Chain Bridge I in a regulatory filing said shareholders approved a deadline extension to November.
The SPAC said 3,144,451 shares were redeemed, removing about $34.5 million from the trust.
To offset that loss, Chain Bridge Group and CB Co-Investment converted their entire holdings of 2,559,000 Class B shares on a one-for-one basis into Class A shares which cannot be redeemed.
After the redemptions and conversions, The SPAC has 3,565,683 Class A shares outstanding and 3,191,000 Class B shares are outstanding.
Fulton AC I last 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. Chain Bridge I was originally launched by the CIA’s venture capital arm, In-Q-Tel.
Fulton AC will contribute $22,500 to the trust on Feb 16, plus $5,000 per month starting May 16 up to the new termination date.
The SPAC had raised $200 million in a November 2021 IPO. Read more.
