Chain Bridge I in a regulatory filing said it signed a securities purchasse agreement with Fulton AC I to take over management. Fulton AC I bought 3,035,000 Class B shares and warrants to purchase 7,385,000 Class A shares exercisable 30 days after the SPAC completes a business combination.
Initially backed by the CIA’s venture capital arm, In-Q-Tel, Chain Bridge I last month announced the sale of the sponsor economics, but did not name the buyer at the time.
Fulton AC also agreed to loan the SPAC up to $1.5 million through an unsecured non-interest bearing convertible promissory note.
The SPAC terminated a forward purchase agreement with Franklin Strategic Series – Franklin Growth Opportunities.
The SPAC raised $200 million in a November 2021 IPO.
Redemptions on an extension vote in May 2023 virtually wiped out the cash in trust. Read more.
