Chain Bridge I in a proxy filing seeks a deadline extension from Feb. 15 to Nov. 15. A vote on the proposal is scheduled for Feb. 7.
Fulton AC I earlier this month bought the original sponsor’s shares and warrants, and took over management of the SPAC. Potential merger targests have since been identified and discussions have begun, according to the proxy.
Chain Bridge I was initially backed by the CIA’s venture capital arm, In-Q-Tel.
Fulton AC also agreed to loan the SPAC up to $1.5 million through an unsecured non-interest bearing convertible promissory note.
The SPAC raised $234.6 million in November 2021, but redemptions on an extension vote in May 2023 wiped out nearly $198 million of the the cash in trust. Chain Bridge now holds about $45.3 million in trust. Read more.
