1 million shares to align with its shareholders and the long-term value creation and performance of CorpAcq.
Churchill said it still intends to complete the deal as soon as possible and, if possible, prior to its Feb. 17 deadline. Read more.
